Member Votes Affirm Four Credit Unions’ Merger Plans
October 23, 2012
October 23, 2012
Recent member votes at two Northwest credit unions affirmed the merger agreements signed by their boards of directors last summer.
Members of Seattle’s Prevail Credit Union, a $239-million institution serving more than 17,000 members, voted overwhelmingly (89 percent) to approve their board’s decision to merge with Lakewood-based Harborstone Credit Union, which serves 52,000 members and boasts assets of $782 million.
Across the Puget Sound in Port Townsend, a member vote at the $46-million Quimper Community Federal Credit Union affirmed by 93 percent the board’s proposal to merge with Kitsap Credit Union, a Bremerton-based institution with more than $903 million in assets serving 86,000 members.
Harborstone and Kitsap will each retain their names after the merger, at which point Harborstone will serve 69,000 members with assets greater than $1.02 billion. Kitsap will grow to 90,500 members with $960 million in assets.
Following the votes, CEOs Phil Jones of Harborstone Credit Union and Elliot Gregg of Kitsap Credit Union both issued statements citing member benefits as the primary reason for the positive outcomes.
“The merger really benefits members, allowing us to offer more products, services and branch locations,” Jones said.
“This merger provides an opportunity to add value to our mutual memberships,” Gregg said, “and we are excited to welcome the Quimper members to the Kitsap Credit Union family.”
According to Kitsap, its merger with Quimper will take effect on Nov. 1, 2012. Prevail’s merger with Harborstone is expected to be finalized on Jan. 1, 2013, the credit union stated in a release.
“Congratulations to the boards and leadership of all four of these credit unions,” said Northwest Credit Union Association (NWCUA) President and CEO Troy Stang. “They presented favorable merger plans to their memberships, which clearly articulated their vision to deliver real, tangible value to their membership today, tomorrow and beyond.”
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