BOISE — Icon Credit Union, with a branch in La Grande, announced its intent to merge with Horizon Credit Union of Washington state. Icon in a news release stated no employees at Icon or Horizon will lose their jobs as a result of the merger.
Icon Credit Union, based in Boise, has nine branch locations, more than 27,000 members, $340 million in assets and 111 employees in Idaho and Oregon. Horizon Credit Union, based out of Spokane Valley, Washington, has 19 branch locations, more than 74,000 members, $1.1 billion in assets and 253 employees. Pending regulatory and member approval, according to the announcement, the merger will result in an organization with combined assets of more than $1.4 billion with 28 branch locations across Idaho, Oregon, Montana and Washington.
The merger should be complete in 2020.
Icon and Horizon made Depositaccounts.com’s list of the top 200 healthiest credit unions of 2019, with Horizon coming in at No. 97 and Icon at No. 7. Icon President and CEO Connie Miller in the announcement stated the collaboration builds on the company’s foundation and ensure it remains an industry leader.
"We have the opportunity to gain the competitive advantage and digital capabilities of a larger organization while maintaining the personal service of a local credit union," Miller stated.
Horizon previously partnered with Icon when its members in Coeur d’Alene transitioned to Horizon in 2013. Pat Marler, chair of Icon’s board of directors, stated Horizon fit what the board was looking for — "a partner that respects Icon’s history and has a high level of commitment to member satisfaction."
Horizon CEO Jeff Adams called the merger exciting and also a good fit.
"Our mission to improve the financial and personal well-being for more people in more places is a perfect complement with the current mission of Icon Credit Union," he stated.
Miller will take the role as regional president in the new organization, and Adams will be the president and CEO. Two members of Icon’s board of directors will transition to the ongoing board. The 28 branches will remain open and the organizations will continue to serve members as usual as the local offices fully integrate their systems.