A Community Embraces Their New Credit Union

After being open only four months, the results for Puget Sound Cooperative Credit Union’s (PSCCU) newest branch located on Vashon Island, Wash., have proven that the credit union philosophy of “people helping people” really means something these days.

Prior to the branch opening in March of this year, island resident and new PSCCU Board member John Staczek said, “There’s nothing better than an auspicious beginning and the PSCCU branch on Vashon-Maury Island is just the new beginning we need for Islanders to have a choice in their financial lives. The Credit Union will create value and return value to the Island.”

As of June, the credit union has opened 857 new Vashon memberships with a total of 662 checking accounts, $7,535,757.39 in deposits and $1,198,405.97 in loans. 

PSCCU slowly started acquiring Vashon memberships in October 2010 prior to the branch opening, but the vast majority of new members have joined since the branch opened on Vashon Island in March 2011.

“Due in part to the large influx of deposits from the Vashon branch, the board approved lowering the rate on our mortgage loans on 15 year loans and on 30 year mortgages,” said PSCCU VP Shannon Ellis-Brock. “This is a good example of how money from the community is helping the community.”

The response in the community has been very strong. Island resident and new PSCCU member Amy Gilman feels that “establishing PSCCU on Vashon is a strong community statement recognizing we Islanders do have a choice beyond the standard big banks. I resented falling through the cracks as a customer when WAMU became Chase. They closed my children’s longtime accounts, took money out of my CD and the sloppiness of the changing of the guard meant watching my statement every month for new fees. I imagine PSCCU will treat me better.”

Fellow Islander and new PSCCU member Jeff Hoyt added, “I feel like we’ve literally put our money where our mouth is. We’ve been vocal in decrying how our country has gotten into the mess it’s in, and yet, we contribute to the problem by leaving our money in these huge institutions that are clearly a part of the problem. To NOT take some kind of action seems rather hypocritical to me, so it feels great to take a significant sum out of B of A and walk it across the street [to PSCCU].”

Puget Sound Cooperative Credit Union has offered financial services to the Puget Sound region since 1934. Formerly the credit union for Puget Sound Energy employees and their families (Puget Sound Energy Credit Union, PSE Credit Union or PSECU), in 2009 the credit union decided to change its name to Puget Sound Cooperative Credit Union (PSCCU) and open its charter to anyone who lives, works, attends school or worships in Washington state.

 

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