Puget Sound Refinery Federal Credit Union has signed an agreement with CU*NorthWest to convert its core system in May 2018.
Based in Anacortes, Wash., Puget Sound Refinery FCU has about $11.3 million in assets and about 1,130 members.
“When it came time to re-evaluate our core processing solution, we were interested in an opportunity to work with a cooperative CUSO,” Puget Sound Refinery FCU’s CEO Darene Follette said in a statement. “During our discovery phase we spoke with several CEOs regarding CU*NorthWest. Every CEO we spoke with had nothing but positive comments about the service and support they receive as clients and owners of CU*NorthWest.”
Follette added that as a smaller credit union, Puget Sound Refinery FCU needed a partner “who could offer us flexibility, and we believe we have found that partner with CU*NorthWest.”
Greg Smith, CEO of CU*Northwest, added: “It is exciting to have another Washington credit union joining us as we continue to grow our client base here. Like credit unions, it’s a cooperative thing – a fundamental piece to our value.
Puget Sound Refinery FCU posted net income of about $48,000 in 2016, up from $15,000 in the prior year.