HAPO Credit Union Acquires Community First Bank

HAPO Community Credit Union announced Tuesday, October 8th, they have entered   into an agreement to acquire all the assets of Community First Bank.

  HAPO will take over all Community First locations

HAPO has entered into what's called a purchase and assumption agreement to acquire all the assets of Community Bank. HFG Trust will be restructured as an independent entity and will continue to provide wealth management and other services working with HAPO. However, they will be independent of the acquisition.

According to HAPO, they will take over the five Community First Locations:

"The transaction has been approved by the boards of directors of both institutions. Following the completion of the transaction, Community First Bank will distribute its remaining assets to its shareholders. 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."

According to information released by HAPO:

"Community First Bank clients and HAPO Community Credit Union members should continue to conduct their business as usual. The transaction is expected to be completed in the mid third quarter of 2025, subject to receiving all regulatory approvals, Community First Bank shareholder approval, and other customary closing conditions."