Merger Creates Another CUGiant

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OLYMPIA, Wash. - (02/14/05) -- Twin County CU said Friday it hasagreed to combine with Harborstone CU to create the state's thirdlargest credit union with $1.1 billion in assets serving more than120,000 members. The new credit union giant will be the 95th creditunion with more than $1 billion in assets. The combined entity willhave as its home Lacey, where Twin County CU is currently buildinga new headquarters and Marshall Ellison, current president of TCCU,will be president/COO. Harborstone's Rick Schmidtke will be CEO.Twin County CU was chartered in 1938 to serve teachers in ThurstonCounty; while Harborstone CU was started in 1955 to serve McChordAir Force Base in Lakewood. The new credit union will trail onlyBoeing Employees CU and Washington State Employees CU as thestate's largest.

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