Seattle-Bellevue-Everett, WA (1888PressRelease)
April 10, 2008 - SHARE Credit Union announced today that it will merge into Watermark Credit Union by the end of May 2008. With approval from SHARE Credit Union’s Board of Directors earlier this year, the credit union’s members voted to approve the merger this week. Now the credit unions will begin to work together to join the two institutions as seamlessly as possible.
With over $500 million in assets and more than 70,000 members, Watermark Credit Union is the larger of the two credit unions. Originally serving telephone company employees, membership in Watermark Credit Union is now open to anyone who lives or works in the state of Washington. In comparison, SHARE Credit Union has approximately $30 million in assets and primarily serves health care employees including employees of the Swedish Hospital group, Fred Hutchinson Cancer Research Center, Dynacare Laboratory of Pathology, Northwest Kidney Center, Seattle Cancer Care Alliance and ZymoGenetics.
Following the merger, Watermark Credit Union will retain all of SHARE’s employees as well as their two Seattle-based branches. All SHARE members’ accounts will become Watermark accounts. In addition, Watermark will shift some of its existing employees to the SHARE branches to ensure a smooth transition.
In discussion for more than six months, SHARE Credit Union sought proposals for a merger from some of the area’s larger credit unions, including Watermark. SHARE chose Watermark as its merger partner to maintain a superior level of service and convenience for its members. SHARE CEO Steve Diklich said that Watermark was selected because it will honor SHARE’s strong links to area medical centers while providing increased access to financial products at better prices than SHARE can offer its members.
“Watermark is a well-capitalized credit union committed to providing superior member service. It is evident that this high quality service is provided by skilled employees, motivated by a management team that is committed to the credit union philosophy of people helping people,” Diklich said. “I am excited by the prospects that this merger presents our members and employees. I look forward to continuing to serve our members.”
Mergers like these are becoming more common among credit unions as the financial industry becomes more competitive and strives to keep up with rising costs and increased regulation and compliance. This is the third merger for Watermark Credit Union in 4 years, with SHARE being the largest merger to date. Previously, Watermark merged with King County Medical Society Federal Credit Union followed by Northwest Retail Federal Credit Union.
According to Watermark CEO Chuck Cockburn, Watermark Credit Union members will benefit from the merger as well. SHARE Credit Union offers convenient locations (South Lake Union and First Hill), excellent financial ratios and an experienced staff that will become part of the Watermark team.
“Credit unions such as Watermark like mergers because it provides them with the ability to grow. There are no downsides,” Cockburn said. “SHARE Credit Union has been well managed and has three outstanding sponsors—Swedish Hospital, Zymogenetics and Fred Hutchinson Cancer Research Center.”
Founded in 1938, Watermark Credit Union is a member-owned, not-for-profit financial institution based in Seattle, Washington. With over $500 million in assets and more than 70,000 members, Watermark Credit Union is ranked in the top 15 credit unions in Washington State in terms of assets.
Watermark Credit Union offers a wide range of personal and commercial banking services, with branches in Bellevue, Burien, Lynnwood, Redmond, Seattle, Shoreline and Southcenter. Watermark Credit Union prides itself on remaining true to the original purpose of credit unions—people helping people—to make certain that all members have access to the best products and services, and receive sound financial advice from professionals they trust.
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