SEATTLE – Prevail CU and Harborstone CU of Tacoma announced plans to combine this afternoon to create another $1 billion credit union, the state’s sixth.
The combination will create a credit union with 67,000 members and 17 branches under the name Harborstone CU, the bigger of the two credit unions, with $750 million in assets.
Both credit unions had positive net income for 2011 and the first quarter of 2012.
Completion of the deal is scheduled for year-end.
Harborstone, which has 52,000 members and 12 branches, was chartered in 1955 to serve employees at McChord Air Force Base in Tacoma.
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 charters.