Business & Tech
Seattle-Based Prevail Credit Union To Merge Wtih Harborstone Credit Union
The new financial institution will be called Harborstone, and it will continue to be based out of Lakewood. The merger combines 69,000 members, 17 locations and assets of nearly $1 billion.
Harborstone Credit Union just got bigger. A lot bigger.
Officials announced today that members of Seattle-based Prevail Credit Union voted to merge with the Lakewood-based credit union.
The merged credit union will be called Harborstone Credit Union, and it will continue to be based out of the South Sound.
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The merger is expected to close Jan. 1, and the two credit unions are scheduled for full IT and system integration by mid-2013.
Harborstone and Prevail have a combined 69,000 members, 17 locations and assets of nearly $1 billion, making it one of the strongest credit unions in the state.
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Phil Jones, CEO of Harborstone Credit Union, will continue to lead the financial institution after the merger.
“The merger really benefits members, allowing us to offer more products, services and branch locations,” he said.
A spokeswoman for Harborstone told Patch that no employees will lose their job as a result of the merger.
"This is more about growing," spokeswoman Shari Campbell said.
The closest Prevail branch to Pierce County is Tukwila. As a result of the merger, Harborstone is considering opening another branch in South King County, Campbell said.
Here is the full press release from Harborstone:
Prevail Credit Union (Seattle, Wash.) members voted overwhelmingly (89 percent) in favor of merging with Harborstone Credit Union (Lakewood, Wash.). The final vote tally was announced Oct. 19 during a special meeting of Prevail Credit Union members.
The merger brings together two of the state’s strongest credit unions, combining 69,000 members, 17 locations and assets of nearly $1 billion.
“The merger really benefits members, allowing us to offer more products, services and branch locations,” says Phil Jones, CEO of Harborstone Credit Union. “It’s also an exciting time for Harborstone and Prevail credit unions as we work together to create a new, dynamic organization,”
Jones will lead the new organization that will operate as Harborstone Credit Union. All employees from Prevail Credit Union will retain jobs under the merger agreement.
The merger is expected to close by January 1, 2013 with full IT and system integration scheduled for mid-2013.
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