A credit union marketing firm in Washington State is helping organize the first new CU in seven years to be located on one of Seattle's commuter islands in Puget Sound.
The proposed CU Vashon, to open next January and chartered by members of Blonde Ambition, the consulting firm on Vashon Island, would serve a population of 10,000 and provide "needed financial services" beyond offered by a group of three large out-of-state banks, officials said.
"We understand NCUA requires capital of $200,000-$300,000, and we first have to get the 500 feasibility names on the prospectus," said Amy Herbig, president of Blonde Ambition and former head of marketing at Group Health CU of Seattle.
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Solicitation of names for the feasibility study report is due for completion by June, said Herbig.
The last new charter in Washington State was in 2003 by the $2.3 million Tulip Cooperative CU of Olympia serving low-income residents.
Noting CU Vashon "is not quite the same as Tulip," Herbig said the plan for CU Vashon has been on the drawing boards for months with the CU expecting to serve a population of both full- time residents and summer visitors on an island accessible only by ferry or airplane.
A slogan for the proposed CU Vashon has already been selected: "Our Community, Our Money."
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