Prevail Credit Union to merge with Harborstone

Seattle-based Prevail Credit Union? ? Prevail Credit Union Latest from The Business Journals Washington's credit unions increasingly at risk Follow this company plans to merge with Harborstone Credit Union? ? Harborstone Credit Union Latest from The Business Journals How an SBA refinancing loan could improve your cash flowThe unbanked -- New efforts restore those who've messed up beforeNew payday players Follow this company , based in the Pierce County city of Lakewood.

Members of Prevail ? which changed its name from King County Credit Union in 2006 ? will be asked to vote on the merger in early October, according to a statement from the two credit unions.

Phil Jones, president and CEO of Harborstone, will be the CEO of the merged credit union. Tom Graves, president and CEO of Prevail, will serve as the executive vice president.

?Together, we can give our members access to expanded services, better rates and more branch locations,? Graves said in a statement. ?And, our organizations share an amazingly similar culture and values, which helps make this merger a natural.?

Both Prevail (17,000 members) and Harborstone (53,000 members) are state chartered community based credit unions, serving anyone who lives or works in Washington state. If the merger is approved, the new credit union will total nearly $1 billion in assets, with approximately 240 employees, the companies said.

Source: http://feedproxy.google.com/~r/vertical_10/~3/nsvKvQrTHx4/prevail-credit-union-to-merge-with.html

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