RICHLAND, Wash. and KENNEWICK, Wash., Oct. 08, 2024 (GLOBE NEWSWIRE) -- HAPO Community Credit Union, a leading credit union, and Community First Bank, a trusted provider of financial services in Tri Cities region, jointly announced today that they have entered into a definitive agreement under which HAPO Community Credit Union will acquire Community First Bank. The transaction is structured as a purchase and assumption agreement for HAPO Community Credit Union to acquire and assume substantially all the assets and liabilities of Community First Bank.
The acquisition of Community First Bank aligns with HAPO’s vision of delivering a broader range of financial products and personalized services while maintaining its core values of member-centricity and community commitment. The acquisition is a strategic move that combines the strengths of both institutions, allowing HAPO to offer an enriched suite of financial products and services while reinforcing the dedication demonstrated by both companies to the Tri Cities and surrounding areas.
The transaction has been approved by the boards of directors of both institutions. Following the completion of the transaction, Community First Bank will distribute its remaining assets to its shareholders. When finalized, the combined institution will have approximately $2.9 billion in assets, $2.5 billion in deposits, $2.2 billion in loans, serve more than 220,000 members, and will have 25 branches across Washington and Oregon.
HFG Trust, a subsidiary of Community First Bank, will be restructured as an independent entity, continuing to engage with clients to deliver holistic financial guidance, ensuring sound advice and meticulous execution of services. Clients can continue to rely on the steadfast leadership and experienced team at HFG Trust as the current management and staffing will remain in place dedicated to being their client’s Financial Partner for Life. In addition, HAPO Community Credit Union will enter a strategic partnership with HFG Trust to give its members an option to utilize HFG Trust’s wealth management and trust services.
HAPO’s President and CEO, Scott Mitchell, expressed enthusiasm about the acquisition: “We are excited to unite with Community First Bank in this strategic acquisition. Both HAPO and Community First Bank have long been committed to serving the Tri Cities and surrounding communities. This acquisition will enhance HAPO’s capacity to support local economic growth and address the financial needs of residents and businesses more effectively. We are thrilled to welcome the talented team at Community First Bank and look forward to providing more services and solutions to our members.”
Community First Bank's CEO, Eric Pearson, also shared their excitement: "Joining forces with HAPO Community Credit Union represents an exciting and transformative milestone for both our clients and our dedicated team. At Community First Bank, we’ve always placed the highest value on our relationships with our clients and commitment to our loyal team as well as our role in the community. This partnership allows us to elevate the services we provide while staying true to our core values of transparency, trust, and a client-first approach. Together, we are creating a stronger future, delivering unmatched financial solutions, more opportunities for our employees, and deepening our commitment to the communities we serve."
Community First Bank clients and HAPO Community Credit Union members should continue to conduct their business as usual. The transaction is expected to be completed in the mid third quarter of 2025, subject to receiving all regulatory approvals, Community First Bank shareholder approval, and other customary closing conditions. As this transition unfolds, HAPO and Community First Bank’s foremost priority is to ensure that members/clients experience uninterrupted service and are kept well-informed every step of the way. Upon approval, all branches of Community First Bank will be integrated into HAPO’s extensive network, reinforcing the combined organizations commitment to maintaining strong relationships with the people that choose to bank at HAPO.
HAPO Community Credit Union was advised in this transaction by ALM First Analytics, LLC, as exclusive financial advisor, and Honigman, LLP, as legal counsel.
About HAPO Community Credit Union
HAPO Community Credit Union, headquartered in Richland, Washington, is a member-focused financial cooperative dedicated to providing high-quality financial services and products. With a commitment to community involvement and personalized service, HAPO strives to help its members achieve their financial goals and secure their financial future. For more information, please visit www.hapo.org.
About Community First Bank
Community First Bank, headquartered in Kennewick, Washington, is a well-respected local bank known for its commitment to providing personalized banking solutions and supporting community growth. With a strong presence in the Tri Cities area, Community First Bank has been a trusted partner for individuals and businesses seeking tailored financial services. For more information, please visit www.cfbhfg.com.
About HFG Trust
HFG Trust is headquartered in Kennewick, Washington, where the wealth management firm first opened its offices in 1983. Since then, they have grown the team and services to offer concierge financial services to both individuals and enterprises alike.
