King County Medical Society Federal Credit Union Votes To Merge With Watermark Credit Union
Seattle, Washington...................................June 17, 2004

On June 16, members of Seattle-based King County Medical Society Federal Credit Union voted to merge with Watermark Credit Union, also based in Seattle. Of the votes cast, 97% were in favor of the merger.

KCMSFCU was established in 1975 to serve members of the King County Medical Society. It has 2,065 members, approximately $14 million in assets, three employees, and one branch located within the King County Medical Society building in Seattle's First Hill district.

"The board and management recommended, for strategic reasons, that we merge with a larger credit union. Our members have voted overwhelmingly to do this. Our members will now become members and owners of a credit union that will have six branches and around $415 million in assets," said Sheri Campbell, KCMSFCU's Manager.

Watermark Credit Union was selected as the merger partner for several reasons. It has a high level commitment to providing its members with quality services and a long-term goal to expand its branch network in the Puget Sound area. It also has a commitment to remaining a not-for-profit organization and is a financially sound institution.

"We are very pleased to welcome all the members and all the employees of King County Medical Society Federal Credit Union to Watermark Credit Union," said President/CEO Chuck Cockburn.