Pacific community credit union

Rainier Pacific, A Community Credit Union Completes Conversion to Become Rainier Pacific Bank

Business Editors

FIFE, Wash.--(BUSINESS WIRE)--Jan. 2, 2001

The signs of a fundamental change in the Pierce County financial services industry went up Jan. 1, 2001: "Rainier Pacific, A Community Credit Union" became "Rainier Pacific Bank".

The new charter reflects Rainier Pacific's evolution over the past 68 years from serving only teachers and other educational and medical field employees to serving as a community based credit union, to now offering a full range of financial products and services to consumers without the membership requirements of a credit union charter.

Rainier Pacific expects that the charter conversion will allow it to increase its opportunities for growth and expand the range of products and services that are available to its customers. The elimination of the membership restrictions and barriers for potential customers to obtain services through them will enable Rainier Pacific Bank to expand its customer base and operate more efficiently by spreading operating expenses over a larger customer base.

Rainier Pacific will continue to focus on serving the banking needs of customers in Pierce County and Federal Way. But by eliminating restrictions on membership and product offerings, they will be able to compete more effectively within this market. That translates directly into enhanced servicing

capabilities and better value for their customers in the long run.

Rainier Pacific President John Hall told members who attended the special meeting on Nov. 27, "The change gives us greater flexibility to expand and ultimately remain more competitive. At the same time, we expect no change to staff, rates or fees due to this change."

Along with 10 full service branch locations in Pierce County and Federal Way, Rainier Pacific has 22 ATM's throughout the Puget Sound region and offers free 24 hour Internet Banking. All branches offer a full range of loan and deposit services tailored to meet the individuals needs of consumers.

With assets exceeding $380 million, and more than 31,000 customers, Rainier Pacific is among the strongest financial institutions in the Puget Sound region. All deposits are fully insured up to $100,000 by the Federal Deposit Insurance Corporation.