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Tacoma Credit Union Announces Major Acquisition

TACOMA, Wash., December 03, 2024 — (BUSINESS WIRE) — Late last week, Sound Credit Union, with its headquarters in Tacoma, proudly announced the successful completion of its acquisition of Washington Business Bank (OTCPK: WBZB), which is based in Olympia, Washington. This acquisition marks an important milestone for Sound as they incorporate the full array of assets from Washington Business Bank, while also taking on nearly all of its liabilities.

Expanding Financial Reach and Commitment to Community

With the successful addition of Washington Business Bank into its portfolio, Sound Credit Union has seen its asset size soar beyond the impressive threshold of $3 billion. This includes over $2.5 billion in client deposits and approximately $2.3 billion in outstanding loans. The integration of the Washington Business Bank branch significantly enhances Sound’s branch network, bringing the total number of full-service locations to 26. This expansion is not merely a numerical increase; it represents a commitment to providing Washingtonians with a comprehensive range of personal and business financial products and services, all aimed at empowering residents to manage their finances with confidence and ease.

Leadership Emphasizes Community Integration

"We are thrilled to announce the conclusion of our acquisition with Washington Business Bank and to extend a warm welcome to their clients and dedicated team members as they join the Sound family," stated Don Clark, President and CEO of Sound Credit Union. Clark expressed enthusiasm for the opportunity to forge meaningful relationships with the new members and to delve deeper into understanding their needs, particularly in Thurston County.

The integration of both institutions is set to be conducted over the next few months. Sound Credit Union has committed to maintaining clear and regular communication with its members during this transition, providing updates and insights regarding the integration process. Clark reiterated this commitment, saying, "As we proceed forward together, Sound will actively seek out opportunities to assist our members and enhance our community through a robust suite of financial products and services that facilitate easy and effective management of their finances." He emphasized the organization’s core mission — to genuinely care for and build significant connections with members, employees, and the broader community, assuring them that, "At Sound, we will always stand with you through all waves of life."

About Sound Credit Union

Founded in 1940, Sound Credit Union has evolved into one of the largest credit unions in Washington State. With an extensive network of 26 full-service branches operating throughout the Puget Sound area, Sound Credit Union proudly serves more than 175,000 members, delivering authentic and trustworthy financial support and services. The essence of Sound Credit Union’s operational principle lies in their commitment to standing beside their members, employees, and community members throughout all the challenges and triumphs life presents.

Role of AI legalese decoder

In scenarios involving mergers and acquisitions like the one between Sound Credit Union and Washington Business Bank, complexities in legal documentation can arise. Understanding the legal jargon and implications involved in such agreements can be daunting for many. This is where the AI legalese decoder can provide invaluable assistance. By transforming dense legal language into clear and comprehensible text, the AI legalese decoder empowers clients to grasp the nuances of legal contracts, enabling them to make informed decisions. This tool can be particularly beneficial for members impacted by the merger, ensuring they understand their rights and options moving forward. By demystifying the legal aspects of banking and finance, the AI legalese decoder fosters transparency and ease of access to important legal information.

Additional Information and Contacts

For further details about Sound Credit Union or the recent acquisition, please reach out to:

Jennifer Reed
VP/Public Relations
Sound Credit Union
800.562.8130 ext. 2928 | [email protected]

Source Version Available: View Source on Business Wire

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