Sound Credit Union Finalizes Acquisition of Washington Business Bank
Sound Credit Union has completed its acquisition of Washington Business Bank (OTCPK: WBZB), acquiring all assets and assuming substantially all liabilities. With this acquisition, Sound's assets now exceed $3 billion, including $2.5 billion in deposits and $2.3 billion in loans. The transaction adds Washington Business Bank's Olympia branch to Sound's network, expanding it to 26 full-service locations. The full-system integration of both organizations will occur over the next few months, with regular updates to Sound members.
Sound Credit Union ha completato l'acquisizione di Washington Business Bank (OTCPK: WBZB), acquisendo tutti gli attivi e assumendo sostanzialmente tutte le passività. Con questa acquisizione, gli attivi di Sound superano ora i 3 miliardi di dollari, includendo 2,5 miliardi di dollari in depositi e 2,3 miliardi di dollari in prestiti. La transazione aggiunge la filiale di Olympia della Washington Business Bank alla rete di Sound, espandendola a 26 filiali a servizio completo. L'integrazione totale dei due organismi avverrà nei prossimi mesi, con aggiornamenti regolari per i membri di Sound.
Sound Credit Union ha completado su adquisición de Washington Business Bank (OTCPK: WBZB), adquiriendo todos los activos y asumiendo casi todas las responsabilidades. Con esta adquisición, los activos de Sound ahora superan los 3 mil millones de dólares, incluidos 2.5 mil millones de dólares en depósitos y 2.3 mil millones de dólares en préstamos. La transacción agrega la sucursal de Olympia de Washington Business Bank a la red de Sound, expandiéndola a 26 ubicaciones de servicio completo. La integración completa de ambas organizaciones se llevará a cabo en los próximos meses, con actualizaciones regulares para los miembros de Sound.
사운드 신용 조합이 워싱턴 비즈니스 뱅크(OTCPK: WBZB)의 인수를 완료하였습니다. 모든 자산을 인수하고 대부분의 부채를 가정하였습니다. 이번 인수로 사운드의 자산은 이제 30억 달러를 초과합니다, 여기에는 25억 달러의 예금과 23억 달러의 대출이 포함됩니다. 이 거래는 사운드 네트워크에 워싱턴 비즈니스 뱅크의 올림피아 지점을 추가하여 26개의 종합 서비스 지점으로 확장합니다. 두 조직의 전체 시스템 통합은 다음 몇 개월 간 진행되며, 사운드 회원들에게 정기적인 업데이트가 제공될 예정입니다.
Sound Credit Union a achevé son acquisition de Washington Business Bank (OTCPK: WBZB), en acquérant tous les actifs et en assumant pratiquement toutes les responsabilités. Grâce à cette acquisition, les actifs de Sound dépassent désormais 3 milliards de dollars, comprenant 2,5 milliards de dollars en dépôts et 2,3 milliards de dollars en prêts. La transaction ajoute la succursale d'Olympia de Washington Business Bank au réseau de Sound, l'élargissant à 26 agences à service complet. L'intégration complète des deux organisations aura lieu dans les mois à venir, avec des mises à jour régulières pour les membres de Sound.
Sound Credit Union hat die Übernahme der Washington Business Bank (OTCPK: WBZB) abgeschlossen, indem alle Vermögenswerte erworben und nahezu alle Verbindlichkeiten übernommen wurden. Mit dieser Übernahme übersteigen die Vermögenswerte von Sound jetzt 3 Milliarden Dollar, einschließlich 2,5 Milliarden Dollar an Einlagen und 2,3 Milliarden Dollar an Krediten. Die Transaktion fügt die Olympia-Filiale der Washington Business Bank zum Netzwerk von Sound hinzu, wodurch es auf 26 vollwertige Standorte erweitert wird. Die vollständige Systemintegration beider Organisationen wird in den kommenden Monaten stattfinden, mit regelmäßigen Updates für die Mitglieder von Sound.
- Acquisition increases Sound Credit Union's total assets to over $3 billion
- Addition of $2.5 billion in deposits and $2.3 billion in loans to portfolio
- Geographic expansion with new branch location in Olympia
- Network expansion to 26 full-service locations
- Integration costs and operational challenges expected during system merger
- Temporary operational disruption during integration period
With the addition of Washington Business Bank, Sound’s asset size now exceeds
“We are excited to announce the completion of the acquisition with Washington Business Bank and to welcome their clients and team members to the Sound family,” said Don Clark, President and CEO of Sound Credit Union. “We are looking forward to building meaningful relationships with our new members and gaining a deeper understanding of how we can best serve them and others throughout Thurston County.”
The full-system integration of both organizations will take place over the next few months. Sound members will receive regular communications with updates regarding the progress of the integration. “As we move forward together, Sound will seek opportunities to support our members and community with a suite of financial products and services that help them to manage their finances with ease,” said Clark. “Most importantly, we want our members, employees and community to know we genuinely care and are committed to building meaningful relationships with them. At Sound, we will always stand with you through all waves of life.”
About Sound Credit Union
Sound Credit Union was founded in 1940 and today is one of Washington State’s largest credit unions. With 26 full-service branch locations throughout the Puget Sound area, Sound provides over 175,000 members with authentic and trusted financial support and services. Sound is driven by the purpose of standing with members, employees and the community through all waves of life.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203758686/en/
For more information contact:
Jennifer Reed, VP/Public Relations
Sound Credit Union
800.562.8130 ext. 2928 | jreed@soundcu.com
Source: Sound Credit Union
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