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.