Seattle Metropolitan Credit Union
 | |
| Credit union | |
| Industry | Financial services |
| Founded | 1933 |
| Headquarters | Seattle, Washington, United States |
Number of locations | 8 [1] |
Area served | Seattle, Washington |
| Products | Savings; checking; consumer loans; mortgages; credit cards; investments; online banking |
| Total assets | $605,824,351[2] |
| Members | 41,585[3] |
| Website | smcu.com |
Seattle Metropolitan Credit Union (or SMCU) is a United States credit union headquartered in Seattle, Washington, chartered and regulated under the authority of the National Credit Union Administration (NCUA).
History
The credit union was founded by Seattle municipal employees in 1933 under the name City Credit Union, before taking its current name in 1997.[1] In 2003 SMCU merged with the Teamsters' Credit Union, acquiring $11 million in assets, 3,100 new members, and a single branch location on Seattle's Denny Way.[4] Another merger took place in 2007, with Credit Union Northwest.[5]
As of 2015, the chief executive officer of SMCU is Richard Romero.[2]
Locations
SMCU's headquarters is located on 3rd Avenue and Columbia Street in Seattle on land sold to it by First Interstate Bank for $200,000 in 1978. At the time of the sale, the property was being held in trust by the bank for Freeman Allard, a Seattle firefighter who had become the beneficiary of his parents estate on their death in 1958. The Washington Supreme Court would later rule that First Interstate's sale of the property to what was then City Credit Union breached its fiduciary duty to Allard by failing to secure the highest value possible. (Four years after the sale the land was appraised at $7.5 million.)[6]
In addition to its main office location, SMCU operates seven branch facilities.
Membership
As with all credit unions, membership in SMCU is limited to individuals sharing the common bond defined in the credit union's charter. This is currently limited to:
- anyone living or working in the State of Washington,
- relatives of current SMCU members,
- employees of a "select employer group" (SEG) - several Seattle-headquartered companies that have applied for SEG status with SMCU
References
- 1 2 "Richard Romero chosen as Seattle Metropolitan Credit Union CEO". Seattle Business Journal. 31 January 2012. Retrieved 6 January 2014.
- 1 2 "CREDIT UNION INFORMATION". ncua.gov. National Credit Union Administration. Retrieved 6 January 2015.
- ↑ "Fast Facts about Seattle Metropolitan Credit Union" (PDF). smcu.com. Seattle Metropolitan Credit Union. Retrieved 6 January 2015.
- ↑ "Seattle Metropolitan Credit Union acquires Teamsters' Credit Union". Puget Sound Business Journal. 3 September 2003. Retrieved 6 January 2014.
- ↑ "Seattle Metropolitan CU and CU Northwest to Merge in June". Credit Union Times. 25 April 2007. Retrieved 6 January 2015.
- ↑ "Family Wins Trust Case Against Bank". Spokane Spokesman-Review. 29 April 1983.