Watermark Credit Union

Watermark Credit Union (WCU) is a not-for-profit financial cooperative offering banking services to its member-owners in the area surrounding Seattle, Washington.

History:
In the late 1930s, a handful of telephone company employees gathered to discuss the possibility of creating a different kind of financial organization in the wake of the Great Depression. As a result, Seattle Telco Federal Credit Union was formed in May 1938 to meet the needs of the Pacific Telephone and Telegraph Company.

A month later, the 178-member group processed their first loan – $65 for a set of golf clubs. In 2003, after decades of mergers and expanding membership, the name was changed to Watermark Credit Union to reflect the wider range of people joining up. After a vote in which 95 percent of members approved, WCU announced it would become part of Sound Credit Union (SCU) in September 2011.

Products and Services:
The following products and services are being offered by the credit union:

• Free Checking
• Savings Accounts
• Home, Vehicle, and Personal Loans
• Online Banking
• Financial Planning
• Insurance Policies
• Credit Cards
• Business Services

Organizational Structure:
Heading into the merger with SCU an elected Board of Directors consisting of six volunteer members oversaw the larger planning for WCU. A seven-person executive team handled day-to-day operations, carrying out decisions made by the shareholder-appointed board to keep the institution financially stable while continuing to offer the widest number of banking options possible. This philosophy of making smart decisions grew membership to over 77,000 people and saw a total of $563 million in assets being managed at the end of 2010. When the transition to SCU is complete, 21 branches will serve Pierce and King Counties.
Contact Details:
If you would like to know more about Watermark Credit Union, inquire by phone or mail at:
Watermark Credit Union
PO Box 24927
Seattle, WA 98124-0927
Toll Free: (800) 732-9300
Local: (206) 382-7000