Some of the scuttlebutt at America’s Credit Unions’ Governmental Affairs Conference in Washington this week has centered on the dearth of credit union-bank deals.

There has only been one such deal announced thus far in 2025. The $1.5 billion-asset Frontwave Credit Union in Oceanside, California, in January said it agreed to acquire the $316 million-asset Community Valley Bank in El Centro.

By this time last year, five credit union-bank deals had already been announced. Ultimately, 22 deals involving banks selling themselves to credit unions were announced in 2024.

Some industry observers at the GAC wondered if the constant pushback against those deals from the banking trades might finally be gaining some traction. Others suggested the frantic early days of the Trump administration may have caused potential buyers to hit the pause button.

But some recently-revealed insight into a bank-bank transaction that was announced in January could provide another reason why those deals have been slow to materialize in 2025.

Glacier Bancorp on Jan. 13 agreed to acquire Idaho Falls, Idaho-based Bank of Idaho Holding Co., the parent company of Bank of Idaho, for $245.4 million.

A year earlier, Bank of Idaho received an unsolicited proposal from a credit union wanting to acquire its assets, according to  a Feb. 27 regulatory filing scrutinized by S&P Global Market Intelligence.

The unnamed credit union’s offer initially appeared to have more favorable pricing terms, but as Bank of Idaho’s board analyzed the implications of a merger with the credit union, concerns arose regarding regulatory approvals and potential execution risks.

In April 2024, the Bank of Idaho board terminated the credit union’s letter of intent, opting instead to engage in further discussions with Glacier Bancorp. However, it intended to keep communication open with the credit union while seeking clarification from the Idaho Department of Finance regarding the regulatory approvals needed for such a transaction.

According to the filing, the Bank of Idaho board in October recognized that while Glacier Bancorp’s proposal was slightly lower than the credit union’s in terms of pricing, the execution risk associated with the credit union’s bid was significantly higher.

That uncertainty, coupled with industry sentiment against bank-credit union transactions, ultimately led the board to reconsider its options, and Bank of Idaho on Oct. 21 notified the credit union of its intent not to pursue a transaction.