Darigold Federal Credit Union Members Approve Merger with Sound Credit Union
May 22, 2014
May 22, 2014
Darigold Federal Credit Union members have voted to approve a merger with Sound Credit Union and the consolidation is now expected to be finalized on Nov. 1, the credit unions announced this week.
“We’re very excited to receive this approval from the membership,” says Richard Brandsma, Sound’s current president and CEO, who will lead the ongoing credit union. “We look forward to the opportunity to serve the Darigold members.”
The voting results – 93 percent of Darigold members voted in favor of the merger – were announced May 20 at a special membership meeting. State and federal regulators have been notified of the approval, the credit unions said.
Darigold will continue to operate under its current name until account, service and system integration is complete this fall. As information about the integration process becomes available, it will be posted on Sound’s website at www.soundcu.com.
“We feel this merger will benefit our members by providing many branch locations, a full line of products and an expanded line of technology and services,” says Paul Cookson, chairman of Darigold’s board. “With greater resources, membership value is increased.”
Sound’s merger with Darigold is its fifteenth consolidation over the past couple of decades. Darigold, which is based in Shoreline, has $4.9 million in assets and 1,137 members. The much larger Sound, which was founded in 1940 by 51 Pacific Telephone and Telegraph workers who pooled together $106.50, today has more than $1.1 billion in assets and serves nearly 100,000 members.
Sound currently has more than 230 employees, and no jobs are expected to be lost because of the merger. The ongoing credit union, which is based in Tacoma, will operate 21 branches throughout Pierce, Thurston and King counties.
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