The credit union that launched a branch on Vashon Island, an island in the middle of Puget Sound off the coast of Washington State, said its new branch is a success.
The 6,000 member, $59 million Puget Sound Cooperative Credit Union, headquartered in Bellvue, Wash., answered the call of a group of Vashon Island residents and business owners who wanted a credit union to enable to them to better invest in their own community. The group, Capital United Vashon, had explored starting a CU but concluded inviting an existing CU to start a branch would be the best approach.
Puget Sound Cooperative reported that since opening the branch on Vashon Island in March 2011, the CU has opened 857 new member accounts, taken in more than $7.5 million in deposits and made almost $1.2 million in loans. The CU reported this additional activity has already had an impact.
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