Puget Sound Island Residents Embrace Credit Union
The 7,600-member, $75 million Puget Sound Cooperative Credit Union has picked up almost $20 million in deposits from roughly 1,700 residents of a Puget Sound island, according to a May 7 article in the Seattle Times.
Credit union supporters on Vashon Island told the paper that roughly 16% of the island's residents have closed their accounts at major banks and moved them to the credit union.
In addition to the credit union, local business listings record branches for Bank of America, J.P. Morgan Chase and U.S. Bank on the island.
The article credits the enthusiasm of Vashon Island residents for the Occupy Wall Street and Move your Money campaigns as well as for having more local options for banking for the credit union's strong support.
A group of Vashon Island residents organized themselves first to found a credit union before deciding to approach an existing credit union to open a branch there.
Puget Sound Cooperative opened the branch on Vashon Island in March 2011 and as of July 2011 reported opening 857 new member accounts, took in more than $7.5 million in deposits and made almost $1.2 million in loans.