Harborstone Credit Union Announces Agreement to Merge with Community 1st Credit Union

Posted by Alyse Knudsen on September 23, 2024

Lakewood, Wash.-based Harborstone Credit Union announced on Monday, Sept. 23 that it has plans to merge with Community 1^st Credit Union, headquartered in DuPont, Wash.
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 1^st 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 1^st 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, a 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, Wash., set to be complete in early 2025.

“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,” commented Geoff Bullock, President & CEO of Harborstone Credit Union. “We’re stronger together and better positioned to help more individuals and families in Washington state with their unique financial goals.”

“Like Harborstone, Community 1st is deeply rooted in Washington State and has a long and rich history of first-class service,” Dan LeFree, President & CEO of Community 1^st Credit Union added. “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.”

Posted in Regional Member News, Washington.