State and Federal Regulators Approve Watermark and Sound Credit Unions' Plan to Merge

SEATTLE, WA, May 27, 2011 (Press-News.org) Washington's largest proposed merger among credit unions has reached an important milestone. After an in-depth application process, the National Credit Union Administration (NCUA) and Washington State regulators gave their approval of the $1.1 billion merger between Watermark and Sound Credit Unions. Washington State regulators gave approval on March 23, pending NCUA approval. NCUA regulators approved the merger on May 23, 2011. The final step in the process will be an approval by Watermark members. Qualifying Watermark members will receive ballots in late May. The outcome of this vote is expected to be announced by June 24.

"We are very pleased to receive approval from both national and state regulators," said Richard Brandsma, Sound Credit Union President & CEO. "This is an important step in the merger process."

"We're excited about the opportunity to deliver additional value to our combined membership," said Bob Valentine, Watermark Credit Union Chairman of the Board.

Brandsma will lead the ongoing organization with 21 branches in Western Washington from Lynnwood to Olympia. The Board of Directors will consist of 12 members with equal representation from Watermark and Sound. The continuing credit union will use Sound Credit Union's charter and operate as Sound Credit Union with its corporate office in Tacoma, WA. Sharon Sanford, Watermark Credit Union President & CEO is scheduled to retire as of the merger date.

Sound Credit Union is a member-owned financial institution open to anyone who lives or works in Washington State. Founded in 1940, Sound serves the personal financial needs of more than 43,000 owner/members. Sound Credit Union is headquartered in downtown Tacoma with 12 branch locations: Auburn, Bonney Lake, Downtown Tacoma, Federal Way, Gig Harbor, Key Center, Lakewood, Olympia, Pacific Avenue, Parkland, Puyallup,
and Westgate.

Watermark Credit Union is a member-owned financial institution founded in 1938. Today, Watermark serves the personal financial needs of over 75,000 member/owners and is headquartered in Seattle with 9 branch locations: Bellevue, Burien, First Hill, Fred Hutchinson, Lynnwood, Redmond, Shoreline, Seattle and Southcenter.