First Sound Bank in Seattle has agreed to sell to Harborstone Credit Union in Lakewood, Wash.
The $1.9 billion-asset credit union said in a press release that it will pay $6.90 to $7.10 a share for the $154 million-asset First Sound. The deal is expected to close in the first quarter.
First Sound would be the first bank acquisition for Harborstone.
“We’re excited to grow Harborstone Credit Union and owe this opportunity to the decades of smart and strategic decisions that have created a solid foundation for our expansion,” Geoff Bullock, the credit union’s president and CEO, said in the release.
“This acquisition is a win for everyone involved as it provides extended services and products to First Sound’s clients and adds new expertise and services to” Harborstone’s members, Bullock added.
Harborstone was advised by McQueen Financial Advisors and Luse Gorman. First Sound was advised by D.A. Davidson and Keller Rohrback.
First Sound previously attempted to sell itself to BM Technologies but the deal was called off after the fintech struggled to secure regulatory approval.