There are still a few regulatory hurdles to clear but the $452 million Horizon Credit Union of Spokane Valley, Wash. and the $64 million Montana First CU will move ahead with plans now to consolidate their operations after a revote by members of the Missoula, Mont., credit union.
"With both of us holding community charters, it can get a little complicated with trigger regulations to be cleared in both states and NCUA approval to get our merger finalized by September," said Jeff Adams, president/CEO of Horizon, the surviving entity. Under the consolidation deal approved by members June 26, Montana First retains its brand.
Members of the Montana credit union had voted down the proposed merger in January. Concerns that service would suffer as control moved out of state were cited for the defeat.
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