A merger of two Seattle-area credit unions, Watermark and Sound, to form the state’s fourth largest with $1.1 billion in assets, is now effective, it was announced Tuesday.
The consolidation, first announced last March, is due to be finalized with computer conversion of member accounts by the spring of 2012. The new entity retains the Sound name.
Serving as president/CEO of the combined CU is Richard C. Brandsma, president/CEO of Tacoma-based Sound. The credit unions each had around $550 million in assets and a combined 118,000 members.
“After the account and branch integration next spring, Sound will have 21 branches in the Puget Sound area, with this merger being the largest among credit unions in the history of Washington state,” said Brandsma.
The CU marriage, already approved by state and federal regulators, won 95% approval from the membership of Seattle-based Watermark, the merged credit unions said in a statement.
The new board for the ongoing organization “is comprised of equal representation from both credit unions,” the statement said.