Harborstone Credit Union Completes Acquisition of First Sound Bank
Lakewood and Seattle, Washington – Harborstone Credit Union (“Harborstone”) and First Sound Bank (OTCPK: FSWA) announced today that they have completed the purchase and assumption transaction whereby Harborstone, headquartered in Lakewood, Washington, has acquired substantially all the assets and assumed substantially all the liabilities, including all deposits, of First Sound Bank, headquartered in Seattle, Washington.
First Sound Bank’s banking office will continue to operate as a branch of Harborstone. As a result of the transaction, Harborstone now has approximately $2.1 billion in assets, $1.5 billion in loans, $1.8 billion in shares and deposits and has 16 branches throughout King, Pierce, and Thurston Counties in Washington.
Statement from Harborstone Credit Union President & CEO:
“We are excited to announce the acquisition of First Sound Bank. We look forward to being a part of the Seattle communities that First Sound Bank serves and welcome First Sound Bank’s customers and employees into the Harborstone family,” said Geoff Bullock, President and CEO of Harborstone Credit Union. “This acquisition further expands our footprint in King Country, and it will result in expanded product, service and technology offerings for First Sound Bank’s customers as well. We mutually feel that this is an ideal fit, as we are both deeply engaged in the communities we serve, have a strong organizational culture, and a sincere care for our members’ and customers’ financial wellness. Additionally, we are committed to working closely together with our First Sound Bank partners to work towards as smooth a transition as possible.”
Statement from First Sound Bank CEO:
Marty Steele, President and CEO of First Sound Bank added, “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. This merger will be very beneficial to our customers and employees, as it will provide access to a broader range of products and services, an expanded branch network, and greater commercial lending capacity. We look forward to partnering with the Harborstone team as we grow our presence in Seattle and King County.”
About Harborstone Credit Union
Harborstone Credit Union is a Washington-chartered and federally insured credit union headquartered in Lakewood, Washington. Founded in 1955 as McChord Federal Credit Union, serving airmen on McChord Air Force Base (now Joint Base Lewis McChord), Harborstone Credit Union has grown to become one of the largest credit unions in Washington State with over 89,000 members and approximately $2.1 billion in total assets. Harborstone Credit Union has 16 branches located throughout King, Pierce, and Thurston counties and offers members a full range of products and services with the aim to assist members in achieving financial well-being through innovative financial solutions that foster thriving communities and economic vitality. For more information, please visit www.harborstone.com.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation
Andre Gard
Associate
Noah Erxleben
Analyst