Salal Credit Union is a NCUA-insured credit union headquartered in Seattle, Washington. It is the 20th largest credit union in Washington with assets totaling $656.18 million and providing banking services to more than 40,000 members.[1]
History
editSalal was founded in Seattle as a not-for-profit financial institution by employees of Group Health Cooperative in 1948, and was originally named Group Health Credit Union. The company exclusively served employees of Group Health and select employee groups. In 1996 they were one of the first credit unions to offer membership based on geography instead of being tied to an employer, when they applied with regulators to offer access to residents of Seattle's Capitol Hill neighborhood.[2] Their charter opened in 2003, allowing anyone who lives or works in Washington State to become a member. Through their business and indirect lending program, they also service members in other states. In 2010 the credit union changed its name to Salal Credit Union;[3] the name refers to the bushy evergreen salal plant common in the Pacific Northwest.[4]
Cannabis banking
edit
Beginning in July 2014, Salal provided banking services to the Washington state cannabis industry,[5][6] reaching 270 industry customers by 2022.[7] As of 2017, Salal and two other credit unions, and two Washington banks, would accept deposits from the industry.[8][9] In 2017, a company spokesman said that up to 80 percent of Salal's net worth could be held in cannabis company checking accounts.[8]
Salal Foundation
editThe Salal Foundation was created in 2013 to support charitable and educational causes within the communities served by Salal Credit Union. The Foundation is governed by a Board of Directors and is a 501(c)(3) organization.[10]
See also
editReferences
edit- ^ "Salal Credit Union". www.creditunionsonline.com. Retrieved 2019-04-09.
- ^ "CREDIT UNIONS EXPANDING THEIR CUSTOMER BASE". Seattle Post-Intelligencer. June 7, 1996. p. B.1.
- ^ "Certification - CALSEIA Member". www.intengine.com. Retrieved 2019-04-09.
- ^ "About us – Why salal?". Salal Credit Union. Retrieved November 1, 2022.
- ^ Emily Hamann (December 21, 2018). "Years after legalization, pot shop banking remains tricky". The Everett Herald.
- ^ Lisa Joyce (August 3, 2022). "Cannabis Banking: Are the Rewards Worth the Risks?". The Financial Brand.
- ^ Rick Morgan (January 20, 2022). "How this credit union became the banker for more than 270 Washington cannabis businesses". Puget Sound Business Journal.
- ^ a b Lester Black (April 19, 2017), "The Credit Unions and Small Banks That Solved the Cannabis Cash Crisis", The Stranger
- ^ Summers, D. J. (2018). The Business of Cannabis: New Policies for the New Marijuana Industry. Praeger. pp. 74–75. ISBN 978-1440857867. OCLC 1004763813.
- ^ "SALAL FOUNDATION | Benevity Causes". causes.benevity.org. Retrieved 2019-04-09.
Further reading
edit- Bruce Barcott (December 30, 2015). "Shh! Here's How Cannabis Companies Are Banking Legally on the Down Low". Leafly.