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.