Growth: Puget Sound’s Island Branch Blossoms
The 7,600-member, $75 million Puget Sound Cooperative Credit Union has continued to benefit from its decision to open a branch on a sparsely populated island off the coast of Washington State.
Vashon Island, home to about 11,000 full-time residents, sits in the middle of Puget Sound and is connected by ferry service to the Seattle-Tacoma metropolitan area as well as communities on other islands.
In some cases, she acknowledged, there has been some peer pressure, with late comers chided by their neighbors for not having yet moved their money to the credit union. She also noted that the island's overall culture, which has been described as a mix of Mayberry (from the old Andy Griffith television show) and the Burning Man festival, also favored a credit union.
“It's like Mayberry in that everyone tends to know everyone else,” Wagner said. “It’s like Burning Man in that there are parts of it that are just ‘out there,’” she said.