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The $4.7 billion Washington State Employees Credit Union in Olympia is planning to buy a Heritage Bank branch.
Financial terms of the purchase were not disclosed.
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"The bank branch in Ellensburg helps us grow in a region we are already committed to. The building is a central location, with easy freeway access, plenty of parking and a drive-thru service lane, which will all be enhancements for members," WSECU Vice President of Public Relations Ann Flannigan said. "Some of these are features we don't have in our current branch on the Central Washington University campus."
WESCU plans to consolidate the CWU campus branch into the Ellensburg bank branch.
There are about 600 bank branch deposit customers that will become WSECU members through the acquisition. The credit union currently serves approximately 2,500 members in that region.
"We know that one of the keys to a smooth transition is making sure our newest members continue to get service from folks they know and trust which is why we have offered employment to all three FTEs from the bank," Flannigan said. "Ellensburg is a thriving diverse community, and we are invested in it for the long term. We support several non-profits in the area and especially love our relationship with the staff, faculty and students at CWU."
The bank branch acquisition is expected to close in February 2023.
Currently, WESCU's 747 employees operate 22 locations that serve nearly 300,000 members.
In a separate acquisition deal, the $4 billion Robins Financial Credit Union in Warner Robins, Ga., said it finalized the purchase of Persons Banking Company in Forsyth, Ga., on Nov. 1.
The integration process of the bank's five branches and approximately 20,000 customers is currently underway and is expected to be completed during the second quarter of 2023, the credit union said.
"With shared values and a commitment to our communities, we are excited to welcome Persons employees and customers," Robins Financial President/CEO Christina O'Brien said. "We believe this acquisition will create significant long-term value for everyone."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
