Credit union to acquire a bank, a first in Washington State
Sound Credit Union scores a first with Bank of WA acquisition
It’s another big step for Sound Credit Union. The Tacoma-based financial institution announced its acquisition of The Bank of Washington. The deal marks the first credit union purchase of a bank in Washington State.
Boards of both organizations approved the transaction, which is subject to regulatory approval, a nod from The Bank of Washington’s holding company and other approvals. The deal is expected to be completed early next year. With the acquisition, Sound Credit Union will have $1.7 billion in assets, $1.3 billion in loans, $1.5 billion in deposits, and around 350 employees across 29 branches in Pierce, King, Snohomish and Thurston counties.
This latest news is a big leap for a homegrown organization that started when 51 employees of Pacific Telephone and Telegraph formed Telco Federal Credit Union. The credit union opened its doors in 1940 with $106.50 in deposits. Sound has become one of Washington State’s largest credit unions serving 120,000 members throughout the Puget Sound area.