And in Montana, the credit union has a branch in Missoula and another in Butte, Adams says. In Idaho, the credit union has branches in Coeur d’Alene, Post Falls, and Sandpoint. The credit union has Washington branches located in Spokane, Deer Park, Colville, Davenport, Ephrata, and Moses Lake. Horizon currently has a total of 19 branches in its three-state footprint. ![]() ![]() “We have some technologies that they thought would be really attractive for their membership where maybe we’re a little bit stronger in e-services,” he says.įor its part, Horizon has been expanding its presence across the Inland Northwest for some time now. “We’ve known them for a long time and have worked on a few different things over the years,” he says.Īdams says merger talks began increasing last year. The two credit unions’ prior working relationship ultimately helped serve as the genesis for the transaction, he says. Horizon has approximately 260 employees, while Icon has about 110, he says. Adams says there won’t be layoffs upon approval of the merger. While assets and services merged, the names of the other credit unions went away. The proposed merger would mark the sixth since he took over as CEO. “It’s two credit unions putting their balance sheets together.” “It’s not a takeover, and neither is paying any premium to the other,” he says. Horizon currently has 76,000 members, and Icon has 25,000, Adams says.Īdams says the move is not an acquisition. Regulatory approval could be granted near the end of the second quarter of the year or early in the third quarter, he says.Ī merger between the two would result in a credit union with more than 100,000 members. While fourth-quarter reports haven’t been filed yet, Adams says Horizon finished 2019 with a little more than $1.1 billion in managed assets, while Icon had $350 million. ![]() 30, up from $293.1 million a year earlier, according to the latest financial reports filed with the National Credit Union Administration. 30, up from $1.06 billion a year earlier, while Icon had total assets of $326.2 million as of Sept. Horizon’s assets totaled $1.08 billion as of Sept. Pending federal approval, the complete pairing of the two will create a credit union with managed assets of roughly $1.5 billion. “They thought that was a reach to service out of Boise, so we worked a deal and merged that branch into our Coeur d’Alene branch.” “We actually merged a branch (in Coeur d’Alene) with Icon in 2012,” says Horizon CEO Jeff Adams. With a continued desire to meet the changing appetites of the marketplace, officials at Spokane Valley-based Horizon Credit Union and Boise-based Icon Credit Union say 2020 is a good time to merge fully.
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