Harborstone Credit Union Expands Through SaviBank Acquisition
Harborstone Credit Union Completes Acquisition of SaviBank
Harborstone Credit Union, based in Lakewood, has successfully completed its acquisition of SaviBank and its parent company, Savi Financial Corporation, Inc. This strategic move not only enhances Harborstone's market presence but also significantly increases its assets and services provided to the community.
Details of the Acquisition
The acquisition involved Harborstone purchasing nearly all assets and assuming the liabilities of SaviBank. This merger allows Harborstone to manage approximately $2.7 billion in assets and $2.2 billion in loans, along with a strong deposits portfolio of $2.4 billion. With the inclusion of SaviBank, Harborstone now operates 26 branches across various counties in Washington.
Operational Changes and Customer Benefits
Following the acquisition, SaviBank’s branches will function as part of the Harborstone network. Customers will benefit from an increased range of products and services designed to meet their financial needs. Harborstone's commitment to community engagement ensures that both existing and new customers receive exceptional care and support.
Financial Aspects and Shareholder Impact
In this transition, Savi Financial has been compensated around $77.6 million. However, the exact payout per stockholder will be adjusted depending on future expenses related to Savi's liquidation process. It is anticipated that shareholders may see distributions amounting to about $18 per share, distributed in two phases within the next year and beyond.
Community Commitment
Geoff Bullock, Harborstone’s President and CEO, emphasized the significance of this acquisition in enhancing service offerings and fostering relationships with the communities served by SaviBank. This merger not only extends Harborstone’s geographic reach but also bolsters its community-oriented approach, which focuses on enhancing the financial wellness of its members.
Expert Guidance and Support
Throughout this acquisition, Harborstone Credit Union benefited from the expertise of McQueen Financial Advisors and Luse Gorman, PC. This specialized support ensured that the transition was executed smoothly and effectively, reinforcing the strategic alignment between the two institutions.
About Harborstone Credit Union
Founded in 1955, Harborstone Credit Union, originally established to serve airmen at a military base, has evolved into one of Washington's largest credit unions, now boasting over 95,000 members. With a focus on innovative financial solutions and community engagement, Harborstone is committed to assisting members in achieving their financial goals through a wide range of services.
Frequently Asked Questions
What prompted the acquisition of SaviBank by Harborstone Credit Union?
Harborstone sought to expand its services and customer base in Northwestern Washington, ensuring greater community support and financial offerings.
What will happen to SaviBank’s customers after the acquisition?
Customers of SaviBank will transition to Harborstone, gaining access to a broader range of financial products and services under Harborstone’s framework.
How will shareholders of Savi Financial be affected by the acquisition?
Shareholders can expect to receive a distribution of proceeds from the transaction, contingent upon post-closing adjustments and liquidation costs.
Who provided advisory services during the acquisition?
Harborstone was advised by McQueen Financial Advisors and Luse Gorman, while Savi Financial relied on Panoramic Capital Advisors and Buchalter for legal counsel.
What is the mission of Harborstone Credit Union?
Harborstone aims to support its members in achieving financial well-being by offering innovative solutions and prioritizing community engagement.
About The Author
Contact Riley Hayes privately here. Or send an email with ATTN: Riley Hayes as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.