A merger of MilePost Credit Union into Sound Credit Union was completed on Aug. 31. This merger is number 13 in the credit union’s history, a history which began in Tacoma in 1940 with Telco Credit Union. It was chartered for telephone and telegraph employees. According to Sound’s vice president of marketing, Robyn LaChance, the name was first changed in 1993 to Telco Community Credit Union, and became Sound Credit Union in September 2001.
The Key Peninsula connection began in 1983 when Peninsula Credit Union was chartered to serve local financial needs. The newly chartered credit union chose to merge with Telco Community in 1985. The merger allowed an extension of services to several branches and the holding of greater assets.
The MilePost merger is only the fourth merger occurring since 2000. MilePost Credit Union served employees of the Burlington Northern Railroad. “MilePost has a very good heritage but it didn’t have resources to expand,” said Richard Brandsma, President and CEO of Sound Credit Union, “Sound has always been extraordinarily efficient and as a result, we are financially able to take on a merger and move forward,” he said.
In spite of the current economic down turn, “Sound continues to be financially strong and performing very well. Though it hurts to see members struggle and lose jobs,” Brandsma said. “Financial institutions are also being tested today and it causes one to take a step back and make sure they’ve got their house in order.”
With the addition of approximately 6,000 MilePost members, Sound is now serving about 44,000 members and holds about $520 million in assets. A total of 12 branches located throughout Pierce, Thurston and King Counties serve all residents living in Washington State.