Washington, Idaho credit unions set for merger
Two Northwest credit unions have announced their intention to merge.
Icon Credit Union, a $325 million-asset institution based in Boise, plans to merge into $1 billion-asset Horizon CU of Spokane Valley, Wash. later this year, pending regulatory and member approvals.
Horizon CU should not be confused with Pueblo Horizons Federal Credit Union in Colorado, which does business as Horizon FCU and was also involved in a merger announcement earlier this week.
A statement from Icon and Horizon emphasized that the deal is intended to bolster both institutions in the region’s competitive financial services market. The deal will also increase Horizon's reach into Idaho.
“This collaboration gives us the best of both worlds,” Connie Miller, president and CEO of Icon Credit Union, said in a press release. “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.”
Miller is expected to serve as regional president following completion of the deal, working under Horizon CEO Jeff Adams. Two Icon board members are expected to join the Horizons board of directors and no job losses at either institution are expected as a result of the deal. No branch closures are planned and the deal will expand Horizon’s footprint to 28 branches in Washington and Idaho.
The two credit unions already have a history of working together after some Icon members in Coeur d’Alene transitioned to Horizons in 2013. Pat Marler, chair of Icon’s board of directors, said that experience was an early indicator that both institutions are cut from the same cloth and share a commitment to member satisfaction.
Icon CU’s most recent call report shows $2.5 million in net income through the first three quarters of 2019, up from $1.4 million one year prior. Horizon earned $9.4 million through Sept. 30, 2019, up slightly from $9.2 million during the same period of 2018.