MOUNT VERNON, Wash., March 22, 2024 (GLOBE NEWSWIRE) -- Savi Financial Corporation, Inc. ("Savi Financial") (OTC:SVVB), the bank holding company for SaviBank, today announced that it has signed a definitive merger agreement whereby Lakewood, WA. based Harborstone Credit Union will acquire SaviBank in an all-cash transaction. The transaction is structured as a purchase agreement with Harborstone Credit Union purchasing substantially all assets and assuming substantially all liabilities of SaviBank.
The transaction has been unanimously approved by the boards of directors of both institutions. Following the completion of the transaction, Savi Financial will liquidate and dissolve and distribute its remaining assets to its stockholders.
The transaction is Harborstone Credit Union's second announced bank purchase, with its pending acquisition of Seattle, Washington-based First Sound Bank, which was entered into on August 1, 2023. The First Sound Bank transaction is expected to close in the second quarter of 2024.
When finalized, the combined institution will have, including with the acquisition of First Sound Bank, approximately $2.7 billion in assets, $2.0 billion in loans, $2.3 billion in shares and deposits and will have 27 branches throughout Skagit, Whatcom, Island, San Juan, King, Pierce, and Thurston counties. The effective price per share cannot be determined precisely prior to the closing date and will depend, among other things, on the financial performance and market conditions affecting SaviBank during the period between signing and closing. However, management currently estimates that the price per share on a pre-tax basis will fall within a range of $16 to $17 per share of Savi Financial Corporation common stock.
SaviBank customers will become members of Harborstone Credit Union with full access to Harborstone's expansive product and service offerings. The acquisition helps Harborstone Credit Union grow its presence in the Skagit County-area marketplace, diversify its assets, and add superior talent and expertise.
"We look forward to working with Harborstone Credit Union to continue our tradition of fostering meaningful customer relationships while having a positive impact in our local communities," said Michal D. Cann, Chairman and President of Savi Financial. "We are deeply focused on providing resources and services for our ...