TACOMA, Wash. — The members of Port of Seattle Federal Credit Union approved a proposed merger with Sound Credit Union, the two CUs announced Thursday.
The member vote was the final step in the approval process for the merger, which will be effective Nov. 2. The boards of both credit unions unanimously approved a merger agreement of the two organizations earlier this year.
Port of Seattle FCU was chartered in 1961. It has $10 million in assets, serves 1,700 members and is headquartered in SeaTac Airport. The CU will continue to operate under its current name until all systems and accounts are integrated into Sound CU this fall, the two parties said.
Wayne Grotheer, chairman of the Port of Seattle FCU board, said in a statement the merger will benefit the smaller CU's members by providing "many branch locations, a full line of products and expanded services."
"With access to more products and services, membership value is increased," Grotheer said.
Sound CU, which finalized the acquisition of $4.9 million Darigold Federal Credit Union in November, has $1.1 billion in assets and serves more than 104,000 members.
Sound CU was chartered in 1940.
Richard Brandsma, currently CEO of Sound CU, will continue as CEO of the combined organization. Don Clark, Jr., remains as president.
"We are very excited to receive this approval from the membership," Brandsma said. "We look forward to the opportunity to serve Port of Seattle FCU members."
The combined CU will serve more than 100,000 members via a total of 23 branches located in Pierce, Thurston and King counties.