STCU purchasing Oregon-based Community Bank

STCU has entered an agreement to purchase the 10-branch Community Bank, based in Joseph, Oregon. Those branches would then become part of the Spokane-based, member-owned financial institution.

The purchase of Community Bank, which has about $550 million in total assets, is subject to regulatory approval from two state and two federal agencies. Community Bank has branches in Hermiston, Pendleton, La Grande, Elgin, Baker City, Enterprise and Joseph in Oregon; and College Place, Walla Walla and Clarkston in Washington. Plans include opening a branch in Moses Lake, STCU spokesman Dan Hansen said in a news release.

“Since our founding in 1955, Community Bank has been proud to support the communities of our region, and the many neighbors who are our customers,” said Tom Moran, Community Bank President and CEO. “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.”

The acquisition would grow STCU’s footprint to 49 branches, including one opening soon in Moses Lake.

STCU president and CEO Ezra Eckhardt said in the news release that the proposed transaction fits with the credit union’s commitment to rural communities across its footprint, including many that would otherwise lose access to a local financial institution.

If approved, the deal would be STCU’s fourth merger or acquisition since since 2020. The institution started in 1934 as Spokane Teacher’s Credit Union. It has about $5.8 billion in assets and 280,000 members.

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