Northwest Plus Credit Union

Watermark, Sound credit unions merger approved

Members of Watermark Credit Union in Seattle approved a merger Thursday with Sound Credit Union in Tacoma, a combination that will form the fifth-largest credit union in Washington state, officials said.

Effective Sept. 1, the combined entity will operate under the Sound Credit Union name. It will be based in Tacoma and have nearly $1.1 billion in assets and 21 branches from Lynnwood to Olympia.

Thursday's vote was the final step in the merger, which both boards announced in February and state and federal regulators later approved. Watermark Credit Union members won't see any changes to their accounts until the two institutions' systems are merged in the first or second quarter of next year, said Watermark CEO Sharon Sanford, who will stay on as a consultant during the transition.

The merger is the latest in a wave of credit-union consolidations over the past year as these institutions face higher loan defaults.

Overall, credit unions have seen increased membership and deposits in the state over the past year: At the end of March, they reported more than 2.75 million members, up 2.7 percent. The 112 credit unions together held $27.6 billion in deposits, up 6 percent.

Rick Brandsma, CEO of Sound Credit Union, called the merger "a perfect fit" because both institutions were seeking to add branches between Seattle and Tacoma.

Merging will give them a way to expand their reach, offer members better services and compete in tough economic times, he said.

No layoffs will be needed, Brandsma said, because some Watermark corporate staff have chosen not to stay rather than commute to Tacoma.

Last year, the state saw its first credit union fail in 15 years. State regulators shut down The Union Credit Union in Spokane after severe loan losses exceeded its reserves. That credit union, like others, was heavily invested in consumer lending — but most of its members were in the recession-battered construction industry.

Statewide, there were 112 federally insured credit unions at the end of March, down from 117 a year ago, according to data from the National Credit Union Administration.

Many of the consolidations happened in the Puget Sound region: All City in Everett merged into Northwest Plus, also in Everett; Renton Community Credit Union merged into TwinStar Credit Union in Olympia; and Transportation Northwest of Seattle merged into Alaska USA Federal Credit Union, based in Anchorage.

NW Plus Credit Union collecting monetary donations to help ...

NW PLUS CU IS COLLECTING MONETARY DONATIONS TO HELP MEMORIAL FUND FOR THE O’BRYANT FAMILY

On  April 8, 2011, the unthinkable happened to a local Police Force family.  Their son, Gavin Dustin Milo O’Bryant, was found unconscious due to a cord in the blinds strangling him.  The Bothel Police Guild has chosen to set up a memorial fund at NW Plus CU to help the O’Bryant Family through this most difficult time.   To donate to this fund, please mail a check to NW Plus CU attn: O’Bryant Family Fund 2821 Hewitt Ave, Everett, WA  98201 or stop by any of the branches located in Lynnwood, Edmonds, Bellevue, Everett, Smokey Point, Stanwood, Mt. Vernon or Burlington.

NW Plus CU is a full service, not-for-profit financial institution.  Membership is open to those that live, work or worship in Washington State along with over 90 Select Employer Groups.  NW Plus CU has 9 branch locations to serve you.   To find out more about the financial benefits of NW Plus CU, call 425.297.1000 or 800.456.6481 or visit our website at www.nwpluscu.com!

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