TACOMA, WA – The Boards of Fluke Employees Federal Credit Union (FEFCU) and Sound Credit Union (Sound) have approved a merger agreement between both organizations. The agreement serves as the first formal step in the merger process. The next step will be to seek approval from state and federal regulators, as well as the Fluke Employees Federal Credit Union members.
“For over 48 years, our mission has been to provide Fluke associates and their family members accessible, competitive, and convenient financial services,” said Dan Wright, Chairman of the FEFCU Board. “Through this merger our members will gain access to a full suite of products and services. We are proud of what FEFCU has accomplished and look forward to new opportunities with Sound.”
“We are excited to announce this merger,” said Don Clark, Sound’s President and CEO. “Through this opportunity, we can offer FEFCU members more diverse products and services, digital banking tools and access to our full-service branches that are located throughout the Puget Sound region. We look forward to building relationships with these members and standing with them through all waves of life.”
Sound will be the continuing credit union with corporate offices based in Tacoma, Washington. The completion of the merger is anticipated to take place in mid-2020. The combined credit union will hold more than $1.8 billion in assets. Sound currently has 29 full-service branches throughout King, Pierce, Snohomish and Thurston Counties and serves over 130,000 members.
About Fluke Employees Federal Credit Union
Founded in 1971, Fluke Employees Federal Credit Union has been serving employees, retirees, and family members of Fluke Corporations and its affiliates. Based out of Everett, Washington, FEFCU is approximately $2.6 million in assets and provides their services to over 500 members.
About Sound Credit Union
A Northwest original since 1940, Sound is one of Washington State’s largest credit unions, driven by the purpose of standing with members, employees and the community through all waves of life. Sound provides authentic and trusted financial support and services with full-service branches around the Puget Sound.