Lakewood and Seattle, WA (May 20, 2024) |
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.
“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.”
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.”
Harborstone Credit Union was advised in the transaction by McQueen Financial Advisors as exclusive financial advisor and Luse Gorman, PC as legal counsel. First Sound Bank was advised by D.A. Davidson & Co. as exclusive financial advisor and Keller Rohrback, L.L.P. as legal counsel.
