MOUNT VERNON, Wash., July 28, 2025 (GLOBE NEWSWIRE) — Savi Financial Corporation, Inc. (OTC Pink: SVVB) (“Savi Financial” or the “Company”) and its wholly owned subsidiary, SaviBank, today announced that all parties have received final regulatory approval to complete the acquisition of SaviBank’s operating assets and the assumption of SaviBank’s deposits by Tacoma-based Harborstone Credit Union. The acquisition was announced on March 21, 2024, upon the parties’ entry into a Purchase and Assumption Agreement on that date.
“We are delighted to have received our final approvals to allow the transaction to proceed to closing,” stated Michal D. Cann, Chairman and President of Savi Financial Corporation. “Although regulatory approval has taken longer than we had hoped, we are enthusiastic in that the approvals are not subject to any further conditions, and we expect to complete the purchase and assumption transaction on or about September 1, 2025.”
“We are grateful for the continuing efforts of our dedicated employees and for the longstanding support of our loyal customers,” said Andy Hunter, President and Chief Executive Officer of SaviBank. “We are excited to complete the transaction and we’re confident customers will continue to experience a tremendous level of service from Harborstone following the transaction.”
Additional information for SaviBank depositors and loan customers will be forthcoming prior to the closing of the transaction. Customers should experience no immediate change in routing or account numbers, wire transfer or ACH instructions, or mailing or transfer information for existing loan accounts.
Savi Financial expects that, promptly following the closing of the transaction, the Company will take steps to liquidate both the Company and SaviBank and to distribute the net sale proceeds to shareholders. The ultimate amount distributable cannot be readily determined until after the closing because the amount depends, among other things, upon the liabilities of Savi Financial and SaviBank at the time of closing, the amount and merits of claims arising in the liquidation process, the timing of closing and of the final liquidation, and transaction costs occasioned by the closing and by the liquidation process. However, Savi Financials’ management estimates that the sale proceeds will fall within the same $16.00 to $17.00 per-share range that was estimated in the Company’s proxy materials in July 2024. As described in those materials, the sale proceeds will be distributed to shareholders in two installments, with an initial distribution of the majority of the estimated net distributable amount expected to be paid in late September 2025 and the remaining proceeds to be paid in a final distribution during the first quarter of 2026.
About Savi Financial Corporation Inc. and SaviBank
Savi Financial Corporation is the bank holding company which owns SaviBank. SaviBank began operations April 11, 2005, and has 10 branch locations in Anacortes, Burlington, Bellingham, Concrete, Mount Vernon (2), Oak Harbor, Freeland, Sedro-Woolley, and Friday Harbor, Washington, and two Loan Production Offices. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, Whatcom and San Juan counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. For additional information about SaviBank, visit: www.SaviBank.com. The contents of our website are not incorporated into and do not form a part of this announcement.
Forward Looking Statements
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. These statements include but are not limited to statements describing management’s expectations for the timing of the closing of the transaction and for the timing and amount of distributions to be paid to Savi Financial shareholders. Such forward-looking statements are subject to risks, uncertainties, and other factors, including unforeseen delays or events that affect the closing date, the ability to estimate accurately the amount of the proceeds of the transaction and the liabilities to be satisfied by reduction of those proceeds, and the amount and validity of claims asserted in connection with the Company’s liquidation. Any of these factors could cause the proceeds distributed to be less than management’s current estimates, or could result in the delay of closing or of the distribution of such proceeds. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company that the future events, plans, or expectations expressed herein will be achieved. Neither Savi Financial nor SaviBank undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.
| Contact: | Michal D. Cann |
| Chairman & President | |
| Savi Financial Corporation | |
| (360) 399-7001 |
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