September 4, 2025

Harborstone Credit Union

Harborstone Credit Union, headquartered in Lakewood, has acquired SaviBank, headquartered in Mount Vernon, and its parent holding company, Savi Financial Corp. SaviBank's banking offices will continue to operate as branches of Harborstone. As a result of the transaction, Harborstone now has approximately $2.7 billion in assets, $2.2 billion in loans, $2.4 billion in shares and deposits and has 26 branches throughout Island, King, Pierce, San Juan, Skagit, Thurston, and Whatcom counties in Washington.

Savi Financial has been paid an aggregate price in the transaction of approximately $77.6 million. However, the final price per share to be received by stockholders will be reduced to reflect post-closing expenses and other factors that Savi Financial incurs in the course of its liquidation.

“We are excited to announce the acquisition of SaviBank. We look forward to being a part of the communities that SaviBank serves and welcome SaviBank's customers and employees into the Harborstone family,” said Geoff Bullock, president and CEO of Harborstone. “This acquisition expands our footprint into Northwestern Washington and will result in expanded product, service and technology offerings for SaviBank's customers. As we bring our communities together, we look forward to continued engagement in the communities we serve, fostering 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 SaviBank partners towards a smooth integration.”

Harborstone Credit Union was advised in the transaction by McQueen Financial Advisors as exclusive financial advisor and Luse Gorman, PC, as legal counsel. SaviBank and Savi Financial was advised by Panoramic Capital Advisors as exclusive financial advisor; Buchalter, A Professional Corporation, as legal counsel; and Hillworth Securities LLC provided a fairness opinion.