Banner Bank Agrees to Sell Four Branches in Kootenai and Stevens Counties

February 24, 2022

Banner Bank has reached an agreement to sell the branch in Kootenai County, Idaho, and the three branches in Stevens County, Washington, to STCU. Specifically, they are the Hayden, Kettle Falls, Chewelah and Colville branches. Under this agreement, the deposit account clients at these branches will become STCU members later this year, subject to regulatory approval. All loans, lines of credit and credit cards held at these branches will remain with Banner. In the meantime, business will continue as usual for all Banner clients.

STCU is a well-respected financial institution with five branches in North Idaho and a growing number of clients in Stevens County, Washington and they are excited to add these locations to their branch network.

If you bank at one of the four branches included in this transition and you have questions, please reach out to your branch team.

Answers to common questions for Banner clients banking at these branches:

Is there anything I need to do now?

No. For now, it’s business as usual at these branches. Continue to conduct all your banking activities as you do today. Soon you will receive additional important information about this upcoming transition and how it relates to your accounts.

When will these branches transition to STCU?

We expect the branches will transition to STCU in the second quarter of this year, after regulators approve the transaction. Deposit clients at these locations will receive important transition communications directly from STCU at least 60 days in advance of the transition.

How can my branch transition from a bank to a credit union?

While not as common, this transition will work nearly the same as if this were a bank-to-bank transition. STCU will send you information about your new accounts well before the transition occurs.

I have FDIC Insurance coverage on my deposits today. Will that change when I’m with STCU?

STCU accounts are federally insured by NCUA with up to $250,000 covered, which is the same as FDIC coverage. This coverage will automatically be in place when your deposits transition to STCU.

Is there a fee for joining the credit union?

STCU is waiving the membership fee for Banner clients at these branches.

Will my direct deposits continue?

Your direct deposits will continue uninterrupted until your accounts transition to STCU. Well before any changes take effect, STCU will communicate with you directly. Of course, your current Banner team is ready to help you however we can.

Will my account numbers change?

After deposit accounts transition to STCU, your account number (s) will change to follow STCU’s standard 10-digit format. You will also receive an STCU member number.

Can I continue to use my existing checks?

Yes, please continue to use your Banner Bank checks until the transition. STCU will offer additional details about any further changes that are necessary as you become a member of their institution. They’ll make sure you have all the information you need well in advance of the conversion.

Can I continue to access my accounts through Banner Online Banking and/or Mobile Banking?

Yes. Please continue to conduct your banking as you do today. As the transition date approaches, STCU will send clients of record at these locations important information detailing how to access their accounts using STCU online banking tools.

Why did Banner Bank choose to sell these branches and related deposit accounts to STCU?

A number of factors were considered in the decision-making process. Among them were conveniences for clients and overall brand presence in the greater Stevens County and Kootenai County. STCU already serves these two counties and has a strong interest in increasing its presence and servicing capabilities.

Will I continue to transact my banking business at the same branch location(s)?

Yes. Please continue to conduct your banking as you do today at these branches and after the close of the transition, the locations will become STCU.

I have a safe deposit box at one of these branches. Do I need to do anything with the contents?

If you have a safe deposit box and a deposit account with Banner, there is nothing you need to do as both will automatically transfer to STCU. If you have only a safe deposit box, soon you will receive more information on how to proceed.

Will the Banner Bank employees at my branch have positions with STCU?

Banner Bank employees are highly skilled professionals and STCU values that, which is why it is their intention to offer positions to all Banner employees. Specifics about those opportunities will be discussed directly with each team member.

I have a loan with Banner—will those transition to STCU?

No. Personal and business loans will stay with Banner. Your Banner banker will reach out to you in the next few days to officially confirm this as well as share specific details as associated deposit accounts may also be staying with Banner bank.

What happens between now and the transition?

It’s business as usual at these locations. Clients who bank at these locations can continue to expect outstanding service from the team members who serve you today.