The boards of directors of TULIP Cooperative Credit Union and Harborstone Credit Union voted late last week to merge, pending regulatory approval, the two CUs announced Tuesday.
TULIP, based in Olympia, Wash., has 1,231 members and $2.7 million in assets. Harborstone of Lakewood, Wash., currently has 75,801 members and $1.1 billion in assets.
If approved by regulators and TULIP's membership, the two CUs expect the merger will be completed by Sept. 1.
TULIP was founded in 2001 through the efforts of a small group of local volunteers to promote economic opportunities for low-income members in Thurston county.
"We could not be more enthused about the merger with TULIP," Phil Jones, CEO of Harborstone, said in a statement. "Their mission of serving moderate- and low-income households is a perfect fit with our history and philosophy of serving the diverse membership base we have in our communities, including minority, veteran, women and immigrant-owned businesses."
TULIP CEO Bruce Cramer said: "From the very beginning, our credit union was founded on the principle of serving low-income households and expanding access to loans and services. Going forward, Harborstone offers us the best opportunity to expand on this vital work."
"Harborstone shares our commitment to invest in low-income communities and has demonstrated this throughout its history," added Cramer. "Our board believes merging with Harborstone will be a great move for our members."
Harborstone has 16 branches in King, Pierce, and Thurston counties. Founded in 1955, anyone who lives in Washington state can join the credit union.
