Washington credit unions to merge pending regulatory approval
TRI-CITIES, Wash. — The Spokane Teachers Credit Union (STCU) and the Coulee Dam Federal Credit Union (CDFCU) have formally agreed to merge, pending approval from Washington state and federal regulatory agencies.
According to the press release on January 27, 2021, each of their member-elected boards voted unanimously in favor of the merger plan. Current staffing will be maintained, securing the jobs of current employees throughout the state.
CEO Colleen Manley is excited by the doors that this merger opens for current CDFCU clients.
“This is an exciting time for our credit union and members,” Manley said. “STCU provides a full suite of products and services that will be available to our members.”
The news release explains that each credit union is financially sound. This move wasn’t made out of desperation, but rather to innovate and reach a broader consumer base throughout the state of Washington.
Founded during the Great Depression in 1934, STCU was created to serve schoolteachers who needed economic stability. Now, it’s one of the widest-reaching credit unions in the state. It serves over 210,000 members at 29 locations throughout Eastern Washington. That includes locations in the Tri-Cities, the Columbia Basin and Northern Idaho.
Regarded as one of the top-100 credit unions in the nation, STCU provides CDFCU with the resources necessary to thrive in a landscape that’s unkind to small and medium-sized credit unions. With their combined technological resources and financial products, the two credit unions can assist Washingtonians in need more efficiently.
The merger also benefits the 3,000 STCU members who live in Okanogan, Douglas, Ferry and Lincoln counties where CDFCU operates. Ultimately, the goals of each of these organizations align as their main focuses are each on assisting their communities.
STCU president and CEO Ezra Eckhardt was pleased to discover the overlapping ideals of these two credit unions.
“As we talked with the team at CDFCU, it became apparent that our credit unions are a natural match for a friendly, beneficial merger,” Eckhardt said. “We’re excited to bring these teams together for the good of credit union members and the communities we serve.”
Now, the two organizations await the approval of the National Credit Union Administration and the Washington State Department of Financial Institutions.
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