Regulators approved the conversion of four Umpqua Bank stores into STCU branch location on December 4.
[december 4, 2020.]
Branch employees have accepted positions at STCU, so staffing is not expected to change. ATM access was temporarily restricted during the transition.
The conversion provides a convenient branch experience for existing STCU credit union members in rural communities, while bringing more than 5,000 Umpqua customers into the STCU family. The converted branches will be STCU’s first locations in Adams and Grant counties, while bolstering its presence in the growing West Plains area west of Spokane.
The acquisition received approval by the National Credit Union Association, falling on the heels of approval by the FDIC and Washington State Department of Financial Institutions.
Credit unions are not-for-profit cooperatives, owned by members, and overseen by elected boards of directors. They offer similar products and services as banks, and deposit accounts at either type of financial institution are federally insured for up to $250,000 per account.
Founded in Spokane in 1934, STCU is the largest credit union based in Eastern Washington. It offers consumers an array of savings and lending products, home loans, rewards and conventional credit cards, and more.
STCU also serves businesses and public agencies, with commercial real estate and business loans, credit cards, lines of credit, and loans for new equipment, vehicles, or inventory. Businesses also turn to the credit union for cash management tools.
With this week’s acquisition, STCU has 29 branch locations in the Spokane area, Columbia Basin, Tri-Cities, and North Idaho. It has more than 210,000 members, who enjoy 24-hour access to their accounts through online banking, the STCU Mobile App, and nearly 30,000 surcharge-free ATMs nationwide. More about STCU.