Mar, 31, 2022 — SOUND CREDIT UNION is a federally insured state chartered credit union headquartered in TACOMA, WA with 27 branch locations and about $2.62 billion in total assets. Opened 82 years ago in 1940, SOUND CREDIT UNION has about 154,648 members and employs 393 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUND CREDIT UNION |
|---|---|
| Address: (Main Office) | 1331 Broadway TACOMA, WA 98402-3410 |
| Phone: | (253) 383-2016 |
| Fax: | (253) 597-7610 |
| Website: | https://www.soundcu.com |
| Branches: | 27 branch locations |
| Members: | 154,648 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66331 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,622,652,756 |
| CEO/Manager: | Don Clark |
| Chairperson: | David J Wasson |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 412,246,015 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 645,750 |
| Real Estate Loans | 962,563,997 |
| Unsecured Loans | 90,654,011 |
| Other Loans | 678,363,281 |
| TOTAL LOANS | 1,731,695,757 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -9,954,970 |
| Land And Building | 51,860,102 |
| Other Fixed Assets | 6,123,276 |
| NCUSIF Deposit | 19,167,683 |
| All Other Assets | 568,283 |
| TOTAL ASSETS | 2,622,652,756 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 1,628,865 |
| Accounts Payable & Other Liabilities | 28,189,664 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 629,749,873 |
| Regular shares | 953,734,299 |
| All Other Shares & Deposits | 748,825,533 |
| TOTAL SHARES & DEPOSITS | 2,332,309,705 |
| TOTAL LIABILITIES | 2,362,128,234 |
| Regular Reserve | 0 |
| Other Reserves | 5,053,071 |
| Undivided Earnings | 255,471,451 |
| TOTAL EQUITY | 260,524,522 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,622,652,756 |
| INCOME & EXPENSE | |
| Loan Income | 17,967,398 |
| Investment Income | 942,735 |
| Other Income | 2,962,264 |
| Total Employee Compensation & Benefits | 9,655,013 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 10,204,495 |
| Non-operating Income & (Expense) | -95,456 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,404,219 |
| Cost of Funds | 1,022,607 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,619,465 |
| ↑ Back to Top | |