Spokane Teachers Credit Union plans to acquire $550 million-asset Community Bank, which is based in Joseph, Oregon.

The purchase price was not disclosed.

This is the 13th credit union-buying-bank deal announced this year, although it had been more than two months since such a deal was struck.

The $5.9 billion-asset credit union, which operates as STCU, said the proposed transaction fits with its commitment to rural communities across its footprint, including many that would otherwise lose access to a local financial institution.

“We are committed to making this transaction as seamless as possible for Community Bank customers,” STCU President and CEO Ezra Eckhardt said in a press release Tuesday. “We look forward to continuing Community Bank’s long tradition of supporting the communities it serves.”

In 2020, STCU bought four Umpqua Bank branches in Roseberg, Oregon.

The credit union said it is committed to maintaining all 10 of the Community Bank branches and to offering positions to all of its employees.

“As the banking and business environment of our region grows increasingly competitive, this transaction with STCU will ensure expanded product offerings, more locations and a continued high level of services,” said Tom Moran, Community Bank President and CEO in the release.

While transactions are increasingly conducted via digital and online banking, face-to-face interaction continues to be an important part of the STCU delivery channel, Eckhardt said.

The credit union has 39 branches across Eastern Washington, Tri-Cities, the Columbia Basin and North Idaho.

The transaction is expected to close in early 2025.

Following the completion of the deal, Community Bank and its parent – Community Bancshares, Inc. – will each dissolve, and all remaining assets will be distributed to the shareholders of Community Bancshares.

There was a flurry of credit union-bank deals announced earlier this year, but none have been struck since June 4 when ELGA Credit Union in Michigan announced plans to buy Marine Bank and Trust in Florida.

There were 11 credit union-buying-bank deals announced last year.

Community Bank is the first Oregon-based bank to sell to a credit union this year, although four banks in neighboring Washington have done so.

“As the banking and business environment of our region grows increasingly competitive, this transaction with STCU will ensure expanded product offerings, more locations, and a continued high level of services.”

 – Tom Moran
President & CEO
Community Bank