Pierce County credit union expands to 100K members, $2.3B in assets with latest merger

Lakewood-based Harborstone Credit Union has announced its latest move in mergers/acquisitions.

Harborstone on Monday said it plans to merge with DuPont-based Community 1st Credit Union, subject to regulators and a vote by Community 1st Credit Union members.

The new combined entity would operate under the Harborstone banner, led by Harborstone president and CEO Geoff Bullock.

According to Monday's release, the credit unions would boost their presence with five added branches in DuPont, Lynnwood, Olympia, Tacoma and Tukwila.

Post-merger the two would serve more than 100,000 members at 21 branches.

In the past year, Harborstone has been active in expansion efforts. Its acquisition of Seattle-based First Sound Bank was completed in May, and in March it announced a purchase and assumption agreement with Mount Vernon-based SaviBank and its parent holding company, Savi Financial Corporation, Inc.

The SaviBank deal is set to be completed early next year.

Community 1st was founded in 1925 and serves 12,000 members with approximately $200 million in assets. It first launched to serve U.S. Postal Service employees in King County, according to its website, and touts its history as the longest operating credit union in the state.

In 2012, it launched a nationwide solar energy lending program, ezSolarLoan. The program offers financing for homeowners and solar-industry companies.

Harborstone, in Monday's release, stated it plans to expand products and services, "including innovative green lending programs."

"We're stronger together and better positioned to help more individuals and families in Washington state with their unique financial goals," Bullock said in a statement.

Dan LeFree, president and CEO of Community 1st, said, "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 ... ."

LeFree, in a video accompanying the announcement , noted its solar-loan program had attracted almost half of its current clientele.

Harborstone started in 1955 as McChord Federal Credit Union, serving airmen at then-McChord Air Force Base (now Joint Base -LewisMcChord). It has more than 91,000 members and approximately $2.1 billion in assets. Its current 16 branches are in King, Pierce and Thurston counties.