The community-based Harborstone Credit Union based in Lakewood has agreed to absorb tiny TULIP Cooperative Credit Union in Olympia.
Formed in 2001 by the efforts of a small group of local volunteers, TULIP has always sought to promote economic opportunities for low income members in Thurston County.
“From the very beginning, our credit union was founded on the principle of serving low-income households and expanding access to loans and services,” explained Bruce Cramer, CEO of TULIP. “Going forward, Harborstone offers us the best opportunity to expand on this vital work.”
Known as McChord Credit Union when it started in 1955 to serve Air Force personnel and their families, the much larger Harborstone today has 16 branches in Pierce, King and Thurston counties and is open to any resident of Washington.
“We are fully committed to not only continuing with the mission and values that TULIP was founded on, but also in expanding the products and services specifically designed to assist low-income households,” said Harborstone CEO Phil Jones.
The boards of directors for both credit unions have approved the merger and, if approved by regulators, it is expected to be complete by Sept. 1.