Harborstone Credit Union Announces Agreement to Merge with Community 1st Credit Union
News
Sep 21, 2024
Lakewood and DuPont, Washington – Harborstone Credit Union announced today that it has plans to merge with Community 1st Credit Union, headquartered in DuPont, Washington. The partnership has been unanimously approved by the boards of directors of both institutions, and is subject to approval by state and federal regulators, as well as a vote by the membership of Community 1st Credit Union.
The combined credit union will continue to operate as Harborstone Credit Union under the leadership of President & CEO, Geoff Bullock. With a shared philosophy and cooperative values, Community 1st and Harborstone will come together to expand their talent and expertise, offer additional products and services, including innovative green lending programs, and increase their presence with five additional branch locations serving the DuPont, Lynnwood, Olympia, Tacoma and Tukwila communities. After the merger, the combined credit union will serve more than 100,000 members with 21 branches, and responsive call center and omnichannel digital service channels.
This transaction follows two Harborstone Credit Union announced bank purchases in the last year, with the acquisition of Seattle-based First Sound Bank closing on May 16, 2024 and the announcement of the SaviBank acquisition, located in Mount Vernon, Washington, set to be complete in either late 2024 or early 2025.
Geoff Bullock, President & CEO of Harborstone Credit Union, commented, “As the oldest credit union in the state of Washington, we are excited to honor the legacy of Community 1st and join forces to help us live out our mission of building dreams and changing lives for generations to come. We’re stronger together and better positioned to help more individuals and families in Washington state with their unique financial goals.”
Dan LeFree, President & CEO of Community First Credit Union added, “Like Harborstone, Community 1st is deeply rooted in Washington State and has a long and rich history of first-class service. Now in our 100th year of service, this announcement marks the beginning of an exciting development for the current and future members of both Community 1st and Harborstone. The proposed merger will bring together dedicated employees, convenient locations and valuable financial products and services to serve our wonderful, combined membership and communities.”
About Harborstone Credit Union
Harborstone Credit Union is a Washington-chartered and federally insured credit union headquartered in Lakewood, Washington. Founded in 1955 as McChord Federal Credit Union serving airmen on McChord Air Force Base (now Joint Base Lewis McChord), Harborstone Credit Union has grown to become one of the largest credit unions in Washington State with over 91,000 members and approximately $2.1 billion in total assets. Harborstone Credit Union has 16 branches located throughout King, Pierce, and Thurston counties, and offers members a full range of products and services with the aim to assist members in achieving financial well-being through innovative financial solutions that foster thriving communities and economic vitality. For more information, please visit www.harborstone.com.
About Community 1st Credit Union
Founded in 1925, Community 1st Credit Union is a full-service, member-owned, not-for-profit financial institution serving 12,000 members and approximately $200 million in assets. Community 1st is most widely known as the longest-operating credit union in Washington State, and for its nationwide green lending program, ezSolarLoan. For more information, visit https://myc1cu.com and https://ezsolarloan.com.
Watch the announcement video from our CEOs here: Community 1st and the Future. (youtube.com)
