October 9, 2024
Community First Bank will be acquired by HAPO Community Credit Union effective summer of 2025. Pictured - the Connell Branch, one of five, Community First Bank branches and the Pasco, Rd 68, HAPO Community Credit Union, one of 20 branches currently opperated by HAPO
By: C&K Trowbridge
HAPO Community Credit Union announced in a press release on Tuesday, Oct. 8 that they will expand their services with the acquisition of Community First Bank.
Customers of Community First received an electronic notification on Wednesday, Oct. 9 about the news.
We spoke with Community First Bank CEO, Eric Pearson, who shared that they are excited in part because, “We get to maintain that local commitment” sharing that HAPO is also located locally within the Tri-Cities and has that community focus. Pearson also shared that the intent of the transaction is to keep all branches open and employees in place within the Community First Bank system, a total of five branches.
The press release posted on the HAPO website stated, “HAPO Community Credit Union, a leading credit union and Community First Bank, a trusted provider of financial services in Tri-Cities region, jointly announced 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 sustainability of all the assets and liabilities of Community First Bank.”
It went on to state that the board of both institutions approved the transaction. Following the completion of the transaction, Community First Bank will distribute its remaining assets to its shareholders.
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 strenths 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.
HFG Trust, a subsidiary of Community First Bank, will be restructured as an independent entity, continuing to engage with clients and 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 begin 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.
Pearson stated that he will help to oversee the transition and then become the liaison between HAPO and HFG Trust.
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 ot 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."
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 shared, on their website, some of the benefits of the acquisition as they addressed questions customers may have. Community First Stated, "Credit unions are not-for-profit, cooperative financial institutions owned by their members. Banks are for-profit businesses owned by stockholders. Unlike banks, profits at credit unions are returned to members through better rates and lower fees. HAPO is also able to provide additional career opportunities to employees. HAPO's strength provides the size, resources, and commitment necessary to competitively meet the financial needs of our members and commercial clients both now and in the foreseeable future. HAPO will offer comparable products offered by Community First, as well as new types of consumer loans, mortgages, checking, savings, and other deposit products. For a full list visit hapo.org.”
The acquisition is expect to be completed by the end of the third quarter or summer of 2025.
Community First Bank systems will be converted to HAPO systems in the fourth quarter of 2025. Pearson told the Graphic that their intent is to make the transition as easy as possible for employees and customers alike, with little to no disturbance in services. In fact, it will be banking as usual until the core banking system is converted.
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. HAPO currently has nearly a dozen branches across the Tri-Cities region.
Pearson did state that in the 20 years of operating the Connell Branch, the branch has seen good success for Community First Bank. Both the Connell and Pasco Branches are in a good place and Pearson looks forward to seeing how this transition will grow these branches into
the future.
Customers can find out more information or ask questions by calling the HAPO Contact Center at 509-943-5676 or by emailing cfbandhapo@hapo.org
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 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 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.
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