March 25, 2024

On March 22, 2024, 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 SaviBank, Mount Vernon, Washington, and its parent holding company, Savi Financial Corporation, Inc. Following the completion of the acquisition, SaviBank will distribute the net transaction proceeds to stockholders of SaviFinancial Corporation, Inc., which is estimated to be between $16.00 and $17.00 per share of common stock.

The transaction is Harborstone Credit Union’s second announced bank purchase, with its pending acquisition of Seattle-based First Sound Bank, which was entered into on August 1, 2023 and is expected to close in the second quarter of 2024.

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.

SaviBank has approximately $593 million in assets and currently operates through 10 branch offices located throughout Northwest Washington state.

Luse Gorman is serving as legal counsel to Harborstone Credit Union in the transaction. The Luse Gorman team consists of Jeff Cardone, Michael Brown, Greg Sobczak, Brendan Saxon, Babette Schwartz and Trevor Kline.

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.