Credit union organizers on an island off the coast of WashingtonState have opted to invite an existing CU to open a branch on theisland over opening their own credit union.

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Capital United Vashon, a group of residents and business ownerson Vashon Island, Washington, had wanted to start a credit union onthe island to "invest in our community, grow our economy andsustain our environment." but research soon found that their bestmove would be to invite an existing credit union to open a branchon the island.

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"After nearly three months of due diligence and surveying thelocals, CUVashon came to the realization that creating a creditunion from the ground up would remove a significant amount offinancial resources from the community due to the reservesrequirements for capital and operating expenses for the first fewyears."

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So the group approached the $50 million Puget Sound CooperativeCredit Union, headquartered in Bellvue, Washington about opening abranch and the credit union accepted, according to the group.

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CUVashon reported that its surveys of island residents andbusiness owners found that they would deposit roughly $5 millioninitially in the branch

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