Members of Watermark Credit Union approved the proposed merger with Sound Credit Union, with an approval rate of 95%. The merger will take place September 1, 2011.
With an approval rate of 95%, members of Watermark Credit Union voted in favor of the merger with Sound Credit Union. This was the final step in the approval process.
The merger will be effective on September 1, 2011, with the combining of operating systems set for spring 2012. The ongoing credit union will operate as Sound Credit Union and Richard Brandsma, Sound's current President & CEO, will lead the ongoing credit union.
In early 2011, as the first formal step in the merger process, the Boards of Watermark Credit Union and Sound Credit Union unanimously approved a merger agreement between the two organizations. The next step included approvals from state and federal regulators. The final step was approval from the Watermark members which was announced at a Special Meeting of the Membership on June 23.
Watermark Credit Union will continue to operate under its current name until account, service, and system integration is complete next spring. As information about the integration process becomes available, it will be posted on both Watermark and Sound websites at http://watermarkcu.org and http://soundcu.com respectively. Watermark members will also be kept informed as integration activities progress.
"We're very excited to receive this final approval from Watermark members," said Richard Brandsma. "We look forward to the opportunity to serve this membership."
"We feel this merger will benefit both credit unions by expanding services and locations to the combined membership," said Bob Valentine, Chairman of the Watermark Board. "With greater resources, we can provide increased membership value."
Sound will have assets of $1.1 billion and 21 branches in the Puget Sound area. The corporate office will remain in Tacoma, WA and the Board of Directors will consist of 12 members with equal representation from Watermark and Sound.
Sound Credit Union is a member-owned financial institution open to anyone who lives or works in Washington State. Founded in 1940, Sound serves the personal financial needs of more than 43,000 owner/members. Sound Credit Union is headquartered in downtown Tacoma with branch locations in Auburn, Bonney Lake, Federal Way, Gig Harbor, Key Center, Lakewood, Olympia, Pacific Avenue, Parkland, Puyallup and Westgate.
Watermark Credit Union is a member-owned financial institution founded in 1938. Today, Watermark serves the personal financial needs of 77,000 member/owners and is headquartered in Seattle with branch locations in Bellevue, Burien, First Hill, Fred Hutchinson, Lynnwood, Redmond, Shoreline, Seattle and Southcenter.