April 25, 2014
The boards of Horizon Credit Union and EDTECH Federal Credit Union have voted unanimously to merge, the credit unions announced Friday morning. If approved by regulators and EDTECH members, the combined credit union would approach $675 million in total assets and employ more than 225 people.
"By joining with Horizon, we will be able to offer our members all the latest online and mobile banking options, more home loan options and 24-hour lending support,” says Tom Kiely, CEO of EDTECH Federal, which is based in Butte, Montana. “Equally important, the same tellers and staff our members know and trust will remain.”
EDTECH Federal was formed by a small group of Butte School System educators in 1954 as Silver Bow County School Employees Federal Credit Union. The credit union changed its name to EDTECH in 1995 as its field of membership expanded to other employee groups. It was granted a community charter in 2008, and in 2009 it merged with a struggling state-chartered credit union in a move that expanded its field of membership to include the Montana State Hospital and Montana State Prison.
Today, EDTECH Federal serves more than 4,750 members and has assets of more than $71 million. None of its 12 employees are expected to lose their jobs as a result of the merger.
Horizon, which is based in Spokane, currently serves more than 51,300 members at 18 branches in Montana, Idaho and Washington. The credit union, which was originally founded in 1947 as the Kaiser Employees Federal Credit Union, today employs 213 employees and has total assets of more than $601 million.
The merger will allow the credit union to better serve the combined membership, Horizon CEO Jeff Adams says, with new mobile technologies, more access to branches and 35,000 surcharge-free ATMs.
“In addition to bringing new services and convenient technologies to EDTECH members, we’re looking forward to continuing and growing EDTECH’s legacy of community involvement in Silver Bow County,” Adams says. “We’re also excited to work with the committed and knowledgeable group of employees and volunteers at EDTECH.”
Merger-related documents will be filed with regulators in May, Adams says, with initial regulatory approval expected in June or July. EDTECH members are expected to vote on the merger in July.
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