Strong Today, Stronger Tomorrow
The Board of Directors of Icon Credit Union have announced plans to partner with Horizon Credit Union with the intent to merge. Icon and Horizon want to better serve you and future generations by combining our strengths and resources. Our expanded organization will have combined assets of more than $1.5 billion with 28 branch locations across Idaho, Oregon, Montana and Washington.
Unlike a bank buyout, a credit union merger is a collaboration between two credit unions seeking to combine financial resources and expertise for the sole purpose of providing members with expanded services. We are excited to provide these additional benefits to you.
In the meantime, we have a number of Frequently Asked Questions below to answer some of the most common questions you may have. If you have any additional questions, please feel free to contact us as you normally do.
As the fiercely competitive financial services landscape continues to evolve, Icon is not large enough to accelerate growth and maintain market share at the pace needed to compete in this market without a strong partner.
This merger between two independently strong, successful credit unions will bring greater value to its combined members, employees and communities. This collaborative partnership will accelerate our ability to expand member offerings, such as increased access to more products and services, provide more locations and expand our geographical footprint in the Northwest, and enhance digital and mobile technologies that will provide greater convenience when and where our members need us.
By expanding market area and strengthening our internal infrastructure, the new organization will be better positioned to weather any future economic crises.
Eventually, Icon members will need to convert to a new system in 2020. Until then, you can continue to use your existing Icon account as you do today.
Icon members will receive a detailed Transition Guide in mid 2020 which will outline the upcoming changes to account numbers, routing numbers, debit and credit cards, checks and the technology and services available to them. Along with this partnership, will come access to an expanded ATM network – more information will be provided in the Transition Guide. Members will receive multiple communications as this time approaches, so please pay attention to this important information as you receive it. Members will also have the entire credit union team available to help with the transition. The credit union will work to ensure a seamless integration, so that members can conduct normal business with as little interruption as possible.
Yes. Our employees are key to our relationships with you. We do not anticipate any changes in staff at this time, so you should see the same faces and receive the same level of service that you are familiar with today when you visit any of the branch locations.
All branch locations will remain open, including the Icon administration building. Additionally, new locations are planned to open over the next several years.
The combined organization has invested in a brand research study to determine the best transition plan for the Icon name. These discussions revealed that the best plan of action that will cause the least amount of confusion to the member is to change the name to Horizon Credit Union at the time of the legal merger.
Icon has always been invested in building personal relationships with our members, which is how Icon has been able to provide unique solutions to individual member needs. Horizon Credit Union shares this high-level commitment to personalized service, which is why they are ranked on Forbes 2019 Best Credit Unions in Washington.
Two of Icon’s Board of Director members will transition to the Board of the new organization to ensure that local needs are represented and met. We will also have local underwriting decision authority and local leadership in the region to support member needs.
Becoming a larger credit union with combined assets of $1.5 billion will provide opportunities to increase efficiencies and return those savings right back to members in new innovation, technology and services, better rates, and higher investments in community giving. The larger credit union will also provide greater opportunities for employees and additional jobs for our local communities.
With additional scale and the talent at both credit unions, the combined organization can establish a competitive edge enabling us to offer best-of-breed products and services to an ever-growing membership base in our regions.
Horizon was founded in 1947 to support the financial needs of aluminum workers in eastern Washington and have maintained a strong commitment to placing members’ needs first for 72 years. They have remained proactive in their awareness and response to changes in the financial world, to continually offer competitive rates, friendly service and the latest technologies. They are based out of Spokane, WA and currently have branches in Washington, Montana and northern Idaho.
It was most important to partner with a credit union that aligned with our culture and values and shared a high level of commitment to members. Horizon has been an Icon partner since 2013 when Horizon acquired more than 1,300 of Icon’s Coeur d’ Alene members along with their loans, deposits and a parcel of land to better assist the members in this region. Over the years, they have truly been a valued collaborator. During the extensive search and due diligence periods, the Icon Board identified that Horizon Credit Union fulfilled the important criteria of a merger partner.
Horizon recognizes the value of our market, understands our strengths and shares similar culture, values, financial strengths and a strong commitment to members. These were critical criteria for our Board of Directors, as well as staying relevant in technology while staying personal in service. Additionally, Horizon Credit Union has been serving Idaho since 1990 and has four branches in the panhandle of Idaho. Our Coeur d’Alene members and operations became a part of Horizon a few years ago, so this will create a regional presence for our North and South Idaho members.
All accounts will transfer to Horizon Credit Union on the day of merger (yet to be finalized). The rates on fixed-rate loans and certificate of deposits (CDs) will remain the same until the end of existing terms. Please continue to follow the same process for submitting loan payments until you receive additional communications. CD renewals or new loans will be subject to current rates which are determined by several factors including the interest rate environment at the time of the new loan or investment. As always, we remain committed to providing competitive rates on loans and deposits. Continue to use current debit cards, credit cards and checks until notified otherwise. Refer to the Transition Guide that will be coming out in early 2020.
Two members of the current Icon Board of Directors will transition to the new combined organization’s Board of Directors until the end of their terms. The new Board of Directors will continue to represent the interests and needs of the members of the merged organization, including the current Icon members.
While nothing is changing right now, both organizations will begin the integration process once merger regulatory and membership approvals are obtained. This will likely be completed in the second quarter of 2020. Members will receive a detailed transition packet outlining this process. Both organizations will continue to serve members as usual at their combined 28 branch locations during this transition.
Please continue to submit your current loan payments as you normally do until you receive communications that this process is changing.
Connie Miller, Icon Credit Union President and CEO, will continue to lead the current market in the new organization as Regional President. Jeff Adams, Horizon Credit Union President and CEO, will be the President and CEO of the combined organization. Two members of Icon’s current Board of Directors will transition to the new Board after the merger. Other Icon leaders will continue to serve throughout the new organization.
As part of the Horizon Credit Union family, member accounts will not only be insured up to $250,000 by the National Credit Union Association (NCUA). Horizon has Excess Share Insurance, depending on the account structure.
Icon remains fully committed to our original employer groups as they are a key part of who Icon is today and who we have been. Joining with a larger credit union with expanded resources will only provide greater benefits to our employer partners. We will continue to provide special and unique services, the same as we do today. Horizon Credit Union has always been equally committed to their employer groups. We will always be grateful to our seven original Department of Highway members and their legacy, especially as we transition to this new combined organization.
Horizon Credit Union is fully committed to supporting charitable, community and civic organizations in their local markets. The combined leadership of the new organization is committed to continuing to invest in our communities through sponsorships, volunteerism and other leadership support.
Members will be invited to future meetings to receive updates and answer questions. Staff members are available at any time to answer questions as well. The full credit union team is here to support members through the transition. All members will also receive a Transition Guide with additional answers and resources for questions.