EDB: Merger doubles size of Tacoma's Sound Credit Union

Tacoma’s Sound Credit Union today is twice as big as it was a few months ago following its merger with the Watermark Credit Union, according to the Economic Development Board (EDB) for Tacoma-Pierce County. The EDB’s December newsletter reports the merger is the largest between credit unions in Washington State history and will bring an additional 60 jobs to Sound’s office at 15th and Broadway in Tacoma. Before the merger, Sound Credit Union had $510 million in assets, employed 110 and operated 12 branches in the Puget Sound region, nine of them in Pierce County, according to the EDB. Today the credit union has $1.03 billion in assets, employs 203 and operates 21 branches throughout the Puget Sound region. Sound and Watermark credit unions started in neighboring cities more than 70 years ago, both serving telephone employees Sound Credit Union President and CEO Richard Brandsma, told the EDB. “Through this merger we now have a greater opportunity to serve members across the Puget Sound area,” said Brandsma. “It also provides an opportunity for expansion even during this difficult economy. It is a positive move for members of both credit unions.” Although the merger officially took place on Sept. 1, the two systems will be fully merged in the spring of next year.