SEATTLE – Members of Prevail CU yesterday approved the combination of their credit union into Lakewood-based Harborstone CU, creating a $1 billion credit union serving 69,000 members at 17 branches across the state.
Yesterday’s vote came as Quimper Community FCU’s members were voting to merge into Bremerton-based Kitsap CU to create another $1 billion credit union with 20 branches and 90,000 members across the state.
Prevail, itself the product of nine mergers, was chartered in 1940 as King County Employees' CU. It changed its name to Prevail in 2006 to reflect its new statewide field of membership, like several other Washington state charter. Harborstone, which has 52,000 members and 12 branches, was chartered in 1955 to serve employees at McChord Air Force Base in Tacoma.
Harborstone’s CEO Phil Jones will lead the new organization that will operate as Harborstone CU. All employees from Prevail will retain jobs under the merger agreement.
The merger is expected to close by January 1, 2013 with full IT and system integration scheduled for mid-2013.