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In July, Kitsap Credit Union (KCU) moved to a new corporate office building in downtown Bremerton, becoming part of an increasingly bustling area in the heart of downtown. The move is symbolic in a way: The building overlooks the Puget Sound Naval Shipyard, where the financial institution was born 72 years ago.
The credit union grew its roots when seven shipyard employees pooled $34 in assets, and opened up membership to the Navy Yard Metal Trades Credit Union to all union members. Since then, it has changed its charter — and its name — several times, and in 1997 converted to a community charter that extended membership eligibility to anyone living or working in Kitsap, Mason and North Pierce counties.
By June of this year, the credit union had more than 70,500 members and $618 million in assets, with 15 branch locations from Kingston to Gig Harbor, 282 employees, and an array of services that include mortgage, consumer lending, auto dealership finance, and investment products.
The four-story building features a rotunda, a 4,000-square-foot deck for employees, a fully functional branch with five teller stations and a real estate mortgage office. There’s also covered member parking and secure underground parking for employees. As part of a private-public partnership, wrapped around the building is a “kiss and ride” area for Kitsap Transit where passengers riding the bus or the ferry can be dropped off and picked up. The previous “kiss and ride” was displaced when the conference center was built. As part of the partnership, the city of Bremerton offered a financial incentive.
“It helped break the ice in our decision where to go,” said Elliot Gregg, Kitsap Credit Union CEO and president.
The board of directors had considered various locations including in Gorst and Silverdale. “The board wanted to stay close to the home of the founders of the credit union,” Gregg said.
Through the changes and the tremendous growth, the institution’s philosophy and the fundamental idea of a co-op has not changed. “It’s been the underlying principle — people helping people,” Gregg said. “It’s very powerful.”
The credit union grew along with the banking industry, while also maintaining personalized service. Dave Willis, senior vice president of operations, recalled the first automated teller machine, introduced in the mid-80s, being met with quite a resistance by the community. The call center in 1984 consisted of one person. Now, in addition to 50 ATMs, Kitsap Credit Union offers a full-service call center that receives about 300,000 member calls per year, and an E-commerce Web site for online banking.
The $16.5 million project came in under budget and four days ahead of schedule. Architect Rice Fergus Miller was “the key to assuring us the building will fit there,” including the 180 employee parking stalls. The contractor, Opus NW, used several cost-efficient construction methods, including pre-cast panels of concrete.
Gregg’s office, which has a sweeping view of Sinclair Inlet, overlooks the conference center plaza and fountain, and an area alive with activity.
“When we started here two or three years ago, there was nobody,” Willis said. Now, it’s a developing urban center. “It’s phenomenal to be part of that growth and the turnaround,” he said.
Willis said the downtown area has a distinct sense of community, “like living in a neighborhood with a bunch of friends.” That sense of community has been important for Kitsap Credit Union, whose contributions and employees are part of many community projects and events.
“Go to any community celebration — you will see Kitsap Credit Union there,” Gregg said, adding that in his 30-plus years in banking, he has never seen another institution that had so much community involvement by employees.
Another community outreach aspect is a financial literacy component. The KCU has a branch in West Park with special programs, and one at Bremerton High School. In line with its mission to support education, the credit union was negotiating to lease 16,000 square feet of its facility to an undisclosed educational institution. The space, slated to accommodate future company growth, would be used by the leasing organization to offer classes.
Kitsap Credit Union has reached several milestones through the years, and the new building is probably one of many steps to come in the company’s growth. In the last few years, KCU has expanded into Gig Harbor and Mason County, and “the board is exploring where do we go next,” Gregg said. The Olympic Peninsula, which has difficulty attracting banks to some areas, is one possibility. But for that matter, so is the entire Puget Sound.
“We recognize how integrated Puget Sound has become, especially with members commuting to Seattle,” Gregg said. “Some day, I think we’ll serve more and more people in the whole region.”. |
