Pierce County Credit Union Expands to 100,000 Members, $2.3 Billion in Assets with Latest Merger

Lakewood-based Harborstone Credit Union has announced its latest M&A move.

Harborstone said Monday it plans to merge with DuPont-based Community 1st Credit Union, subject to regulatory approval and a vote of Community 1st Credit Union members.

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

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

After the merger, the two would serve more than 100,000 members from 21 branches.

Over 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 takeover agreement with Mount Vernon-based SaviBank and its parent holding company, Savi Financial Corporation, Inc.

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

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

In 2012, it launched a national solar loan program, ezSolarLoan. The program provides financing to homeowners and companies in the solar industry.

Harborstone, in Monday’s statement, said it plans to expand products and services, “including innovative green lending programs.”

“We are 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 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 that its solar loan program has attracted nearly half of its current clientele.

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