SEATTLE — Tiny Northwest Baptist Federal Credit Union on Friday merged into $633 million Seattle Metropolitan Credit Union.
Northwest Baptist FCU, which had just $3 million in assets, has been a faith-based credit union since 1958. Its membership was drawn from the congregation of Mount Zion Baptist Church, the oldest African-American church in Seattle. Its charter also includes the central Seattle community, as well as the employees of American Baptist Churches of the Northwest who work in Washington, Idaho and Montana.
NWBFCU's 1,000 members automatically became SMCU members. The combined credit union will hold $635 million in assets and serve 45,000 members with a total of 7 branches throughout the Greater Seattle area.
SMCU was founded in 1933 to serve City of Seattle employees. It now offers membership to anyone who lives or works in the state of Washington.
Robert Coleman, CEO of Northwest Baptist FCU, said he and the board of directors of NWBFCU made a decision to pursue a merger opportunity with SMCU in an effort to provide a "significant expansion" in services and facilities to its members.
"SMCU's member benefits, rich history with the City of Seattle and strong commitment to build prosperity in local communities make us confident that this merger will have a positive impact on Northwest Baptist members," Coleman said in a statement.
"We are excited about everything that Seattle Metropolitan Credit Union has to offer NWBFCU members," said Richard Romero, CEO of Seattle Metropolitan CU. "This merger will be mutually beneficial for both membership bases by offering SMCU members the opportunity to strengthen their credit union's position with the addition of assets and growth, while also offering new Northwest Baptist members affordable and expanded financial services at a trusted, community-minded institution."
Seattle Metro said with the merger, Northwest Baptist members will enjoy a "great increase" in member benefits, including a full suite of loans (real estate and business), credit cards, checking, and deposit services.
The credit unions set up a special page on Seattle Metro's website to keep former Northwest Baptist members informed of changes:
