August 3, 2023

On August 1, 2023, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of First Sound Bank, Seattle, Washington.  Following the completion of the acquisition, First Sound Bank will distribute the net transaction proceeds to its stockholders.  The distribution to stockholders is estimated to be between $6.90 and $7.10 per share of First Sound Bank common stock, subject to adjustment based on a minimum equity target.

Harborstone Credit Union has approximately $1.9 billion in assets and currently has 15 branch offices located throughout King, Pierce and Thurston counties of Washington State and over 87,000 members.

First Sound Bank has approximately $175 million in assets and currently operates through its one office in downtown Seattle.

Luse Gorman is serving as legal counsel to Harborstone Credit Union in the transaction.  The Luse Gorman team consists of Jeffrey Cardone, Michael Brown, Zachary A. Davis, Brendan Saxon and Babette Schwartz.

Luse Gorman has acted as counsel on more than 100 bank and credit union M&A transactions during the past seven years and more bank and credit union M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.