Sound Credit Union and Port of Seattle Federal Credit Union have taken the first steps toward a merger.
In February, the boards of each credit union unanimously approved a merger agreement. Next, the plan will need the approval of state and federal regulators, as well as Port of Seattle FCU members. Sound Credit Union Executive Vice President Denise Reagan said they are targeting an Oct. 30 start date for the merger.
If approved, Port of Seattle FCU will be absorbed into Sound, with corporate offices staying in Tacoma. The move will add 1,700 members, one branch located in SeaTac and about $10 to $11 million in assets to Sound Credit Union.
Altogether, the credit union would hold more than $1.1 billion in assets and serve over 100,000 members with a total of 23 branches located throughout Pierce, Thurston, King and Snohomish Counties.
Reagan said Port of Seattle FCU employees will be offered positions at Sound, though she did not know what that looked like yet. Three employees currently work at the Seattle operation.