Seattle Telco Credit Union Changes Name To Watermark Credit Union
Seattle, Washington.............................December 9, 2002

SEATTLE, Wash., December 9, 2002 - Seattle Telco, one of Washington State's largest credit unions, announced today it is changing its name to Watermark Credit Union beginning January 1, 2003.

Seattle Telco was started in Seattle in 1938 by seven employees of Pacific Telephone & Telegraph. Today, anyone in Washington State can join the credit union. It has over 60,000 members worldwide and branch locations across Puget Sound.

According to President and CEO Chuck Cockburn, "The old name no longer reflected who the credit union served or what it has grown to become, which is a strong, high-quality financial institution. Our focus group research showed that the old name was often seen as confusing and unwelcoming by some existing and potential members."

Seattle Telco enlisted the help of naming specialists Weber Marketing Group and James Clark Design Images. These two companies, both based in Seattle, have helped credit unions across the U.S. create new names and brand identities for over eight years.

According to Mark Weber, CEO of Weber Marketing Group, "After spending months researching the brand equity that had been built over 60 years, we knew the new name had to capture the strength and integrity of the past, but also welcome a new generation of consumers of all ages looking for a better quality financial experience than most large banks are delivering. The name Watermark emerged as the final selection because the word captures their aspirations to become the finest local, member-owned financial institution around. It appeals to many generations and speaks to the unique value and personal service their members attach to their credit union."

Board Chairman Bob Valentine noted, "A watermark is a handcrafted signature used for generations to mark paper or documents with the highest level of quality. A watermark has also become a modern euphemism for digital encryption and security to copyright and protect online information. It serves us well as we provide financial services to over 1,000 of Puget Sound's top technology and service companies."

Commented CEO Chuck Cockburn, "We feel very confident that with our new name we can better serve both existing members and new members who want to bank with an organization committed to providing quality service. "

Seattle Telco used a variety of focus groups to gather feedback, opinions and direction in building the new name and brand.

"Keeping our members involved, and listening to their input has always been a hallmark of this organization," noted Chairman Valentine. "We're proud of our member-owned heritage and the growth we've achieved since 1938. When people learn the advantages of a credit union over the mega-banks, they're shocked at how much they can gain by moving their accounts here."