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We are excited to announce an agreement for the acquisition of The Bank of Washington by Sound Credit Union has been reached.
With strong Pacific Northwest roots, both Sound Credit Union and The Bank of Washington teams share a commitment to providing trusted and valued financial services to the communities we serve.
Together, the combined organization will share knowledge, experience and resources in the Puget Sound region.
|Sound Credit Union||The Bank of Washington|
With strong Pacific Northwest roots, both Sound Credit Union and The Bank of Washington teams are committed to providing trusted and valued financial services to the communities we serve.
Both organizations share a commitment to serving its employees and members/customers, with an emphasis on developing relationships, high levels of professionalism, and enthusiasm.
Together we can use our knowledge and experience to better serve the Puget Sound region, creating more opportunities for our employees, members, and communities.
Both The Bank of Washington and Sound teams are experienced in serving the Snohomish and King County markets. In addition to these markets, Sound is experienced in serving Pierce and Thurston Counties.
The Bank of Washington branches, employees and customers will become a part of Sound Credit Union. The combined organizations will offer an expanded branch footprint for each member base from Everett to Tumwater in addition to service expansions, added financial strength and growth opportunites.
No, Sound is not becoming a bank. Sound is proud of their status as a credit union, and honored to stand with members, employees, and communities through all waves of life. They look forward to welcoming The Bank of Washington customers to the credit union.
Together we will work closely with regulators and legal counsel to complete a smooth transaction that maintains a healthy credit union and minimizes impact to The Bank of Washington customers, Sound members, employees, and communities.
To date, both boards of directors have voted to move forward with pursuing the acquisition and an acquisition agreement has been signed.
Next, applications will be submitted to governing regulators.
The Bank of Washington shareholders will approve the final agreement to move forward.
Sound Credit Union’s Board of Directors have approved the merger subject to Regulatory approval.
We anticipate the acquisition to be completed by year end. The account integration date has yet to be determined but will likely be in Q2 or Q3 2019.
When the acquisition is approved, Don Clark, Sound’s President/CEO, will continue to lead the combined organizations, along with the rest of Sound’s executive team who will continue in their current roles.
The Bank of Washington’s President and CEO, Martin Steele will be joining the Sound Credit Union team as Market Executive/North Sound.
Together we will have expanded branches in the Puget Sound area, and increased consumer and business products for those we serve.
We will also undergo a system integration likely in Q2 or Q3 2019. We will keep you well informed throughout this entire process.
Those we serve will continue to receive $250,000 of federal deposit insurance. At Sound, deposits are backed by the NCUA, the federal regulating body for credit unions, which is equivalent to FDIC for banks.