The ports of Tacoma and Seattle aren’t the only ones merging.
The directors of Port of Seattle Federal Credit Union and Tacoma-based Sound Credit Union have unanimously approved a merger agreement, which is the first formal step in the merger process. Approval from state and federal regulators and Port of Seattle 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 like mobile check deposit that will make their banking lives easier,” said George Bluhm, Port of Seattle Federal Credit Union general manager, in a release.
“Port of Seattle Federal Credit Union has a long history in the Northwest,” said Richard Brandsma, CEO of Sound Credit Union. “We’re excited for this opportunity, and look forward to serving their members.”
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The continuing credit union will bear the Sound brand and would hold more than $1.1 billion in assets while serving over 100,000 members with a total of 23 branches located throughout Pierce, Thurston, King and Snohomish counties.