Washington-Based HAPO Community Credit Union to Acquire Community First Bank

HAPO Community Credit Union to Acquire Community First Bank

Richland, Washington-based HAPO Community Credit Union plans to acquire Kennewick, Washington-based Community First Bank.

The transaction has been approved by each institution’s board of directors and is expected to be completed in the third quarter of 2025, subject to regulatory approval, the companies said in a Wednesday (Oct. 9) press release.

When the transaction is finalized, the combined institution will have about $2.9 billion in assets, $2.5 billion in deposits and $2.2 billion in loans, according to the release. It will serve 220,000 members and have 25 branches across Washington and Oregon.

“This acquisition will enhance HAPO’s capacity to support local economic growth and address the financial needs of residents and businesses more effectively,” HAPO President and CEO Scott Mitchell said in the release.

Upon approval of the transaction, the Community First Bank team will join HAPO, and HAPO plans to provide more services and solutions to its members, per the release.

In addition, all branches of Community First Bank will be integrated into HAPO’s network, the release said.

Customers of both financial institutions can continue to conduct business as usual, according to the release.

“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,” Community First Bank CEO Eric Pearson said in the release. “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.”

Consolidation has become a trend as credit unions and other industry partners look to embrace innovation and invest in tools and technologies to meet members’ needs and expectations, Chuck Fagan, who was president and CEO of PSCU at the time and now serves in those roles after the company rebranded to Velera, wrote in the PYMNTS Intelligence eBook “2023: The Year of Strategic Shifts in Business.”

“The reason behind all this consolidation: Credit unions and other industry organizations are finding they are stronger together than they are apart,” Fagan wrote.

In an earlier, separate planned transaction, Digital Federal Credit Union and First Tech Federal Credit Union said Sept. 30 that they plan to merge and create a new credit union that will be worth $28.7 billion and have nearly 2 million customers across eight states.