Sound Credit Union has completed its acquisition of the Bank of Washington in Lynnwood, making it the first credit union to purchase a bank in the state of Washington.
The Tacoma, Wash.-based credit union said Tuesday that the bank’s five branches will now reopen as Sound locations. The deal added to Sound's footprint in Snohomish and King counties and expanded its mortgage and business lending, according to a press release issued when the deal was first announced in September.
Sound noted it had received final regulatory approval from the National Credit Union Administration for the transaction in early March.
The $1.5 billion-asset credit union added that the “full-system integration of both organizations will be ongoing” over the next few months.
“We are thankful to have such an incredible team between our existing Sound employees and those joining us from The Bank of Washington,” Don Clark, Sound’s president and CEO, said in a statement. “This acquisition is an investment in our members, employees and community.”
Sound is the latest credit union to have acquired a bank or bank branches. Last year, nine banks were sold to credit unions and
Sound posted net income of about $21.1 million in 2018, a 4.3 percent increase over the prior year.
