Harborstone Credit Union has acquired SaviBank for an undisclosed amount, significantly expanding its presence and service capabilities in Washington's North Puget Sound region. SaviBank, a locally owned community bank headquartered in Mount Vernon, WA, provided loan, deposit, and other financial services to small and middle-market businesses and individuals. Its operations spanned Skagit, Island, San Juan, and Whatcom Counties, supported by numerous branches and loan production offices across cities including Anacortes, Bellingham, Burlington, Concrete, Freeland, Friday Harbor, Mount Vernon, Oak Harbor, and Sedro-Woolley.
Harborstone Credit Union, which now operates under the name "Savi, Powered by Harborstone Credit Union" in the acquired regions, offers a comprehensive range of financial services including checking, savings, various loans, and online banking for both personal and business clients. This acquisition marks a strategic move to integrate SaviBank's established community banking operations and customer base into Harborstone's credit union model, particularly within the four counties where both entities historically served.
The acquisition is expected to yield substantial synergies by combining the branch networks and service offerings of both organizations. By bringing SaviBank's local expertise and customer relationships under the Harborstone umbrella, the combined entity aims to strengthen its market position and deliver an enhanced suite of financial products to a broader member base. This integration will allow for streamlined operations and a more extensive local presence across key communities such as Anacortes, Bellingham, and Mount Vernon.
This strategic alignment underscores a commitment to local financial empowerment. The unified organization will continue to focus on serving the financial needs of individuals and businesses in Skagit, Island, San Juan, and Whatcom Counties. The combination of SaviBank's community-centric approach with Harborstone Credit Union's broader services is anticipated to create a more robust financial institution, poised to offer increased value and accessibility to its expanded clientele throughout the region.