LAKEWOOD, Wash. — Harborstone Credit Union said it has now completed it’s a question of Mount Vernon, Wash.-based SaviBank and its parent holding company, Savi Financial Corp.
SaviBank’s banking offices will continue to operate as branches of Harborstone.
As a result of the transaction, Harborstone now has approximately $2.7 billion in assets, $2.2 billion in loans, $2.4 billion in shares and deposits and has 26 branches throughout Island, King, Pierce, San Juan, Skagit, Thurston, and Whatcom counties in Washington, the credit union said.
The bank is headquartered about one hour north of Harborstone’s headquarters.
Purchase Price Nearly $80 Million
According to the organizations, Savi Financial has been paid an aggregate price in the transaction of approximately $77.6 million, although the final price per share to be received by stockholders will be reduced to reflect post-closing expenses and other factors that Savi Financial incurs in the course of its liquidation, which are uncertain at this time.
Savi Financial said it will distribute its net proceeds to shareholders in two payments, one of which will represent approximately 95% of the estimated distributable proceeds and the second of which will reflect a final distribution of all net proceeds after deducting or reserving for all liabilities of Savi Financial asserted during the liquidation of SaviBank and Savi Financial.
Based on current estimates, Savi Financial estimates the aggregate distributable proceeds will total approximately $18 per Savi Financial common share, and that the first distribution will occur this month and the second will occur in the first quarter of 2026.
Expanded Footprint
“We are excited to announce the acquisition of SaviBank. We look forward to being a part of the communities that SaviBank serves and welcome SaviBank’s customers and employees into the Harborstone family,” Harborstone CU President and CEO Geoff Bullock said in a statement. “This acquisition expands our footprint into Northwestern Washington and will result in expanded product, service and technology offerings for SaviBank’s customers. As we bring our communities together, we look forward to continued engagement in the communities we serve, fostering 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 SaviBank partners towards a smooth integration.”
