It all begins with a shoebox

In the accounting department of the Associated Grocers (AG) warehouse on East Marginal Way in the industrial district of south Seattle sat an old shoebox. The contents: cards. These were the first records of loans and deposits of the Associated Grocers Employees Federal Credit Union. The year is 1953, the first color television goes on sale for $1,175, CBS debuts “You Are There” with Walter Cronkite, Queen Elizabeth II is coroneted at Westminster Abbey and Ed Johnson begins the Associated Grocers Employees Federal Credit Union (AGEFCU) in AG’s payroll office.

The history of AGE is similar to that of many start-up credit unions in the 50’s. Employees—especially hourly workers—lacked access to modestly priced small loans at reasonable terms. By collaborating and compiling deposits, loans could be granted with little collateral based on payments via payroll deduction.

After 15 years of handling AG employee payroll accounts and working with a committee of volunteers to approve loans, Ed becomes the manager. His time is now fully devoted to the Credit Union. In the mid 1980’s for the organization extends products and services to employee groups outside of AG.

36 years of service and 45 employees later, Ed Johnson retired as CEO of AGEFCU. After an extensive CEO search and interview process the Board of Directors selected Laurie Stewart to lead the organization.

Representing more than 450 small businesses, Associated Grocers Employees Federal Credit Union no longer supplies financial services solely to AG Employees. Therefore, the credit union seeks a name that represents the spirit of the expanded field of members. In 1991, AGEFCU becomes Credit Union of the Pacific. Shortly thereafter Seattle landmark department store, Fredrick & Nelson closes their doors in 1991 and merges their employee credit union with Credit Union of the Pacific. Ensuring branch access to Fredrick & Nelson employees, Credit Union of the Pacific opens a downtown Seattle branch.

In the 1990’s the Credit Union converted to a state chartered credit union, rather than a federal charter. This created an opportunity to affiliate communities into the credit union, rather than just employee groups.

The 1990’s also saw significant branch expansion—four branches opened their doors: Downtown, Lynnwood, Lakewood and Sequim. The opportunity to supply products to a larger membership base demonstrated the institutions potential once again.

In order to offer additional products, expand access to clients and improve access to capital, the Board of Directors recommends converting to a Mutual Savings Bank. The membership ratifies this decision and conversion occurs in May 2003.

The name Sound Community Bank is selected to reflect the heritage of the financial institution and our Credit Union roots. Our mission is to make your dreams come true. Our values include giving back to our communities. At Sound Community Bank we are about more than the bottom line. We sincerely appreciate your business and pledge to work hard to earn your trust – time and time again.

Meet your Board of Directors and Senior Management

Timeline

• 1952 –Ed Johnson, Accounting and Payroll for Associated Grocers realizes the need for a credit union for the employees of Associated Grocers and a charter is submitted for it’s creation.
• 1953 –Associated Grocers Credit Union (AGEFCU) is established. Ed Johnson, in Accounting and Payroll also handles the responsibilities of AGEFCU.
• 1968 –Ed Johnson earns a promotion and becomes manager of AGEFCU.
• 1986 –AGEFCU expands membership base to other employee groups.
• 1989 –CEO and founder of AGEFCU, Ed Johnson retires.
• 1989 –Laurie Stewart becomes President and CEO of AGEFCU.
• 1989 –Board of Directors and Senior Management apply to become a state chartered credit union, rather than a federal charter. This sets in motion the ability to charter communities into the credit union, rather than solely employee groups.
• 1991 –Representing more than 450 small businesses, Associated Grocers Employees Federal Credit Union no longer supplies financial services solely to AG Employees; AGEFCU must adjust their name to represent all account holders, for that reason it became Credit Union of the Pacific.
• 1991 –Seattle landmark department store, Fredrick and Nelson goes out of business and the Fredrick and Nelson Credit Union merges with Credit Union of the Pacific.
• 1992 –Lynnwood, Downtown and Lakewood Branches open.
• 1997 –Sequim Branch opens.
• 2002 –Credit Union of the Pacific converts into a Mutual Savings Bank.
• 2003 –Credit Union of the Pacific becomes Sound Community Bank.
• 2003 –Lynnwood Branch relocates to Cedar Plaza in Mountlake Terrace.