Credit unions in Washington completed a consolidation last week, while credit unions in Massachusetts announced a definitive merger agreement on Tuesday.
The $192 million Community 1st Credit Union in Dupont, Wash., completed its merger with the $2.2 billion Harborstone Credit Union in Lakewood, Wash. The $183 million Community Credit Union of Lynn in Lynn, Mass., agreed to a proposed merger with the $3.3 billion Rockland Federal Credit Union in Rockland, Mass. If approved by regulators and Community CU members, the consolidation is expected to finalize by March 31, 2026.
Community 1st members approved the consolidation with Harborstone on Sept. 26.
Based on second quarter NCUA Call Reports, the merged Washington credit union will employ 339 staff members, manage $2.3 billion in assets and serve more than 106,000 members across 16 locations.
“As Washington’s longest-standing credit union, we’re thrilled to celebrate the incredible legacy of Community 1st and unite our strengths for the future,” Harborstone President/CEO Geoff Bullock said. “Together, we’re not just preserving history — we’re creating new opportunities to build dreams and change lives for generations to come. By joining forces, we’re stronger than ever and ready to empower even more individuals and families across Washington to reach their unique financial goals.”
Community 1st was founded in 1925.
“For 100 years, Community 1st has been proud to serve Washington with deep roots and a tradition of exceptional service. As we celebrate this milestone, we couldn’t be more excited about what’s ahead,” Community 1st President/CEO Dan LeFree said. “Partnering with Harborstone marks the start of a bold new chapter — uniting our dedicated employees, expanding access through more convenient locations, and offering even greater financial tools to empower our members. We’re building something stronger for the future, and we can’t wait to see the impact this will have on our communities.”
The merger followed two recent Harborstone acquisitions. Last month, it completed its purchase of SaviBank in Mount Vernon, now operating as Savi, powered by Harborstone Credit Union. In May 2024, the credit union also finalized its acquisition of Seattle-based First Sound Bank.
According to Community 1st’s merger-related financial arrangements it filed with the NCUA, LeFree will continue to work at Harborstone as its South Sound Market President with a $275,000 compensation. If his employment is terminated within five years other than for cause, he will receive a termination payment equal to the amount of compensation that would have been paid for the remainder of the five-year period.
Other Community 1st employees set to join Harborstone include Rebecca Rowe, director of facilities ($120,000 annually); Project Manager Michael Bagwell ($115,000); Risk Analyst Darcy Vander Voet ($120,000); and Nikki Lougheed, president of technology implementation ($175,000).
If any of their employment ends early without cause, each will receive a severance equal to one year’s salary, per the merger documents.
If their employment is terminated before the end of the contract term other than for cause, these employees will each receive a termination payment equal to one year’s compensation, according to the merger documents.
In Massachusetts, the proposed Rockland–Community CU merger aims to expand Rockland’s market footprint while enhancing products and services for Community CU members.
If approved, the combined credit union would employ 256 people, manage $3.5 billion in assets and serve more than 210,000 members at 12 locations, according to their second quarter NCUA Call Reports. “Community CU embodies everything that is special about credit unions. Their caring delivery of services to their community has been a hallmark from the credit union’s very first days. We will honor and respect that record in everything that we do together,” Rockland President/CEO Kristin VanBeek said.
The Community CU story began in 1955 when it was founded by a group of visionary Greek-American leaders whose mission was to give everyday people and immigrants a safe place to keep their money and offer low fees, personalized service and the financial tools to achieve their financial goals.
“Kris and his team at Rockland FCU possess the special combination of talent and heart required to continue to deliver for our members into a more complex and demanding environment for financial services,” Community CU President/CEO Nick Sarantopoulos said.
Rockland was established in 1922 and serves members who live or work in Barnstable, Bristol, Middlesex, Norfolk, Plymouth or Suffolk counties.
Peter Strozniak can be reached at pstrozniak@cutimes.com.
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