The boards of Spokane Valley-based Horizon Credit Union and Butte, Mont.-based EDTECH Federal Credit Union have voted unanimously to merge. 

Jeff Adams, CEO of Horizon, says that the votes came through last month, and the merger documents will be filed later this month. The initial regulatory approval is anticipated for June or July. EDTECH members will then have a chance to vote on the merger in July, Adams says. 

By their nature, when credit unions merge, no money or shares are exchanged, Adams says. The merger will be voted on by each credit union’s members and then both institutions’ assets will be merged. 

Horizon operates 18 branches in Washington, Idaho, and Montana; EDTECH has two branches, one in Butte and another in Warm Springs, Mont.  The combined credit union will have about $700 million in assets and will employ about 230 people, 145 of whom are based in the greater Spokane area, Adams says

If the merger is approved, both entities will operate under the Horizon name, Adams says.

“What you do is merge all the assets together, kind of put them all together in the same pot,” he says. “They all become Horizon at that point.”

Adams says Horizon decided to pursue the merger to expand its footprint and offer its members a new area. 

“In part, we’ve been looking at pursuing a regional footprint for some time, and within that regional footprint, we’ve been looking for partners that have similar cultures and are also financially well-aligned,” he says. 

After the merger, Horizon members will have access to more branches and automated teller machines, Adams says. The credit union will also have more capital to invest in expanding its online services, he says. 

“We’ve been really rolling out new e-services over the last few years, and that has pretty significant costs,” Adams says. “As we gain scale, we can make investments.”

In addition to having access to more branches, EDTECH members also will be able to use Horizon’s online services and lending options, including 24-hour lending support and government loans.