OLYMPIA, Wash.—The $2.6-million Tulip Cooperative CU here announced that it plans to merge with the $1.1-billion Harborstone CU, based in Lakewood, Wash. The merger is expected to be completed by Sept. 1, pending approval from state regulators and NCUA.
TCCU’s one office here will remain open through the end of the year, and then will be moved, Harborstone CEO Phil Jones told The Olympian.
TCCU CEO Bruce Cramer told the publication that part of the decision to merger was based on the need for the tiny CU to provide its members with more services. Jones acknowledged, too, that coping with growing regulatory burden is an issue many small CUs face.
TCCU serves low-income members, and Jones told The Olympian that the large credit union is committed to serving these members. “We’re not going to abandon them,” he said. “We want to be part of the solution.”