The Bank Slate


SaviBank in Washington to sell to Harborstone Credit Union

Savi Financial in Mount Vernon, Wash., which once explored forming a second bank, will instead sell its bank to Harborstone Credit Union in Lakewood, Wash.

The $1.9 billion-asset Harborstone will pay an $16 to $17 a share in cash for the $593 million-asset SaviBank. The deal is expected to close in the fourth quarter.

Savi Financial will liquidate and dissolve and distribute its remaining assets to its investors after the sale closes.

Harborstone agreed in August to buy First Sound Bank in a deal expected to close by the end of June.

“We look forward to working with Harborstone … to continue our tradition of fostering meaningful customer relationships while having a positive impact in our local communities,” Michal Cann, Savi Financial’s chairman and president, said in a press release.

“We are deeply focused on providing resources and services for our customers to succeed, and believe that the additional services, products and locations Harborstone … provides will help us continue to meet the financial needs of our customers,” Cann added. “Through the unique structure of this acquisition … we believe we are maximizing value to our shareholders who have supported us over the years.”

Savi Financial had planned to form Orca Bank, which would have bought SaviBank’s branch. The Federal Deposit Insurance Corp. granted conditional approval for Orca Bank in August.

Savi is the seventh bank to agree to sell to a credit union this year. Three credit union-bank deals have been announced in Washington in 2024.

Harborstone was advised by McQueen Financial Advisors and Luse Gorman. SaviBank was advised by Panoramic Capital Advisors and Buchalter. Hillworth Securities provided a fairness opinion.

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