Sound Credit Union to Acquire the Bank of Washington
The acquisition marks a historic first in Washington state history.
Sound, based in Tacoma, Wash., has agreed to purchase substantially all of Bancorp’s assets and liabilities. Bancorp is the holding company for the Bank of Washington, located in Lynnwood, Wash. The acquisition, unanimously approved by the board of directors of both institutions, is anticipated to be completed in the first quarter of 2019.
“This combination will help us further expand our footprint in Snohomish and King Counties, accelerate our business and mortgage lending efforts, and add great employees,” said Sound President and CEO, Don Clark. “We feel the value and cultures of both companies are very similar with a strong commitment to customers and the communities in which we serve.”
With 24 full-service branch locations throughout Washington’s Puget Sound area, Sound will continue to operate as a credit union, and bring the Bank of Washington’s team and customers into the credit union family. Members will see an increase in services and products, as well as additional Sound branch locations throughout the state.
“Bank of Washington customers can anticipate authentic and trusted financial services, as well as products that support both personal and business needs,” Clark said. “Through this acquisition, Sound is excited to offer members additional services and expanded product lines such as increased business lending and mortgage portfolios, business banking, and a greater branch footprint from Everett to Tumwater. Sound looks forward to sharing more information in the future as the acquisition is completed and integration begins.”
The combined company will have approximately $1.7 billion in assets, $1.3 billion in loans, $1.5 billion in deposits, and operate 29 branches throughout King, Pierce, Snohomish, and Thurston Counties.
The Bank of Washington’s branches are located in Edmonds, Lynnwood, Mukilteo, Everett, and Redmond, Wash.
“Sound Credit Union is a financial institution with a long history of meeting the financial needs of both businesses and consumers in the greater Puget Sound market,” said Marty Steele, Washington Bancorp, Inc.’s President and CEO. “We are enthusiastic about this partnership because of the expanded opportunities it brings to our customers, our employees, and our communities.”
While the acquisition of a bank by a credit union is a first in the state of Washington, Northwest credit unions have stepped up in several communities to ensure that customers of former banks have continued access to financial services.
Earlier this summer, Mid Oregon Credit Union acquired the assets and liabilities of High Desert Bank, located in Bend. And recently, Old West Federal Credit Union purchased the closed Community Bank branch building in Union, Ore. Once the branch remodeling project is complete, residents of that rural community will again be able to obtain local financial services.