HAPO prepares for $7.6 million expansion after bank acquisition
Community First Bank was acquired by HAPO Community Credit Union, effective Aug. 1, and its branches remain open. The bank's signs have been updated.
Photo by Nathan FinkeHAPO Community Credit Union is expanding its footprint in the Tri-Cities with a new $7.6 million office complex in Kennewick following its recent acquisition of Community First Bank, effective Aug. 1.
The project at 9757 W. Clearwater Ave. includes a $4.8 million commercial center with more than 18,000 square feet and a $2.8 million call center with more than 10,000 square feet. Permits for plumbing and heating, ventilation and air conditioning also have been approved for the project, bringing the total initial investment to $8.6 million.
Chervenell Construction Co. of Kennewick is the general contractor.
At the beginning of the year, HAPO bought roughly 7 acres of land near the intersection of west Clearwater Avenue and Utah Street for $3 million, according to county property records. The site is about a mile west of the HAPO Business Complex, also known as the flashcube building, which is the credit union’s headquarters.
HAPO Community Credit Union purchased nearly three acres of land on Clearwater Avenue about a mile west of its Business Complex to be the future home of its commercial banking division. Map boundaries are approximate.
| Map by Ty BeaverHAPO’s 21 current branches and Community First’s five branches are open for business following the acquisition.
“This is more than just a milestone. It’s a powerful alignment of values, people and purpose. At HAPO, we believe in putting our people first, just like Community First Bank has done for decades. And now together, we’ll continue that commitment,” HAPO CEO Scott Mitchell said in a video message to welcome the members of Community First Bank. HAPO and Community First, both based in the Tri-Cities, jointly announced the acquisition last fall.
The new combined institution was expected to have about $2.9 billion in assets, $2.5 billion in deposits and $2.2 billion in loans and serve more than 220,000 members, with 25 branches across Washington and Oregon.
HFG Trust, once a subsidiary of Community First Bank, has been restructured as an independent company, with the current management and staffing. The wealth management firm, founded in 1983, joined forces with Community First Bank in 2016 to expand its ability to serve clients through a collaborative model of banking and wealth management.
