Puget Sound CCU Invited to Open Branch on Vashon Island

The creation of a new charter for a Vashon Island credit union may have gone as far as it will go after volunteers working to create it unanimously recommended that Bellevue-based Puget Sound Cooperative Credit Union build a branch, according to the Vashon-Maury Island Beachcomber.

According to the piece, after months of study backers of CU Vashon decided that rather than starting its own, it would be much more efficient and made more sense to invite a well-regarded, financially stable credit union to the island.

According to Rob Harmon, one of the volunteers working on the credit union issue, the original purpose of the project was to make it easier to finance the island’s sustainable activities.

“What we’ve discovered is the simplest way to do this is to partner with a like-minded credit union,” he stated.

With 4,000 members and assets at $50 million, PSCCU is a small credit union which, according to Vashon Island credit union organizer Rex Stratton, is an advantage for islanders because they would have more say in where their money goes than if it was working with a larger credit union.

This fall, Vashon Island organizers will host community meetings to offer more information on credit unions in general, the partnership with PSCCU and what it could mean for the island.

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