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The $238 million Prevail Credit Union in Seattle, Wash., has agreed to mergeinto the $781 million Harborstone Credit Union in Lakewood,Wash.

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During a Prevail CU special meeting last week, 89% of membersvoted in favor merging with Harborstone Credit Union, the credit unions said in anannouncement.

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As one of the largest mergers announced this year, the survivingHarborstone will retain the brand with approximately $1 billion inassets, 17 branches and 69,000 members.

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In July, Credit Union Times reported both credit unionshad signed a letter of intent to merge. Prevail said that themerger would extend each credit union's reach throughout the entirePuget Sound region.

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Under the merger agreement, all Prevail CU employees will retaintheir jobs, including Prevail's President/CEO Tom Graves, who willbecome executive vice president. Phil Jones, president/CEO ofHarborstone Credit Union, will continue as the new entity'sleader.

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“The merger really benefits members, allowing us to offer moreproducts, services and branch locations,” Jones said. “It's also anexciting time for Harborstone and Prevail credit unions as we worktogether to create a new, dynamic organization.”

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The merger is expected to close in January 2013. IT systemsintegration is scheduled to be complete by mid-2013.

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