History

It All Began With a Shoebox...

In 1952, Ed Johnson discovered the need for a credit union for his fellow Associated Grocer (AG) employees. The following year, a shoebox sat in the AG warehouse off East Marginal Way in south Seattle containing the first records of loans and deposits for the Associated Grocers Employee Federal Credit Union (AGEFCU).

For 34 years, AGEFCU served the AG employees. In 1986, the credit union began extending its products and services to other employee groups. To create an opportunity to affiliate communities into the credit union rather than just employee groups, AGEFCU converted its federal charter to a state one.

By 1991, AGEFCU represented over 450 small businesses. A new name was chosen to reflect the spirit of its expanded membership; AGEFCU became Credit Union of the Pacific.

In May of 2003, the credit union converted to a Mutual Savings Bank in order to offer additional products, expand access to clients and improve access to capital. The membership ratified this decision and Credit Union of the Pacific became Sound Community Bank.

The name Sound Community Bank was selected based on the heritage of the financial institution and our credit union roots. Our mission is making dreams come true and our values include giving back to our communities.

In 2008, Sound Community Bank completed its reorganization to the mutual holding company structure by forming a mid-tier holding company, Sound Financial, Inc. At this time Sound Community Bank also set up a charitable foundation. The Sound Community Foundation grants money to local charities and organizations to help make a difference in our communities.

What began with a shoebox is now a local, community organization with over $300 million in assets and five branch locations to serve you.