Salal Credit Union

Group Health Credit Union Now Salal Credit Union

New name and brand reflect credit union’s strong financial position, future growth in healthcare

SEATTLE – April 22, 2010 – After more than 60 years of serving its members, Group Health Credit Union started a new chapter in its history today by unveiling its new name as Salal Credit Union and a healthcare-focused business strategy. 

“As Salal Credit Union, we continue our longstanding dedication to our members’ financial health and our focus on people rather than profits,” said John Iglesias, Salal Credit Union President and CEO. “Our new name better reflects our more diverse membership and our commitment to serving the needs of the growing healthcare community in Washington State.”

Salal Credit Union Continues Growing

At a time when many traditional banks are in turmoil and facing potential closure, Salal Credit Union is growing assets due to its competitive products and responsible lending practices. As one of the largest credit unions in Washington State, Salal currently serves nearly 30,000 members and has more than $300 million in assets. Salal is well-capitalized, increasing its membership year-over-year and growing its loan and deposit volume. In 2009, Salal’s loan portfolio grew by over seven percent and deposits by nearly 14 percent. 

Salal Credit Union is open to anyone who lives or works in Washington State, with a significant segment of members in the healthcare sector – one of the few industries that experienced a net gain of jobs during the recession. Between 2007 and 2017, it is estimated there will be nearly 30,000 new job openings for health and technical-related careers. To help support its continued growth in new and existing markets, Salal is developing new products and services to address the specific needs of its members who work in healthcare.

“We’re proud of our history in healthcare and the reputation we’ve built over the last 60 years. As we move into the next exciting stage of our business growth, it makes sense to change our name to reflect a new outlook,” said Iglesias. “Salal is a plant indigenous to the Northwest that also has medicinal qualities. It’s a perfect reflection of our deep roots in the local community and commitment to our members’ financial health and wellness.”

Salal Credit Union Offers Special Promotions; Northgate Branch Re-Opens

In honor of its new name and brand, Salal Credit Union is introducing special promotional offers available in all of its branches from April 23 – May 31, including discounted auto loan rates for new purchases or refinances, $100-$125 credit for opening a new checking account with direct deposit as well as mortgage-related discounts[i]. For more details on the special promotions being offered by Salal Credit Union for a limited time, go to www.salalcu.org.

Salal Credit Union’s Northgate branch will be hosting a grand re-opening event on Friday, April 23 from 12:00 – 5:00 p.m. to unveil the newly renovated space to members and the Northgate community. All of Salal’s branches in Capitol Hill, South Lake Union, Tukwila and Bellevue will also hold a public celebration on April 23-24 to kick off the new name and special promotions. 

As part of Salal Credit Union’s commitment to promoting greater financial health for its members and the public, it will be holding its annual “Shredathon” event to help reduce the risk of identity theft. The Shredathon will take place at Salal’s Northgate branch from 10:00 a.m. – 2:00 p.m. on Saturday, April 24. Members and anyone wanting to avoid identity theft can bring two bags of documents to be shredded and hauled away – including old paystubs, credit union or bank statements, receipts and any other sensitive documents.

About Salal Credit Union

Salal Credit Union is dedicated to the financial health of its members and is open to anyone who lives or works in Washington State. As a not-for-profit financial institution, Salal is owned by its members to serve its members. Salal makes money management easy by offering a full range of financial products and services, instant access through Shared Branching and online banking, as well as educational resources to help members make informed financial decisions.

Formerly Group Health Credit Union, Salal Credit Union is one of the state’s largest credit unions and currently serves nearly 30,000 members. Salal has five branch locations throughout the Puget Sound in Capitol Hill, South Lake Union, Northgate, Bellevue and Tukwila. Salal is federally insured by the National Credit Union Administration and is a member of the Better Business Bureau. For more information, visit www.salalcu.org.  

 

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