Salem, Oregon-based Maps Credit Union will acquire Oregon City-based Lewis & Clark Bank, the institutions said in separate statements Monday.
The transaction, set to close in the first quarter of 2026, is expected to create a $1.7 billion-asset institution with 13 branches, Lewis & Clark Bank CEO Jeffrey Sumpter said in a statement.
Maps does not anticipate any branch closures and said it would retain all Lewis & Clark employees, according to the bank.
Buying Lewis & Clark will expand Maps’ footprint to include locations in Seaside and Astoria. Lewis & Clark counted $392.1 million in assets as of Dec. 31, 2023.
The move represents the fourth proposed acquisition of a bank by a credit union this year. That’s well off pace from 2024, when credit unions sought to buy a record 22 banks. Last year, by comparison, credit unions had proposed four whole-bank acquisitions by the end of January.
Michael Bell, a partner at law firm Honigman, said last month such transactions “will be on the same pace as last year.”
Still, the deals have raised rancor between trade groups representing banks and credit unions alike.
The Independent Community Bankers of America has long argued the tax-exempt nature of credit unions allows them to offer a higher purchase price, putting acquisitive banks at a disadvantage.
The ICBA in March introduced a resolution calling on lawmakers to end the federal tax exemption for credit unions with $1 billion or more in assets or to establish a tax uniformity between credit unions and community banks that pay taxes.
“Eliminating the federal tax exemption for credit unions over $1 billion in assets will help ensure taxpayer dollars no longer tilt the competitive marketplace, subsidize community banking consolidation, and result in fewer choices for consumers and small businesses,” ICBA CEO Rebeca Romero Rainey said March 12.
Jim Nussle, the outgoing CEO of the trade group America’s Credit Unions, blasted the ICBA the following day, saying their targeting of just the largest credit unions “shows they know their message is weak with lawmakers and consumers alike.”
“This isn’t about the millions of Americans who will suffer without access to a credit union, this is about credit union competition chipping away at the banks’ own bottom lines,” Nussle said. “For decades, banks have taken advantage of taxpayers for their own profit: they enjoy Subchapter S subsidies, make risky decisions that consequentially rip away people’s American dreams, abandon communities, and get bailed out by the government when they overstep.”
Subchapter S corporation status, Nussle said, allows publicly traded banks to pass corporate income directly to shareholders for federal tax purposes. Banks, for their part, argue Subchapter S exists so income is not double-taxed — first on the corporation, and again on shareholders
Maps, for its part, contends the transaction will enhance its commercial and small-business offerings.
“Becoming a larger credit union gives us the scale to continue to grow and to keep up with rapidly evolving advancements in technology,” the credit union said in its statement. “We’ll provide even more value to members in the form of expanded products, services and locations, all while continuing in our dedication to providing impactful community outreach in every area we serve.”
Sumpter, likewise, said Lewis & Clark is “excited about our shared vision for the future, including additional locations and expanded capabilities to support both commercial clients and individual customers.”
