The boards of Darigold Federal Credit Union and Sound Credit Union have unanimously approved a merger agreement, the first formal step in the merger process. Approval from state and federal regulators and Darigold Federal Credit Union members comprise the next steps.
“We’re excited to pursue this merger opportunity with Sound. Our members will enjoy an extensive branch network and access to technology,” said Donna Subera, Darigold Federal president and CEO.
Paul Cookson, Darigold Federal board chairman, said in a release Thursday, “Our goal is to provide our members with the best products and services available. Sound will provide this increased membership value and will maintain our commitment to excellent member service now and into the future.”
“Darigold FCU is a strong, stable credit union,” said Richard Brandsma, Sound president and CEO “We’re excited for this opportunity, and look forward to serving the members of Darigold Federal Credit Union.”
The continuing credit union will be Sound Credit Union with corporate offices in Tacoma.
The combined credit union would hold more than $1 billion in assets, and serve over 96,000 members with 21 branches throughout Pierce, Thurston and King Counties.
In a recent filing, Darigold Federal reported total assets of $4.97 million, while Sound reported $1.085 billion.
Darigold Federal is based in Shoreline, and Sound C.U. in Tacoma.