Two Wash. CUs End Merger Discussions
Negotiations about a merger between Harborstone Credit Union and Twin County Credit Union have ended. The combination would have created a $1.1-billion credit union.
In February, the two credit unions said their management teams had agreed to explore a merger and were meeting with state regulators to develop a merger plan. But Harborstone Credit Union said its board voted to dissolve the merger talks, citing difficult timing, and regulatory restrictions on member business lending along with other organizational issues.
The two credit unions, which have 120,000 members between them, said they will continue to work together on several endeavors. ATMs at each CU are available to the other's members with no surcharge, and plans are to pursue a shared branch agreement. Both are also exploring a combination of their mortgage loan processing may be combined to create lower costs for members of each CU.
Both CUs are co-founders of CU Dealer Direct (indirect lending solution) and jointly own Financial Services Management Group, which provides investment and insurance program management and Member Access Pacific, which provides credit and debit card processing services.