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CU System
CUs in four states announce merger agreements
TACOMA, Wash. (5/26/11)--Credit unions in four states--Washington, Hawaii, Massachusetts and New York--recently announced merger agreements. Washington’s largest proposed merger among credit unions was approved by the National Credit Union Administration (NCUA) Monday, for a $1.1 billion merger between Watermark CU, Seattle, and Sound CU, Tacoma, Wash. The final step in the process will be approval by Watermark members. Qualifying Watermark members will receive ballots by the end of this month. The outcome of the vote is expected to be announced by June 24. Richard Brandsma, president/CEO of Sound CU, will lead the continuing organization with 21 branches. The combined credit union will use Sound CU’s charter and operate as Sound CU with its corporate office in Tacoma. Sharon Sanford, Watermark CU president/CEO, will retire as of the merger date. Other mergers include:
* Webster First FCU, a $502.7 million-asset credit union, based in Worcester, Mass., will merge with $59 million-asset Saugus (Mass.) FCU, with a merger completion date set for Tuesday (telegram.com May 25); * Valley Isle Community FCU, a $98.4 million-asset credit union, based in Kahului, Hawaii, will acquire Kulia Ohana FCU, a $4.4 million-asset credit union in Wailuku, Hawaii, with a completed merger date slated for July 1 (staradvertiser.com May 24);and * The Summit FCU, a $625 million-asset, Rochester, N.Y.-based credit union will merge with Frontier FCU, a $2 million-asset, Kenmore, N.Y.-based credit union, on July 1 (democratandchroncile.com May 25).


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