Banner Bank to sell Sandpoint Branch deposits and loans



Banner has reached an agreement to sell the deposits and loans of its Sandpoint Branch to STCU. The transaction is pending approval from financial regulators and is expected to close in August. Until then, it’s business as usual.

Following the completion of the sale, all client accounts and loans will transfer to, and be serviced from, STCU’s Bonner County Branch, currently located at 477181 N. Highway 95. A new STCU branch is under construction at Highway 95 at Kootenai Cutoff Road—just 2.5 miles from the Banner Branch—and is expected to be open before the transfer.

STCU is a well-respected financial institution with an expanding network of locations throughout North Idaho and Eastern Washington. Like Banner, STCU offers a full range of financial services and is active in the community. You can learn more about the credit union at stcu.org/banner, or by calling (208) 619-5210.

 

Common Questions

Is there anything I need to do now?

No. For now, it’s business as usual. Continue to conduct all your banking activities as you do today. Please begin watching your mail for important information pertaining to this upcoming transition.

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.

When will my accounts transition to STCU?

We expect your account(s) and loans will move to STCU in the third quarter of this year, after regulators approve the transaction. You will receive important transition communications directly from STCU at least 60 days in advance of the transition.

How can my banking deposits and loans 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.

Is there a fee for joining the credit union?

STCU is waiving the membership fee for Banner Sandpoint clients.

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 accounts transition to STCU, your account and/or loan number(s) will change to follow STCU’s standard 10-digit format. You will also receive a 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 may be necessary as you become a member of their institution.

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 approach, STCU will send you important information detailing how to access your accounts using their online banking tools.

Why did Banner Bank choose to sell the Sandpoint deposits and loans 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 Bonner County area. The nearest Banner branch is in Hayden, Idaho, while STCU is increasing its presence, with a new location for its existing Bonner County Branch.

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

Yes. Please continue to conduct your banking as you do today at the Banner Bank branch. After the transaction is complete and your accounts and loans transfer to STCU, you will visit an STCU location to transact business. The STCU Bonner Branch is currently located at 477181 N. Highway 95, and will move into a new building later this spring.

What will happen with the Sandpoint Branch building?

After the transaction is complete, the building will be vacated. We are actively working with a local real estate company to market the building to another tenant.

I have a Safe Deposit Box at the branch. Do I need to do anything with the contents?

Yes. Your Safe Deposit Box is one thing that cannot transition to STCU. Therefore box owners are asked to remove all contents by August 15. Until then, your contents will continue to be available and accessible during normal banking hours.

I have come to know the Banner Bank Sandpoint employees. Will they have positions with STCU?

Banner Bank employees are highly skilled professionals and it is STCU’s intention to offer positions to all Banner Sandpoint employees and those specifics will be discussed directly with the team members.

What happens between now and the transition?

It’s business as usual. Continue to expect outstanding service from the Banner Bank team members who serve you today.

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