Downtown Olympia bank to be acquired by Tacoma-based credit union

Rolf Boone
·2 min read

The Washington Business Bank branch at Fifth Avenue and Franklin Street in downtown Olympia will soon get a new name.

Tacoma-based Sound Credit Union announced Monday that the credit union is acquiring the 22-year-old business bank. The transaction is expected to close in the fourth quarter of this year.

Once it does, the combined institution will have about $3 billion in assets, $2.3 billion in loans, $2.5 billion in deposits and 27 branches throughout King, Pierce, Snohomish, and Thurston counties. It will serve more than 170,000 members,

Sound Credit Union already has a location at Martin Way and Lilly Road in Olympia.

As part of the deal, Washington Business Bank shareholders will receive $34-$36 in cash for each share of Washington Business Bank common stock, subject to certain adjustments at closing, according to a news release.

“Since our founding, our mission has been to work alongside small business owners across Washington to help them become more successful,” said Jon M. Jones, President and CEO of Washington Business Bank in a statement. “We know these owners will find the same level of partnership with the Sound Credit Union team for years to come..”

If a credit union acquiring a bank sounds unusual, it’s more common than you might think. There were 16 such deals in 2019, 13 in 2021 and at least 15 in 2022, the publication American Banker reported. In 2023, Lakewood-based Harborstone Credit Union acquired First Sound Bank in Seattle.

The acquisition helps Sound Credit Union grow its presence in the Olympia market, diversify its assets, and add talent and expertise, credit union officials said in the news release.

“Washington Business Bank has served as a cornerstone for local business owners for more than 20 years,” said Don Clark, President and CEO of Sound Credit Union, in a statement. “We look forward to providing these new members the same level of excellent service, an expanded suite of products and services, as well as all the benefits membership in a credit union brings to help their businesses and families thrive.”