SEATTLE—Members of Puget Sound FCU have approved a merger with Redmond, Wash.-based Qualstar Credit Union.
The $16-million Puget Sound FCU has 2,000 members. The continuing CU, $422-million Qualstar, has 58,000 members.
“We are pleased with the benefits the PSFCU members will enjoy with Qualstar.” said Puget Sound Federal CEO Dat Nguyen in a release. “We wanted to ensure the merger partner we selected would provide our members with greater convenience, a more expansive menu of financial services, competitive rates and fees, and long-term financial stability. “
Qualstar will retain the five Puget Sound employees and intends to retain the credit union’s downtown Seattle branch following the merger. The official merger of the two credit unions will be effective May 31, with a consolidation of member accounts occurring later this year, The New Tribune reported.
Qualstar Credit Union has served the Puget Sound area for 64 years and was originally chartered in 1952 by a group of Safeway employees. The membership comprises employees of Safeway, King County/Metro and local trades unions, but is open to all Washington residents.