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With the latest transaction in the Pacific Northwest, 2018 is on pace to eclipse the number of credit union-buying-bank deals from the previous two years combined.
Tacoma, Wash.-based Sound CU on Sept. 21 announced that it agreed to acquire substantially all the assets and assume substantially all the liabilities of Lynnwood, Wash.-based Bank of Washington.
It was the eighth deal announced in the first three quarters of 2018 in which a credit union is buying a bank. There were six such deals announced in 2017 -- although one of those was later terminated -- and four agreed to in 2016.
Sound CU President and CEO Donald Clark Jr. said in an interview that the organization has completed a number of mergers with credit unions, but this time around it was presented with the opportunity to acquire a bank and thus expand its branch footprint from Everett to Tumwater.
"Sound did not choose a bank instead of a credit union, but evaluated and determined that this particular partnership made sense for both organizations," he said.
Clark also touted the cultural similarities between the organizations. He said they share a commitment to serving employees and...