Two Washington credit unions plan merger
Fluke Employees Federal Credit Union in Everett, Wash., has agreed to merge into Sound Credit Union in Tacoma, Wash.
The proposed deal still needs approval from regulators and members of the $2.7 million-asset Fluke, according to a press release on Monday. The merger is expected to close sometime mid-year.
“We are excited to announce this merger,” Don Clark, Sound’s president and CEO, said in the press release. “Through this opportunity, we can offer FEFCU members more diverse products and services, digital banking tools and access to our full-service branches that are located throughout the Puget Sound region. We look forward to building relationships with these members and standing with them through all waves of life.”
Fluke had under 500 members and just one location, according to data from the National Credit Union Administration. It earned almost $19,000 in 2019, up more than 82% year over year, according to call report data.
The $1.9 billion-asset Sound has almost 30 branches in four counties in Washington and more than 130,000 members. It earned $18.9 million last year, down about 10% from 2018, according to call report data.