TACOMA, Wash. — Sound CU is looking to acquire tiny Port of Seattle Federal Credit Union via merger.
The boards of both credit unions unanimously approved a merger agreement of the two organizations, the two CUs said Friday. Approvals from state and federal regulators, and by a vote of Port of Seattle FCU members, still are needed.
Port of Seattle FCU was chartered in 1961. It has $10 million in assets, serves 1,700 members and is headquartered in SeaTac Airport.
Sound CU, which finalized the acquisition of $4.9 million Darigold Federal Credit Union in November 2014, has $1.1 billion in assets and serves more than 104,000 members.
George Bluhm, general manager of Port of Seattle FCU, said the credit union is "excited" to pursue the merger opportunity with Sound CU.
"Our members will enjoy an extensive branch network and access to technology such as mobile check deposit that will make their banking lives easier," Bluhm said in a statement.
Wayne Grotheer, chairman of the board of Port of Seattle FCU, added, "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."
"Port of Seattle Federal Credit Union has a long history in the Northwest," said Richard Brandsma, CEO of Sound Credit Union. "We are excited for this opportunity, and look forward to serving its members."
After the merger Sound CU will have a total of 23 branches located throughout Pierce, Thurston, King and Snohomish Counties. Membership is open to anyone who lives or works in Washington state. It was chartered in 1940.