Credit union organizers on an island off the coast of Washington State have opted to invite an existing CU to open a branch on the island over opening their own credit union.
Capital United Vashon, a group of residents and business owners on Vashon Island, Washington, had wanted to start a credit union on the island to "invest in our community, grow our economy and sustain our environment." but research soon found that their best move would be to invite an existing credit union to open a branch on the island.
"After nearly three months of due diligence and surveying the locals, CUVashon came to the realization that creating a credit union from the ground up would remove a significant amount of financial resources from the community due to the reserves requirements for capital and operating expenses for the first few years."
So the group approached the $50 million Puget Sound Cooperative Credit Union, headquartered in Bellvue, Washington about opening a branch and the credit union accepted, according to the group.
CUVashon reported that its surveys of island residents and business owners found that they would deposit roughly $5 million initially in the branch