Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Wash. CUs plan merger assets would be 1B
SEATTLE and LAKEWOOD, Wash. (7/16/12)--Two Seattle-area credit unions--Harborstone CU and Prevail CU--have announced a proposed merger that would create a $1 billion-plus institution, if approved.

A merger agreement has been signed by the boards of both credit unions, according to a message on the website of $784 million Harborstone CU, Lakewood Wash.

Members of the $235 million asset Prevail CU will be asked to vote on the merger this coming fall, according to the message.

A message on Prevail CU's website said both credit unions are in strong financial shape, but increasing competition has changed the financial marketplace, creating ever-bigger banks and new competition, such as retailers that offer financial products.

"As the economic landscape changes with advances in technology and consumer demand for access, it is clear, it would likely take Prevail CU many years to achieve the size and scale to thoroughly compete for greater market share in our tech-savvy region of the country," the message said.

Harborstone FCU cited access to more locations for members, strength and growth as reasons for the merger.


RSS





print
News Now LiveWire
tax status preservation, reg relief among @CUNA successes in 113th Congress #NewsNow http://t.co/fWhzXoT5kK
8 minutes ago
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
16 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
18 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
19 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
19 hours ago