It all began with a shoebox...
In 1952, Ed Johnson discovered the need for a credit union for his fellow Associated Grocer (AG) employees while working in the Accounting and Payroll Department. 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).
The history of AGEFCU is quite similar to that of many start-up credit unions in the 1950’s. Employees, particularly 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.
In 1986, the credit union began extending its products and services to employee groups outside of AG. To create an opportunity to affiliate communities into the credit union rather than just employee groups AGEFCU converted converted to a state charter from a federal charter..
Representing over 450 small businesses, a new name was chosen to reflect the spirit of its expanded membership and AGEFCU became Credit Union of the Pacific in 1991. Later that same year, Seattle landmark store, Frederick & Nelson, closed its doors and merged their credit union with Credit Union of the Pacific. To ensure branch access to its new members and better service our communities, Credit Union of the Pacific opened new branch locations in downtown Seattle, Lynnwood, Lakewood, and Sequim.
After opening four new branches during the 90's, 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 recommended converting to a Mutual Savings Bank. The membership ratified this decision and in May of 2003 the conversion occurred 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 soon to be six branch locations to serve you.
Timeline
- 1952 – Ed Johnson, Accounting and Payroll for Associated Grocers recognizes 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 – 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.
- 2008 - Sound Financial, Inc., the newly-formed mid-tier holding company of Sound Community Bank, has completed its initial stock offering as part of Sound Community Bank's reorganization to the mutual holding company structure.
- 2008 - Sound Community Bank establishes the Sound Community Foundation for charitable giving.
- 2009 - Sound Community Bank opens a Port Angeles branch.
- 2009 - Sound Community Bank purchases two branch locations from First Security Bank of Washington, Tacoma and Port Angeles.
- 2009 - Sound Community Bank relocates its Lakewood branch to Tacoma.
- 2009 - Sound Community Bank becomes a member of Allpoint, America's largest Surcharge-Free ATM Network
