Harborstone Credit Union Completes Acquisition of SaviBank

Rhea-AI Summary

Harborstone Credit Union has completed the acquisition of SaviBank (OTCPK: SVVB) in a significant transaction valued at approximately $77.6 million. The deal expands Harborstone's presence across Washington State, resulting in a combined entity with $2.7 billion in assets, $2.2 billion in loans, $2.4 billion in shares and deposits, and 26 branches throughout seven Washington counties.

SaviBank shareholders are expected to receive approximately $18 per share through two distributions: the first payment of 95% of estimated proceeds in September 2025, followed by a final distribution in Q1 2026. SaviBank's branches will continue operating as Harborstone locations, offering expanded products, services, and technology to existing customers.

[ "Transaction value of $77.6 million with estimated $18 per share return to SVVB shareholders", "Expansion to combined $2.7 billion in assets, $2.2 billion in loans, and $2.4 billion in deposits", "Geographic expansion across 7 Washington counties with 26 total branches", "Enhanced product, service, and technology offerings for SaviBank customers" ]

Positive

• None.

Negative

• Final shareholder distribution amount may be less than current estimates
• Distribution timeline could extend beyond Q1 2026
• Post-closing expenses and liquidation costs will reduce final price per share

LAKEWOOD, Wash. and MOUNT VERNON, Wash., Sept. 02, 2025 (GLOBE NEWSWIRE) -- Harborstone Credit Union (“Harborstone”), headquartered in Lakewood, Washington, and SaviBank, headquartered in Mount Vernon, Washington, and its parent holding company, Savi Financial Corporation, Inc. (“Savi Financial”) (OTCPK: SVVB), announced today that they have completed the purchase and assumption transaction whereby Harborstone has acquired substantially all the assets and assumed substantially all the liabilities, including all deposits, of SaviBank.

SaviBank’s banking offices will continue to operate as branches of Harborstone. As a result of the transaction, Harborstone now has approximately $2.7 billion in assets, $2.2 billion in loans, $2.4 billion in shares and deposits and has 26 branches throughout Island, King, Pierce, San Juan, Skagit, Thurston, and Whatcom Counties in Washington.

Savi Financial has been paid an aggregate price in the transaction of approximately $77.6 million. However, the final price per share to be received by stockholders will be reduced to reflect post-closing expenses and other factors that Savi Financial incurs in the course of its liquidation, which are uncertain at this time. As previously announced, Savi Financial will distribute its net proceeds to shareholders in two payments, one of which will represent approximately 95% of the estimated distributable proceeds and the second of which will reflect a final distribution of all net proceeds after deducting or reserving for all liabilities of Savi Financial asserted during the liquidation of SaviBank and Savi Financial. Based on current estimates, Savi Financial estimates the aggregate distributable proceeds will total approximately $18 per Savi Financial common share, and that the first distribution will occur in September 2025 and the second will occur in the first quarter of 2026. However, the final distribution of assets to stockholders may take longer, and the proceeds ultimately distributed may be less than current estimates.

“We are excited to announce the acquisition of SaviBank. We look forward to being a part of the communities that SaviBank serves and welcome SaviBank’s customers and employees into the Harborstone family,” said Geoff Bullock, President and CEO of Harborstone. “This acquisition expands our footprint into Northwestern Washington and will result in expanded product, service and technology offerings for SaviBank’s customers. As we bring our communities together, we look forward to continued engagement in the communities we serve, fostering a strong organizational culture, and a sincere care for our members’ and customers’ financial wellness. Additionally, we are committed to working closely together with our SaviBank partners towards a smooth integration.”

Mike Cann, Chairman and President of Savi Financial Corporation added, “We are thrilled to see the acquisition of SaviBank by Harborstone come to a successful close. This milestone expands the range of products, services, and technology we can offer to the customers and communities we proudly serve, while also creating new opportunities for our employees. It’s a meaningful outcome for our shareholders as well, recognizing their trust and support over the years. In every way, this is a true win-win for all involved.”

For Savi Financial shareholders with questions, please call using the updated contact information at 360-333-0316.

Harborstone Credit Union was advised in the transaction by McQueen Financial Advisors as exclusive financial advisor and Luse Gorman, PC as legal counsel. SaviBank and Savi Financial was advised by Panoramic Capital Advisors, Inc. as exclusive financial advisor, Buchalter, A Professional Corporation, as legal counsel, and Hillworth Securities LLC provided a fairness opinion.

About Harborstone Credit Union

Harborstone Credit Union is a Washington-chartered and federally insured credit union headquartered in Lakewood, Washington. Founded in 1955 as McChord Federal Credit Union, serving airmen on McChord Air Force Base (now Joint Base Lewis McChord), Harborstone Credit Union has grown to become one of the largest credit unions in Washington State with over 95,000 members and approximately $2.7 billion in total assets. Harborstone Credit Union has 26 branches located throughout Island, King, Pierce, San Juan, Skagit, Thurston, and Whatcom Counties in Washington, and offers members a full range of products and services with the aim to assist members in achieving financial well-being through innovative financial solutions that foster thriving communities and economic vitality. For more information, please visit www.harborstone.com.

Forward Looking Statements

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as delays or unanticipated costs in the liquidation of SaviBank or Savi Financial. In particular, the timing and amount of proceeds to be distributed to Savi Financial shareholders are subject to the timing and amount of claims asserted during the company’s liquidation process. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the companies or any person that the future events, plans, or expectations contemplated by the companies will be achieved. All subsequent written and oral forward-looking statements concerning the companies or any person acting on their behalf is expressly qualified in its entirety by the cautionary statements above. None of Harborstone Credit Union, Savi Financial, or SaviBank undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.

FAQ

What is the value of Harborstone Credit Union's acquisition of SaviBank (SVVB)?

The acquisition is valued at approximately $77.6 million, with SaviBank shareholders expected to receive around $18 per share through two distributions.

What are the combined assets of Harborstone Credit Union after acquiring SaviBank?

Following the acquisition, Harborstone has approximately $2.7 billion in assets, $2.2 billion in loans, and $2.4 billion in shares and deposits.

When will SaviBank (SVVB) shareholders receive their acquisition proceeds?

Shareholders will receive two distributions: 95% of estimated proceeds in September 2025 and the final distribution in the first quarter of 2026, though timing may vary.

How many branches will Harborstone Credit Union have after the SaviBank acquisition?

The combined entity will have 26 branches across seven Washington counties: Island, King, Pierce, San Juan, Skagit, Thurston, and Whatcom.

What changes can SaviBank customers expect after the Harborstone acquisition?

SaviBank customers will have access to expanded product, service, and technology offerings while their existing branches will continue operating as Harborstone locations.