SPOKANE, Wash. — Spokane Teachers Credit Union, Community Bank, and Community Bancshares, Inc., the registered financial holding company of Community Bank, announced in a press release on Tuesday, Aug. 13, that they have entered into a purchase and assumption agreement for the credit union to acquire and assume substantially all the assets and liabilities of Community Bank.

Community Bank has 10 branches, including one in Baker City. The company has $550 million in total assets, according to the press release.

STCU is a community-focused credit union that was founded in 1934. It serves more than 280,000 members, with a network of 39 branch locations spread across Eastern Washington, the Tri-Cities, the Columbia Basin, and North Idaho. Headquartered near Spokane in Liberty Lake, Washington, STCU has $5.8 billion in total assets.

If regulatory agencies in Oregon and Washington, along with the National Credit Union Administration and the Federal Deposit Insurance Corporation, approve the agreement, all Community Bank branches would transfer to STCU and become part of its branch network, according to the press release.

STCU is committed to maintaining each of those branch locations, and to offering positions to all Community Bank employees.

“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 fits with the credit union’s commitment to rural communities across its footprint, including many that would otherwise lose access to a local financial institution. Since 2020, STCU has expanded its branch network in 12 small communities through similar transactions.