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Washington State Employees Credit Union

For other uses, see SECU (disambiguation).

Washington State Employees Credit Union (WSECU) is an American not-for-profit financial cooperative and the second largest credit union in the state of Washington.[2] Membership is open to those who live, work, or worship in the state, and their relatives.[3]

WSECU
Company typeCredit union
IndustryFinancial services
Founded1957
HeadquartersOlympia, Washington
Area served
Washington State
Key people
Gary Swindler
(President & CEO)
ProductsSavings; checking; consumer loans; mortgages; credit cards; investments; online banking; Payday loan alternative
Total assetsIncrease $4.9 billion (2022)[1]
Subsidiaries
  • WSECU Investment Management
  • One Washington Financial
Websitewsecu.org

As a financial cooperative, WSECU is overseen by an all-volunteer Board of Directors and Supervisory Committee who are WSECU members elected by fellow members.

History

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WSECU was founded in 1957[4] by 40 Washington state government employees.[5][better source needed] The charter was initially limited to employees of Local No. 443, but expanded in 1958 to include all state employees, Washington State Employees Association and the Washington Federation of State Employees and Credit Union Employees. In 2013, WSECU became a community-chartered credit union.

The credit union experienced steady growth over the next two decades and expanded with four new branches during the 1970s. A merger with Lewis County Employees Credit Union in 1984 established another branch, with two more added in that decade. In the 1990s, five more branches opened, including a cooperative branch with Twin Star Credit Union. Early in the millennial decade, the credit union further expanded with two additional branches while surpassing the $1 billion mark. In 2007, a milestone was reached when WSECU celebrated its 50th year of service. In 2009, WSECU opened its third and current headquarters building in downtown Olympia. It was sustainably built and was awarded LEEDS Gold by the U.S. Green Building Council.[6]

In 2023, WSECU completed a merger with the State Highway Credit Union, which added one more branch in Union Gap,Washington.[7]

Locations

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Headquartered in Thurston County, WSECU serves members throughout Washington state. Branches are located in Bellevue, Chehalis, Everett, Lacey, Lakewood, Olympia, Seattle and Tumwater in western Washington; and Ellensburg, Medical Lake, Pullman, Spokane, Spokane Valley and Yakima in eastern Washington.[8]

Community support programs

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WSECU is a supporter of the communities it serves, providing sponsorships, financial support and employee volunteerism. In 2017 the credit union partnered with Hands On Children's Museum of Olympia to launch the Learning for All Initiative, helping to expand museum programs and offer free access to underserved families in Thurston County. Four percent of the annual net income is reserved for community give-back to local non-profits that fall within the credit union's three pillars of giving: Education, Self-sufficiency and Public Employees and Assets.

Scholarships

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WSECU scholarships are available to any WSECU member who is pursuing higher education and meets the qualifications. Annual scholarships are awarded to 29 recipients and are broken into two categories: two-year community colleges and four-year colleges and universities.

See also

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References

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  1. ^ "2022 Annual Report Financial Statements" (PDF). WSECU. p. 2. Retrieved May 16, 2023.
  2. ^ "Largest Credit Unions in Washington State - Ranked by assets 2017". www.bizjournals.com. Retrieved 2020-10-03.
  3. ^ "Join the Credit Union for Washington". wsecu.org. Retrieved 24 January 2024. Originally founded to serve state employees, in 2013 we expanded our membership to anyone who lives, works, or worships in our great state. If you're related to someone who's eligible for membership, you're eligible too![self-published source]
  4. ^ "Bloomberg Profile - Washington State Employees Credit Union". www.bloomberg.com. Retrieved 2020-10-03.
  5. ^ "Washington State Employees Credit Union Shines in New Olympia Building". ThurstonTalk. 2011-10-04. Retrieved 2020-10-03.
  6. ^ LEEDS Gold Certification
  7. ^ Clouse, Thomas (May 16, 2023). "Washington credit unions merge". The Spokesman-Review. Retrieved May 16, 2023.
  8. ^ Statewide Branch Locations
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