October 9, 2024
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.
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