Q: What type of financial institution is Harborstone Credit Union?

Harborstone Credit Union is a state-chartered credit union regulated by the Washington State Department of Financial Institutions (DFI), Division of Credit Unions, and federally insured by the National Credit Union Administration (NCUA). As a state charter, Harborstone operates under the Washington Credit Union Act (RCW Chapter 31.12), which provides broader membership options, lower operating fees, and more expansive investment and member business lending authorities compared to federal charters. As a member-owned, not-for-profit cooperative, Harborstone operates democratically with each member having equal ownership regardless of their account balance. Membership is open to anyone who lives in Washington State, with no restrictive employment or associational requirements. The credit union's cooperative structure means profits are returned to members through competitive rates, lower fees, and enhanced services rather than being distributed to outside shareholders. Harborstone maintains a "Well Capitalized" classification with a net worth ratio of 9.24%, demonstrating strong financial stability and regulatory compliance.

Question 1

What is Harborstone Credit Union?

Accepted Answer

Harborstone Credit Union is a state-chartered, member-owned financial cooperative serving communities throughout Washington State. With over 106,000 members and approximately $2.9 billion in total assets, it ranks among the largest credit unions in Washington. Harborstone specializes in providing comprehensive financial services to both personal and business members, with a strong emphasis on financial empowerment and community engagement.

The credit union operates branches across King, Pierce, Thurston, Island, San Juan, Skagit, and Whatcom counties. Harborstone maintains deep roots in the military community while serving anyone who lives in Washington State.

Question 2

When was Harborstone Credit Union founded?

Accepted Answer

Harborstone Credit Union was founded in 1955 as McChord Federal Credit Union, established by a group of airmen at McChord Air Force Base (now Joint Base Lewis-McChord). Each founding member owned a single $5 share of the credit union, creating a modest cooperative focused on serving military personnel.

In 1996, the credit union underwent a significant transformation by opening its field of membership and changing its name to Harborstone Credit Union. This rebranding clarified that anyone in Washington State could join, not just those associated with the Air Force. The credit union has expanded through strategic mergers, including combining with Prevail Credit Union (founded in 1940 as King County Employees Credit Union) in 2013, and merging with TULIP Cooperative Credit Union (founded in 2002) in 2016.

Most recently, in 2024, Harborstone acquired First Sound Bank and announced plans to acquire SaviBank. In 2025, Harborstone merged with Community 1st Credit Union (Washington's longest-standing credit union, founded in 1925), expanding its reach to over 118,000 members across 30 branches with approximately $3 billion in combined assets.

Question 3

Where is Harborstone Credit Union headquartered?

Accepted Answer

Harborstone Credit Union is headquartered in Lakewood, Washington, with its mailing address at PO Box 4207, Tacoma, WA 98438.

Question 4

Where does Harborstone Credit Union operate?

Accepted Answer

Harborstone Credit Union operates more than 30 branch locations throughout Washington State, serving communities in King, Pierce, Thurston, Island, San Juan, Skagit, Whatcom, and Snohomish counties. Branch communities include Tacoma, Seattle, Lakewood, Bonney Lake, Bothell, Federal Way, Gig Harbor, Issaquah, Kent, Spanaway, Tukwila, DuPont, Lynnwood, and Olympia, among others.

The credit union maintains a special presence at Joint Base Lewis-McChord (formerly McChord Air Force Base), honoring its founding mission to serve military personnel and their families. Anyone who lives in Washington State is eligible for membership, making Harborstone accessible to residents across the entire state.

Question 5

What services does Harborstone Credit Union offer?

Accepted Answer

Harborstone Credit Union provides a comprehensive suite of financial products and services for both personal and business members. Personal banking services include share accounts (savings), checking accounts, certificates of deposit, money market accounts, and individual retirement accounts (IRAs).

Lending products encompass auto loans, mortgages, home equity lines of credit, personal loans, and credit cards. The credit union has expanded member business lending (MBL) authority, offering commercial loans, development and construction loans, and business lines of credit with flexible terms.

Digital banking services feature a highly-rated mobile banking app available for both iOS and Android devices, offering mobile check deposit, bill pay, fund transfers, Popmoney person-to-person payments, and Touch ID/Smart Touch biometric login. Members also have access to online banking at Harborstone.com, Debit Purchase Rewards cash-back offers, and financial counseling services.

Harborstone provides access to the CO-OP ATM and Shared Branching networks, significantly expanding convenience for members. The credit union also offers green lending programs, demonstrating its commitment to sustainable financing options.

Question 6

What makes Harborstone Credit Union unique?

Accepted Answer

Harborstone Credit Union distinguishes itself through its unwavering commitment to financial empowerment and community engagement. The credit union's mission centers on creating a thriving community by helping members realize their full potential, moving beyond traditional product sales to solve real-life financial needs and pain points.

The credit union maintains strong partnerships with community organizations including Junior Achievement of Washington, Boys and Girls Club, Business Impact NW, BankWork$, Pike Place Market Foundation, and Sound Outreach. Harborstone's dedication to the military community remains strong, with the McChord branch specifically focused on serving service members and their families through all life milestones.

Harborstone's culture emphasizes "people helping people," with branch managers and staff deeply embedded in their local communities. The credit union offers financial coaching services and places significant emphasis on small business support, recognizing local business owners as core drivers of economic strength. With 70 years of operation and a "boots-on-the-ground" community approach, Harborstone creates meaningful relationships that extend beyond typical banking transactions.

Question 7

What type of financial institution is Harborstone Credit Union?

Accepted Answer

Harborstone Credit Union is a state-chartered, member-owned financial cooperative serving communities throughout Washington State. With over 106,000 members and approximately $2.9 billion in total assets, it ranks among the largest credit unions in Washington. Harborstone specializes in providing comprehensive financial services to both personal and business members, with a strong emphasis on financial empowerment and community engagement.

The credit union operates branches across King, Pierce, Thurston, Island, San Juan, Skagit, and Whatcom counties. Harborstone maintains deep roots in the military community while serving anyone who lives in Washington State.

As a member-owned, not-for-profit cooperative, Harborstone operates democratically with each member having equal ownership regardless of their account balance. Membership is open to anyone who lives in Washington State, with no restrictive employment or associational requirements. The credit union's cooperative structure means profits are returned to members through competitive rates, lower fees, and enhanced services rather than being distributed to outside shareholders.

Harborstone maintains a "Well Capitalized" classification with a net worth ratio of 9.24%, demonstrating strong financial stability and regulatory compliance.

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