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

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

Harborstone said Monday it plans to merge with DuPont’s 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 and will be led by Harborstone President and CEO, Geoff Bullock.

According to Monday’s announcement, the credit union will expand its presence by opening five new branches in the cities of DuPont, Lynnwood, Olympia, Tacoma and Tukwila.

Once combined, the two organizations will serve more than 100,000 members across 21 branches.

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

The transaction with SaviBank is expected to be finalized early next year.

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

In 2012, a nationwide solar loan program, ezSolarLoan, was launched. The program offers financing to homeowners and businesses in the solar industry.

Harborstone said in a statement Monday that it plans to expand its product and service offerings, “including innovative green lending programs.”

“Together, we are stronger and better prepared to help more individuals and families across Washington state achieve 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 growth for current and future members of Community 1st and Harborstone. The proposed combination will combine dedicated employees, convenient locations, and valuable financial products and services…”

LeFree noted in a video accompanying the announcement that its solar panel installation loan program had attracted nearly half of its existing customers.

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 about $2.1 billion in assets. It now has 16 branches in King, Pierce and Thurston counties.