NW Retail Federal Credit Union Votes For Merger With Watermark Credit Union
Seattle, Washington...................................July 19, 2006

On July 19, members of NW Retail Federal Credit Union voted to merge with Watermark Credit Union. Of the votes cast, 95% were in favor of the merger.

NW Retail FCU was established in 1937 to serve employees of the Bon Marché department store group, now known as Macy's. It has almost 3,000 members, approximately $12 million in assets, six employees, and one branch located in Macy's store at Third Avenue and Pine Street in downtown Seattle.

"The board of directors recommended for strategic reasons that we merge with a larger credit union," said Jim Goble, NW Retail FCU's President. "Our members have voted overwhelmingly to do this. Our members will now become members and owners of a credit union that will have eight branches and over $450 million in assets."

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 is financially secure, locally operated, and committed to remaining a strong and independent financial institution.

"We are very pleased to welcome all the members and all the employees of NW Retail FCU to Watermark Credit Union," said Watermark Credit Union's President and CEO, Chuck Cockburn.