Sound Credit Union has acquired The Bank of Washington, and the bank’s five branches reopened as branches of Sound Credit Union.
Lynnwood-based Bank of Washington had branches in Edmonds, Mukilteo, Lynnwood, Redmond, and Everett. The branches reopened today as branches of Tacoma-based Sound Credit Union, which received the final regulatory approval from the National Credit Union Administration earlier this month.
“We are thankful to have such an incredible team between our existing Sound employees and those joining us from The Bank of Washington,” said Don Clark, Sound Credit Union’s President and CEO, in a prepared statement. “It has taken every one of us to successfully bring our two organizations together and we could not be prouder of what our new combined team and expanded network of branches can offer to our members and community.”
The event marks the first time a credit union has acquired a bank in Washington. Nationwide, Sound Credit Union is the 23rd credit union to acquire a bank. According to a release, the credit union sees the transaction as a way to further the interest of its members and expand their access to financial tools and resources.
“This acquisition is an investment in our members, employees, and community,” Clark said. “They are the foundation of Sound, and we stand together through all waves of life.”
Both organizations will continue to fully integrate for the next few months. Members of the credit union will receive updates about new offerings.
“As Sound looks forward, we will continue to seek out opportunities to support our community through competitive products, innovative technology, strong relationships, and most importantly, our genuine and loyal employees,” Clark said.