Icon Credit Union & Horizon CU Announce Merger
Horizon Credit Union says the merger would allow for enhanced mobile technologies for members.
Boise, Idaho-based Icon Credit Union plans to merge with Spokane Valley, Wash.-based Horizon Credit Union, the two organizations have announced.
The combined entity will have more than $1.5 billion in combined assets and 28 branches in Idaho, Oregon, Montana and Washington. The credit unions said they expected to close the deal, which is still subject to regulatory and member approval, by the third quarter of this year. Financial terms of the merger were not disclosed.
“This collaboration gives us the best of both worlds,” Icon President and CEO Connie Miller said. “We have the opportunity to gain the competitive advantage and digital capabilities of a larger organization while maintaining the personal service of a local credit union. We’ve built a great credit union. We owe it to our members to continue to build on this strong foundation and ensure that we remain an industry leader for generations to come.”
On its website, Horizon Credit Union said the merger would allow for enhanced mobile technologies.
Icon Credit Union has $325 million in assets and about 27,000 members. Horizon Credit Union has $1 billion in assets and about 75,000 members.
The announcement also noted that Horizon partnered with Icon back in 2013 when its members in Coeur d’Alene, Idaho transitioned to Horizon. “Based on this experience, Horizon’s reputation for customer satisfaction and shared core values including a commitment to building financial success for members and communities, Horizon was an ideal choice,” it said.
Horizon Credit Union President and CEO Jeff Adams will become the president and CEO of the combined organization. Miller will become regional president. No employees will lose their jobs as a result of the merger, and no branches will close, according to the announcement from the credit unions.
“I am excited with how the combined resources and expertise of both organizations will immediately deliver enhanced innovation and convenience to all our members,” Miller said. “I have tremendous respect for the Horizon leadership team, and I look forward to seeing what our combined legacies can achieve together.”
Another recent deal highlighted the strong connection between the eastern Washington and Idaho markets. Back in April, Liberty Lake, Wash.-based Spokane Teachers Credit Union (STCU) agreed to purchase the Sandpoint, Idaho, branch from Banner Bank of Walla Walla, Wash. Financial terms of that deal were not disclosed. STCU has $3.2 billion in assets and about 199,000 members.