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New Report: Credit Unions Positively Impact Washington

By VerityCU March 23, 2023 Community

As your credit union, our first priority is your financial wellness. Since the beginning, credit unions have been accountable to their members, working to enrich and empower those who come to us for services.

As a cooperative, not-for-profit organizations, credit unions return earnings to you—our members—in the form of lower fees and better interest rates, as well as economic contributions, such as jobs and additional community investments.

Recently, an independent economic impact study conducted by ECONorthwest found that credit unions are essential to Washington’s economy. Direct benefits for credit union members, such as low-interest home, vehicle, home-equity, and personal loans and higher interest earned on savings, positively affects our state and community. With those savings, over 40,000 members of Verity Credit Union are helping to stimulate our local economy.

Credit unions in our state account for billions economic impact, and also pay millions in employee salaries. Credit union jobs have a positive ripple effect in our community by supporting additional jobs. The report finds that Washington credit unions account for 12,000 jobs, and in turn, credit union operations support a total of 32,000 jobs in the state.

In Washington, credit unions delivered a positive impact of $7.5 billion to the state’s economy. As our economy grows, Washington’s citizens benefit through increased job opportunities affording them the ability to achieve financial security.

As dependable lending partners to small businesses, credit unions are investing in the community to help drive economic growth. For example, Verity Credit Union works one-on-one with you—our individual and business members—to find solutions tailored to your needs.

Credit unions foster the “People Helping People” philosophy that is central to our mission and our employees embrace the idea of giving back. Credit unions encourage employees to become actively involved in building strong communities that offer stability and opportunities for growth.

Giving back to our community is a vital mission for Verity Credit Union. Our employees volunteer for a wide variety of causes, including Habitat For Humanity Seattle. In 2022, Verity Credit Union employees devoted nearly 500 hours volunteering for charitable events.

Verity Credit Union is proud to serve as a catalyst for financial well-being. Throughout the years, our focus on helping people and their communities has served as a driving force that benefits our members, as well as the state of Washington and the communities that we call home.