SHELTON, Wash. (1/16/14)--Our Community CU (OCCU), with $280 million in assets, Shelton, Wash., will open a branch formerly operated by Bank of America on Vashon-Maury Island near Washington.
Vashon-Maury Island is about 13 miles long and eight miles at its widest point, with a population of 11,000, but OCCU will be the island's second credit union. Puget Sound Cooperative CU, with $79 million in assets, Bellevue, Wash., also operates a branch on the island (Vashon-Maury Island Beachcomber Jan. 15).
Daris Devaney, an OCCU spokeswoman, said there's room on the island for both branches. Credit unions have co-existed for a long time and even have a history of working together. It could even happen on Vashon-Maury Island, she said.
OCCU's opening is just another indication that consumers have grown weary of big banks and are seeking not-for-profit financial institutions and personalized financial services, said Puget Sound Cooperative CU branch manager Patte Wagner.
OCCU also offers business services, which is a great benefit for island businesses, said Rex Stratton, an island attorney.
The credit union announced plans to move to the island after Bank of America announced it would close its location after 35 years of service. The credit union has hired four islanders to staff the branch, which will open Jan. 27. One of the employees is a former employee of the Bank of America branch.