STCU to acquire Community Bank, expanding footprint in Oregon and Washington

SPOKANE — STCU announced Tuesday it has entered into an agreement to acquire Community Bank, expanding its presence into northeastern Oregon and southeastern Washington.

The purchase and assumption agreement, which is subject to regulatory and shareholder approval, would see STCU acquire substantially all assets and liabilities of Community Bank. The transaction is expected to close in early 2025.

Community Bank, headquartered in Joseph, Oregon, operates 10 branches across six counties in Oregon and Washington, with total assets of $550 million. Following the acquisition, STCU would grow to approximately $6.4 billion in total assets and 49 branch locations across Eastern Washington, the Columbia Basin, Tri-Cities, North Idaho, and Eastern Oregon.

“Since our founding in 1955, Community Bank has been proud to support the communities of
our region, and the many neighbors who are our customers,” said Tom Moran, Community Bank
President and CEO. “As the banking and business environment of our region grows increasingly
competitive, this transaction with STCU will ensure expanded product offerings, more locations,
and a continued high level of services.”

STCU President and CEO Ezra Eckhardt said the proposed transaction aligns with the credit union's commitment to serving rural communities. "We are committed to making this transaction as seamless as possible for Community Bank customers," Eckhardt stated. "We look forward to continuing Community Bank's long tradition of supporting the communities it serves."

STCU plans to retain all current Community Bank branches and has committed to offering positions to all Community Bank employees. The credit union emphasized that the acquisition would provide Community Bank customers with an expanded suite of products and services while maintaining local access.

The transaction requires approval from multiple regulatory agencies, including the Oregon Division of Financial Regulation, the Washington Department of Financial Institutions, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.

Both institutions' boards of directors have unanimously approved the agreement. Upon completion of the transaction, Community Bank and its holding company, Community Bancshares, Inc., will dissolve, with remaining assets distributed to Community Bancshares, Inc. shareholders.

Founded in 1934, STCU currently serves more than 280,000 members across Eastern Washington, Tri-Cities, the Columbia Basin, and North Idaho. Community Bank, established in 1955, has been serving local communities in Oregon and Washington for nearly seven decades.