SPOKANE VALLEY, Wash.–Two credit unions in the Pacific Northwest have announced a merger than will cross state lines. The $1.089-billion Horizon Credit Union in Spokane Valley, Wash. and the $325-million Icon Credit Union 430 miles to the south in Boise, Idaho said they are pursuing a combination.
If approved by members and regulators, the combined CU would have approximately $1.5 billion in assets and 28 branches in Idaho, Oregon, Montana and Washington. Plans call for completing the merger in 2020.
“As the fiercely competitive landscape in financial services continues to change markets in Idaho and across the Northwest, the directors and leadership teams of both credit unions sought to create greater value for its combined members, employees and communities,” the credit unions said in a statement that stressed the financial health of both organizations.
“We are excited to partner with Icon Credit Union in the Treasure Valley and Eastern Oregon communities,” said Horizon CEO Jeff Adams, who would lead the combined CU. “with (Icon CU CEO) Connie Miller as the regional president, we look forward to collaborating in creating additional value for the current Icon membership and providing more options for consumers in these communities. Our mission to improve the financial and personal well-being for more people in more places is a perfect complement with the current mission of Icon Credit Union.”
Added Miller, “This collaboration gives us the best of both worlds. 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.”
Plans call for two members of Icon’s current Board of Directors will transition to the ongoing board. No employees at Icon or Horizon will lose their jobs as a result of the merger, and all branch locations will remain open.
Horizon CU reported $9.4 million in net income through Sept. 30, 2019; Icon CU reported $2.5 million.
Horizon Credit Union was founded in 1947, Icon Credit Union in 1952.