Tacoma – Sound Credit Union (Sound) on Monday announced its purchase of a First Interstate Bank (First Interstate) branch in Lynnwood, Washington, located at 2502 196th St. SW. The purchase includes the building as well as the branch’s retail and business deposits of more than $16MM. Three team members from First Interstate will join Sound as part of the agreement, ensuring a continuity of service for the existing First Interstate clients.
The deal has been unanimously approved by Sound’s board of directors and is expected to close in the fourth quarter, pending regulatory approval. After the transaction closes, Sound will serve more than 135,000 members at 29 branches throughout King, Pierce, Snohomish and Thurston Counties.
Don Clark, Sound Credit Union’s President and CEO commented, “We are looking forward to expanding our footprint and serving more members in Snohomish County. This purchase will allow Sound to continue delivering world-class service to our members and build a stronger relationship with the local community. It also provides Sound with more office space to conduct daily
business and better serve our northern territory.”
Sound was advised in the transaction by Michael Bell of Honigman, LLP as legal counsel.