Following the pattern set this week in Washington State, mid-sized credit unions across the country will be looking to chart more "mergers of equals" to remain competitive with larger brethren.
That's the outlook as forecast by Richard Brandsma, the president/CEO of Sound CU, a $544 million Tacoma CU proposing an in-state merger becoming effective this summer with the $564 million Watermark CU of Seattle.
If consummated, the $1.1 billion combination, including 21 Puget Sound branches, would create Washington's fourth largest CU and strategically "give us the strength we would need to come up against credit unions like Boeing," said Brandsma, referring to the state's dominant player, the $9.1 billion BECU of Seattle.
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