STCU may acquire Umpqua branches in Medical Lake, Ritzville
Last updated 10/1/2020 at 9:19am
SPOKANE – A banking company with 24 locations in Eastern Washington and North Idaho may be expanding even further. STCU is seeing approval to acquire four new Umpqua Bank locations, including the banks in Medical Lake and Ritzville.
“(We) were looking for opportunities, and this presented itself,” STCU strategic communications manager Dan Hansen said.
The other Umpqua branches STCU is seeking to acquire are located in Othello and Coulee City. The Ritzville and Othello locations would be STCU’s first in Adams County, while the Coulee City location would mark the initial branch in Grant County for the Spokane-based credit union.
The credit union does have members in both Adams and Grant counties.
STCU’s approval needs to come from three regulatory agencies: the FDIC, the National Credit Union Administration, and the Washington State Department of Financial Institutions.
“STCU and Umpqua hope to complete the acquisition late this year, or early 2021,” a press release from STCU said.
Hansen said he can’t speak for the regulatory agencies, but added that STCU “has no reason to believe this will hit snags.”
More than 5,000 current Umpqua customers would transition to STCU members under the potential acquisition.
“We will make this conversion as seamless as possible for Umpqua Bank customers,” STCU CEO and president Ezra Eckhardt said. “Once approval is granted, they will receive all the information they need for a successful transition to the credit union.”
The four Umpqua locations were previously branches of Sterling Bank before Umpqua acquired them in 2014. STCU has been around since 1934.
Eckhardt expressed confidence in the potential acquisition in STCU’s press release.
“Knowing these two organizations as I do, I am confident that the wellbeing of Umpqua customers and STCU members will be foremost on the minds of everyone involved in this project, along with the good of these four communities,” Eckhardt said. “We can’t wait to show our new members everything that makes STCU a great financial partner.”