BUTTE, Mont. — The members of $69 million EDTECH Credit Union voted to merge their CU into $607 million Horizon Credit Union, Spokane Valley, Wash.
According to a statement from EDTECH, the "promise of more products and services convinced" the CU to join with Horizon CU. Seventy-seven percent of the members who cast ballots supported the merger in election results finalized Wednesday night.
The member vote was the final step in the merger process after both credit union boards, NCUA and the Washington State Department of Financial Institutions all gave their approvals earlier this year.
The combined credit union will approach $700 million in assets, employ about 235 people, and offer access to 20 branches and more than 35,000 surcharge-free ATMs nationally.
The credit unions said they will begin work immediately to combine core data systems, a process that is expected to be complete on March 1, 2015.
"We are excited to improve access for the many members we already serve in Montana, while also working with EDTECH employees to bring more products and enhanced technology to their members," said Jeff Adams, CEO of Horizon CU. "Equally important, our partnership brings together employees and members who share a very strong commitment to serving members and supporting the community. That's what makes this merger such a positive move for both of our organizations."
"This is great news for our members," said Tom Kiely, CEO of EDTECH. "Our members will gain access to products and services that we alone could not provide, while still retaining the hometown service and commitment to community that has been a part of our credit union from its very beginnings."
