Draft:Sound Credit Union
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- Comment: I have a conflict of interest with Sound Credit Union. The declaration is on the draft talk page and my user page.
| Formerly | Tacoma Telco Federal Credit Union (1940–1993) Telco Community Credit Union (1993–2001) |
|---|---|
| Type | Credit union |
| Industry | Financial services |
| Founded | 1940 in Tacoma, Washington, U.S.[1] |
| Headquarters | , United States |
Number of locations | 26 branches (2026) |
Area served | Washington state |
| Key people | Don Clark (President and CEO)[2] |
| Products | Savings, checking, consumer and business loans, mortgages, credit cards |
| Total assets |  US$3.4 billion (2026) |
Number of employees | 427 (full-time) (2026[3]) |
| Website | www |
Sound Credit Union is a state-chartered credit union headquartered in Tacoma, Washington. It is regulated by the Washington State Department of Financial Institutions and the National Credit Union Administration (NCUA). Sound Credit Union is the sixth-largest credit union in the state of Washington, with assets totaling $3.34 billion, and providing banking services to more than 176,000 members.[4]
History
[edit]Sound Credit Union was founded as Tacoma Telco Federal Credit Union on June 14, 1940, by 51 Tacoma-based employees of Pacific Telephone and Telegraph. Membership was originally limited to employees of the telephone company and their immediate families. The credit union opened its first ledger with initial deposits totaling $106.50.[1]
The credit union was originally limited to telecommunications employees but began broadening eligibility in the early 1980s through select employer groups and occupational mergers. Mergers prior to state charter conversion included Hygrade Federal Credit Union, Doctors Hospital Employees Federal Credit Union, and KATAC Federal Credit Union, all of which were approved during the 1980s. On April 15, 1985, Tacoma Telco Federal Credit Union converted from a federal charter to a Washington state charter. Following its state charter conversion in 1985, Sound Credit Union merged with numerous credit unions. Some of these included MilePost Credit Union (2009),[5] Watermark Credit Union (2011),[6] Darigold Federal Credit Union (2014),[7] Port of Seattle Federal Credit Union (2015),[8][9] and Fluke Employees' Federal Credit Union (2020).[10]
The credit union was renamed as Telco Community Credit Union in October 1993, and again as Sound Credit Union in August 2001. During the early 1990s, multiple bylaw amendments expanded membership to community charters across Pierce County, Washington.
In March 2002, a bylaw amendment established a statewide "qualified community" field of membership, allowing Sound Credit Union membership to anyone living or working in Washington state.[9][11]
Bank acquisitions
[edit]In addition to credit union mergers, Sound Credit Union has acquired several banks:
- The Bank of Washington (regulatory approval 2019).[12] This acquisition was the first instance of a credit union acquiring a bank in Washington.[12][13]
- First Interstate Bank branch in Lynnwood, Washington (acquired January 2021).[14][15]
- Washington Business Bank (regulatory approval 2024).[16][17]
Locations
[edit]As of 2026, Sound has over 176,000 members and operates 26 full-service branch locations across the Puget Sound region in Washington state.[4] Members can also use over 5,000 shared branching locations and nearly 30,000 surcharge-free CO-OP ATMs nationwide.[18]
Initiatives
[edit]Sound Credit Union has also supported initiatives with nonprofit organizations such as Food Lifeline.[19][20]
Sound Credit Union participates in the Evergreen Impact Housing Fund (EIHF), a collaborative initiative among Washington State credit unions that supports affordable housing development in the Puget Sound region, including Copper Way Apartments in Spanaway, Washington, and other developments.[21][22][23]
The credit union also offers annual scholarships for 12 recipients per year.[24][4]
References
[edit]- 1 2 "Credit union to acquire a bank, a first in Washington State". Economic Development Board for Tacoma-Pierce County. November 8, 2018. Retrieved September 18, 2026.
- ↑ "Sound Credit Union and Junior Achievement Expand Partnership". Sound Credit Union. April 8, 2026. Retrieved September 18, 2026 – via Business Wire.
- ↑ "Sound Credit Union Breaks Ground on New Port Orchard Branch". South Sound Business. September 2026. Retrieved September 18, 2026.
- 1 2 3 "Sound Credit Union Begins Construction on New Parkland Branch". Sound Credit Union. July 22, 2026. Retrieved September 18, 2026.
- ↑ "Key Peninsula financial organization remains Sound". Key Peninsula News. Retrieved September 18, 2026.
- ↑ "Watermark, Sound credit unions merger approved". The Seattle Times. June 24, 2011. Retrieved September 18, 2026.
- ↑ "Darigold FCU Proposes To Merge Into Much Larger Sound CU". American Banker. Retrieved September 18, 2026.
- ↑ "Port of Seattle Federal Credit Union announces merger". Puget Sound Business Journal. March 2015. Retrieved September 18, 2026.
- 1 2 "Port of Seattle FCU Proposes Merger Into Sound CU". American Banker. Retrieved September 18, 2026.
- ↑ "Two Washington CUs Announce Plan to Merge". CU Today. Retrieved September 18, 2026.
- ↑ "Anatomy of a Merger: For Sound CU, It's Official, But Not Yet 'Complete'". American Banker. Retrieved September 18, 2026.
- 1 2 Roberts, Paul (September 21, 2018). "A first in Washington: A credit union buys a bank". The Seattle Times. Retrieved September 18, 2026.
- ↑ "Sound Credit Union acquiring Bank of Washington in historic deal". KIRO 7. Retrieved September 18, 2026.
- ↑ "Sound Credit Union acquires First Interstate branch". Puget Sound Business Journal. December 30, 2020. Retrieved September 18, 2026.
- ↑ "Sound Completes Acquisition of First Interstate Bank Lynnwood Branch". Sound Credit Union. Retrieved September 18, 2026.
- ↑ "Sound Credit Union to acquire Washington Business Bank in Olympia". South Sound Business. Retrieved September 18, 2026.
- ↑ "Sound Credit Union Finalizes Acquisition of Washington Business Bank". Sound Credit Union. December 3, 2024. Retrieved September 18, 2026 – via Business Wire.
- ↑ "Who is Sound?". Sound Credit Union. Retrieved September 18, 2026.
- ↑ "Sound Credit Union Helping Fight Food Injustice". The Suburban Times. April 23, 2021. Retrieved September 18, 2026.
- ↑ "iHeartRadio, Sound Credit Union partner with Food Lifeline in WA". FOX 13 Seattle. June 16, 2025. Retrieved September 18, 2026.
- ↑ "Evergreen Impact Housing Fund". The Urbanist. Retrieved September 18, 2026.
- ↑ "Evergreen Impact Housing Fund, Inland Group, and Partners Break Ground on Large-scale Affordable Housing Development in Pierce County". Seattle Foundation. July 20, 2023. Retrieved September 18, 2026.
- ↑ "Evergreen Impact Housing Fund and Inland Group announce opening of Spanaway affordable housing apartments". Evergreen Impact Housing Fund. October 3, 2024. Retrieved September 18, 2026.
- ↑ "2025 Community Impact Report". Sound Credit Union. Retrieved September 18, 2026.
External links
[edit]Category:Credit unions based in Washington (state) Category:Companies based in Tacoma, Washington Category:Banks established in 1940