The 7,600-member, $75 million Puget Sound Cooperative CreditUnion has picked up almost $20 million in deposits from roughly1,700 residents of a Puget Sound island, according to a May 7article in the Seattle Times.
|Credit union supporters on Vashon Island told the paper that roughly 16% of the island'sresidents have closed their accounts at major banks and moved themto the credit union.
|In addition to the credit union, local business listings recordbranches for Bank of America, J.P. Morgan Chase and U.S. Bank onthe island.
|The article credits the enthusiasm of Vashon Island residentsfor the Occupy Wall Street and Move your Money campaigns as well asfor having more local options for banking for the credit union'sstrong support.
|A group of Vashon Island residents organized themselves first tofound a credit union before deciding to approach an existing creditunion to open a branch there.
|Puget Sound Cooperative opened the branch on Vashon Island inMarch 2011 and as of July 2011 reported opening 857 new memberaccounts, took in more than $7.5 million in deposits and madealmost $1.2 million in loans.
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