The $238 million Prevail Credit Union in Seattle, Wash., has agreed to merge into the $781 million Harborstone Credit Union in Lakewood, Wash.
During a Prevail CU special meeting last week, 89% of members voted in favor merging with Harborstone Credit Union, the credit unions said in an announcement.
As one of the largest mergers announced this year, the surviving Harborstone will retain the brand with approximately $1 billion in assets, 17 branches and 69,000 members.
In July, Credit Union Times reported both credit unions had signed a letter of intent to merge. Prevail said that the merger would extend each credit union's reach throughout the entire Puget Sound region.
Under the merger agreement, all Prevail CU employees will retain their jobs, including Prevail's President/CEO Tom Graves, who will become executive vice president. Phil Jones, president/CEO of Harborstone Credit Union, will continue as the new entity's leader.
“The merger really benefits members, allowing us to offer more products, services and branch locations,” Jones said. “It's also an exciting time for Harborstone and Prevail credit unions as we work together to create a new, dynamic organization.”
The merger is expected to close in January 2013. IT systems integration is scheduled to be complete by mid-2013.
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