BUTTE, Mont. — In yet another proposed merger of a small credit union into a larger one, $69 million EDTECH FCU's board of directors has voted unanimously to merge with $584 million Horizon Credit Union.
The two CUs said documents will be filed with regulators in May, with initial regulatory approval expected in June or July. EDTECH members will vote on the merger in July.
Horizon CU, headquartered in Spokane Valley, Wash., currently has 15 branch or ATM locations in Washington state, four in Idaho, and three in Missoula, Mont. In 2013 it had $4.2 million in net income, after assessments. Its net worth ratio was 10.80% ("well capitalized").
EDTECH reported $431,000 in 2013 net income, after assessments. Its net worth ratio was 15.13% ("well capitalized").
According to a statement issued by EDTECH FCU, the merger — if approved — will mean more services for its members and "the same helpful employees delivering those services." The combined credit union will approach $700 million in assets and employ more than 230 people.
"By joining with Horizon, we will be able to offer our members all the latest online and mobile banking options, more home loan options and 24-hour lending support," said Tom Kiely, CEO of EDTECH. "Equally important, the same tellers and staff our members know and trust will remain."
"In addition to bringing new services and convenient technologies to EDTECH members, we are looking forward to continuing and growing EDTECH's legacy of community involvement in Silver Bow County," said Jeff Adams, CEO of Horizon.
Chartered in 1947 as Kaiser Employees FCU, Horizon has grown through a series of mergers and charter expansions in the last 25 years.
In 1989 it merged with Superior FCU, allowing it to expand into Idaho. In 2002, Horizon expanded its charter to include the entire state of Washington. In 2004, the credit union was granted an eight-county charter expansion to serve a great deal of the Idaho Panhandle. In 2006, Horizon merged with Columbia Basin FCU. And two years ago, Horizon partnered with Montana First CU, adding two branches in Missoula.
