Credit union organizers on an island off the coast of Washington State have opted to invite an existing CU to open a branch on the island over opening their own credit union.
Capital United Vashon, a group of residents and business owners on Vashon Island, Washington, had wanted to start a credit union on the island to "invest in our community, grow our economy and sustain our environment." but research soon found that their best move would be to invite an existing credit union to open a branch on the island.
"After nearly three months of due diligence and surveying the locals, CUVashon came to the realization that creating a credit union from the ground up would remove a significant amount of financial resources from the community due to the reserves requirements for capital and operating expenses for the first few years."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
