News & Notes: Here’s What’s Happening Around the Northwest

Former CEO of Seattle’s Plaza Bank Joins Harborstone Credit Union

Harborstone Credit Union announced that Mike Paul, who has been President and CEO of Seattle’s Plaza Bank, will join its executive team as Senior Vice President.

Phil Jones, Harborstone President and CEO, noted that “Mike brings over 35 years’ executive experience working with business owners to help them grow their companies. With his broad range of skills and experience, Mike will anchor our commitment to work closely with local businesses in King County, offering a full range of services and expert business counsel.”

Mike noted that “Harborstone has shown growth over the past few years and a long-term commitment to local businesses. Their growth in King County offers a great opportunity that allows a 100% focus on the member businesses. ”

Harborstone Credit Union, over the past dozen years, has emerged as one of a small number of credit unions nationally that have built a track record and depth of resources to serve local businesses with a full range of financial, lending, and banking services. It also has created subsidiaries to help smaller credit unions without these capabilities offer business lending services to their local small-business members.

Port of Seattle Federal Credit Union Completes Merger With Sound

On November 2, 2015 the final step of the merger between Port of Seattle Federal Credit Union (POSFCU) and Sound Credit Union was completed as the POSFCU member accounts and services were integrated into Sound Credit Union.

“The integration of accounts marked the final step of this process that combined the strengths of both credit unions,” said Rick Brandsma, Sound President and CEO. “We look forward to serving the members of Port of Seattle Federal Credit Union.”

The merger process started in early 2015 with the Board of Directors from each credit union unanimously approving a merger agreement between the two organizations. The next steps included approvals from state and federal regulators, followed by approval from the Port of Seattle Federal Credit Union members in June 2015.

Questions about this story? Contact James Pearson: 206.340.4790,

Posted in Federal.