Another CU Mega-Merger Cleared
SEATTLE – Regulators have approved the merger of Watermark CU and Sound CU, creating a $1.1 billion credit union serving 120,000 members through the state of Washington.
The final step to the latest credit union mega-merger is a member vote at Watermark, the $550 million Tacoma credit union.
The two $550-million credit unions have similar heritages, with each chartered in neighboring cities to serve telephone company employees, and each having expanded to serve the entire state of Washington.
“We are very pleased to receive approval from both national and state regulators,” Richard Brandsma, president of Sound, who is slated to be CEO of the new credit union giant, said this morning.
The new credit union will retain the name Sound CU, be headquartered in Tacoma and will have 21 branches in western Washington. The new board will consist of 12 members with equal representation from Watermark and Sound.