More than four million Washingtonians have chosen not-for-profit, cooperative credit unions as their financial services partners.
SEATAC, Wash. (Jan. 18, 2019) — Washington credit unions drove a positive, $5.1 billion economic impact in the Evergreen State last year, according to a new report by ECONorthwest, the region’s largest economic consulting firm.
The report, “2018 Economic Impacts of Credit Unions in Washington,” was commissioned by the Northwest Credit Union Association. The analysis measures jobs, economic output, and income supported by credit unions.
Each Credit Union Member Benefits Directly
Credit unions are not-for-profit cooperatives and do not pay stockholders on Wall Street. Instead, they reinvest in their members, typically by offering lower interest rates on loans and credit cards, better returns on savings, and by charging fewer fees for services.
Last year, Washington credit unions delivered over $350 million in benefits to their membership, an average of $82 for each member. ECONorthwest found those benefits generated a ripple effect “buying power” of $787 million when members reinvested the money back into their local communities.
“In today’s economy, every dollar makes a difference,” said Troy Stang, NWCUA President and CEO. “When you know these dollars are coming to you because of your membership in a cooperative credit union vs. being used to enrich Wall Street stockholders, you know that makes a difference for your household.”
A Clear Choice for Consumers
No wonder so many Washingtonians have discovered the “Credit Union Difference.” In Washington, 58 percent of the population belongs to a credit union – 4.3 million consumers. ECONorthwest found credit union membership is growing faster than the population; 14 percent since 2016, compared to 3.4 percent population growth.
Washington credit unions provide family-wage careers for 11,100 professionals. Each job supports 1.6 additional jobs in the economy, meaning the total impact of credit union employment supports 29,100 jobs.
“As a consumer in the marketplace, seeing that a not-for-profit cooperative credit union delivers these benefits to your friends, families, and neighbors, drives home the message that credit unions deliver value to Main Street, not Wall Street,” Stang said.
Find out more about the Credit Union Difference. Visit http://Washingtonlovescreditunions.com
The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3 million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.7 billion last year.
For Immediate Release
January 17, 2019
Vancouver WA – The M.J. Murdock Charitable Trust has announced its most recent collection of grants to nonprofits serving the Pacific Northwest, totaling close to $11 million for 48 projects. This includes 13 grants totaling $2.9 million to organizations serving the Seattle/Tacoma and Western Washington Region, such as Amara, Hands On Children’s Museum, Lopez Island Family Resource Center, Unity Care Northwest and Whatcom Dispute Resolution Center.
“From helping refugees find community and build a home to supporting vulnerable children to addressing the mental health needs of our neighbors, these grants represent the critical work that countless nonprofits, corporate foundations, family foundations and volunteers are coming together with representatives of the business, government, healthcare, faith and education sectors to address in creative and sustainable ways,” said Steve Moore, executive director, M.J. Murdock Charitable Trust. “We are grateful that we are able to come along side and partner, even in some small way, with such a diverse collection of nonprofits serving the wide array of communities across the Pacific Northwest.”
To date, the Murdock Trust has awarded more than 6,500 grants totaling more than $975 million. Founded in 1975 by the estate of Melvin “Jack” Murdock, the M.J. Murdock Charitable Trust supports organizations that strengthen the region’s educational, social, spiritual and cultural base in creative and sustainable ways. Serving nonprofits in Alaska, Idaho, Montana, Oregon and Washington, the Murdock Trust invests in projects across the health and human services, arts and culture, scientific research and educational sectors.
For more information on this round of grantmaking, please visit the Murdock Trust website. For questions, interviews or high resolution assets, please contact Colby Reade – firstname.lastname@example.org">email@example.com 360.694.8415
About the M.J. Murdock Charitable Trust
The M.J. Murdock Charitable Trust, created by the will of the late Melvin J. (Jack) Murdock, provides grants to organizations in five states of the Pacific Northwest—Alaska, Idaho, Montana, Oregon and Washington—that seek to strengthen the region’s educational and cultural base in creative and sustainable ways. Since its inception in 1975, the Trust has awarded more than 6,500 grants totaling more than $975 million. For more information, find the Murdock Trust on Twitter, Facebook, LinkedIn, Instagram and the web.
(TACOMA, Wash.) Jan. 16, 2019— PacificSource Health Plans has named Todd Lovshin vice president and Washington State regional director. Lovshin has served as the PacificSource’s vice president and regional director of Montana since 2012 and brings to the position more than twenty years of health care experience. He will be based in PacificSource’s new downtown Tacoma office, set to open in early 2019.
“We’re excited to have Todd lead our expansion in Washington,” said Ken Provencher, president and CEO of PacificSource. “He has done a great job over the past six years of building and growing our presence in Montana and is well respected by providers, agents, government officials and community leaders throughout the industry.”
“I’ve always loved the beautiful state of Washington and I look forward to working closely with our provider partners MultiCare and Legacy Health to serve the health care needs of the communities in Pierce, Spokane, and Clark counties,” said Lovshin.
In addition to his time spent on the executive leadership team with PacificSource, Lovshin’s past roles include serving as vice president of corporate development and government relations at Montana-based Allegiance Benefit Plan, and the first Insure Montana program manager for the Montana Commissioner of Securities and Insurance.
Outside of the office, he enjoys spending time with his family and is looking forward to exploring the great outdoors of Washington State.
About PacificSource Health Plans:
PacificSource Health Plans is an independent, not-for-profit community health plan serving the Northwest. Founded in 1933, PacificSource is based in Springfield, Oregon, with local offices throughout the state as well as in Idaho, Montana, and Washington. The PacificSource family of companies employs 1000 people, serves more than 300,000 individuals, and has 3,900 employer clients throughout the Northwest. For more information visit PacificSource.com.
# # #