Washington State Credit Union Completes First Bank Acquisition
Harborstone CU now manages $2.1 billion in assets, $1.5 billion in loans, and $1.8 billion in shares and deposits.
Harborstone Credit Union in Lakewood, Wash., said Tuesday it completed the purchase of First Sound Bank in Seattle.
The combination of the financial institutions means Harborstone is currently managing approximately $2.1 billion in assets, $1.5 billion in loans, and $1.8 billion in shares and deposits, and its 295 employees operate 16 branches throughout King, Pierce and Thurston counties.
“This acquisition further expands our footprint in King County, and it will result in expanded product, service and technology offerings for First Sound Bank’s customers as well,” Harborstone President/CEO Geoff Bullock said in a prepared statement.
Last August, the credit union announced its first bank purchase for approximately $22 million in cash.
First Sound Bank’s banking office will continue to operate as a branch of Harborstone.
“We are thrilled to become part of Harborstone Credit Union. Harborstone has a long history of investing in its communities and providing excellent customer service to its members,” First Sound Bank President/CEO Marty Steele said. “We look forward to partnering with the Harborstone team as we grow our presence in Seattle and King County.”
In March, Harborstone announced its second agreement to acquire the $602 million SaviBank in Burlington, Wash., for $70 million in cash.
Pending regulatory and shareholder approvals, this deal is expected to close near the end of this year or in early 2025.