Qualstar and Puget Sound Federal credit unions announce merger

Puget Sound Federal Credit Union announced recently that members have approved a merger with Redmond-based Qualstar Credit Union.

Puget Sound Federal, based in Seattle, brings $16 million in assets and 2,000 members to the deal, while Qualstar, a $422 million credit union, counts 58,000 members and six branches located from Everett to Tacoma.

“We are pleased with the benefits the PSFCU members will enjoy with Qualstar.” said Puget Sound Federal CEO Dat Nguyen in a release. “We wanted to ensure the merger partner we selected would provide our members with greater convenience, a more expansive menu of financial services, competitive rates and fees, and long-term financial stability. “

Qualstar will retain Puget Sound Federal’s five staff members and intends to also keep the credit union’s downtown Seattle branch following the merger.

The official merger of the two credit unions will be effective May 31, with a consolidation of member accounts occurring later this year.

Qualstar Credit Union has served the Puget Sound area for 64 years and was originally chartered in 1952 by a group of Safeway employees. The membership comprises employees of Safeway, King County/Metro and local trades unions, but is open to all Washington residents.

C.R. Roberts: 253-597-8535

This story was originally published April 27, 2016 at 5:24 AM with the headline "Qualstar and Puget Sound Federal credit unions announce merger."