School Employees Credit Union of Washington has bought a building in Spokane Valley and plans to move its lone Eastern Washington branch there from near downtown Spokane, says Sherry Lotze, a spokeswoman for the Seattle-based credit union.

The new location for the Eastern Washington branch will be in a three-story, 21,000-square-foot building at 5123 E. Third, Lotze says.

School Employees Credit Union will occupy 13,800 square feet of space on the first and third floors of the building, she says. Act-On Software Inc., a Beaverton, Ore.-based marketing automation software provider, occupies the second floor.

Lotze declines to disclose the terms of the real estate transaction. Spokane County Assessor’s records show the total assessed value of the building and its nearly 1-acre lot at $2.2 million for the 2015 tax year.

Ryan Oberg, of Spokane commercial real estate brokerage Goodale & Barbieri Co., negotiated the transaction, she says.

Lotze says the School Employees Credit Union branch site will be located just off Interstate 90, near Costco, Home Depot, and Walmart outlets. The new location will have more space, additional parking, and easier freeway access than the credit union’s current location, she says.

The Valley location is considerably larger than the credit union’s current branch here, which is located in leased quarters on the ground floor of the Freeway Plaza office building at 1500 W. Fourth, Lotze says. She says the credit union is exploring the possibility of constructing drive-thru lanes at the Valley building.

School Employees Credit Union expects to open the branch next spring, she says.

The credit Union, which was founded in 1936, has two physical branches statewide, with its other location in Seattle.

The credit union has 22 employees here and a total of 130 employees statewide, Lotze says, adding that it doesn’t expect to add to its staff here immediately following the move.

School Employees Credit Union has more than 81,000 members, making it the state’s largest financial institution devoted exclusively to school employees, Lotze asserts.

The credit union’s net income for the first nine months of 2013 was $4.5 million, up from $1.14 million during the year-earlier period, according to a report filed with the National Credit Union Administration, which insures most deposits for account holders at state and federal credit unions.

School Employees Credit Union reported total assets of $992.8 million, loans totaling $526.9 million, and deposits totaling $885.2 million as of Sept. 30.