Community First Credit Union, the state's oldest credit union, plans to move to new headquarters in DuPont at the end of the year.
Builders started working on the new 17,000-square-foot building at 944 Ross Loop Road in March. It will feature a walk-up ATM on Ross Loop and drive-up lanes.
Roger Gieseke, president and CEO, said this week that the cost of living in the Shoreline area is expensive, and that the company has employees who commute from Pierce County.
“We decided we wanted to relocate the headquarters,” Gieseke said. “People up north have relocated, and as we’ve had turnover, we’ve hired people from the south.”
The new facility will bring the total number of Community First branches to five.
Others are in Steilacoom, South Seattle and Shoreline and Tacoma, where some administrative services are located.
Gieseke said he plans to double the number of Community First branches in the next five years.
“We ultimately want to have a presence with our core membership from Everett to Olympia,” Gieseke said.
Founded in 1925, Community First originally served postal employees and now counts some 10,000 members.
While the financial climate has affected most financial institutions, Community First remains well positioned, at least one industry rating service says.
National rating service Bauer Financial gives the credit union its highest rating of five stars.
“We’ve come through things in pretty good shape compared to most,” Gieseke said. “We were profitable last year and we remain profitable. We were fortunate. We’ve always been a pretty conservative organization. We’ve had a strong capital position and we’re in a position where we’re looking for expansion opportunities.”