Salal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Predecessor | Group Health Credit Union |
| Founded | 1948 |
| Founder | Employees of Group Health Cooperative |
| Headquarters | Seattle , United States |
Area served | Washington state, other states (through business and indirect lending programs) |
| Products | Financial cooperative services, cannabis banking |
Salal Credit Union is a NCUA-insured financial cooperative headquartered in Seattle, Washington. It stands as the 20th largest credit union within Washington state, overseeing assets totaling $656.18 million and catering to a membership exceeding 40,000 individuals.
History
Originally established in 1948 by employees of Group Health Cooperative under the name Group Health Credit Union, Salal's membership was initially limited to Group Health personnel and selected groups. In 1996, it became a pioneer by introducing membership based on geographic location, opening its services to residents of Seattle's Capitol Hill neighborhood. The credit union further broadened its charter in 2003 to include anyone living or working anywhere in Washington state. Additionally, Salal extends its services to members in other states through business and indirect lending programs. The institution adopted the name Salal Credit Union in 2010, inspired by the native Pacific Northwest salal plant.
Cannabis banking
Beginning in July 2014, Salal emerged as a significant financial institution supporting Washington’s cannabis sector, assisting over 270 businesses by the year 2022. As one of the limited number of credit unions and banks willing to accept deposits from cannabis-related enterprises, Salal plays an essential role in mitigating the banking difficulties faced by this industry. Reports from 2017 indicate that cannabis company accounts comprised up to 80% of the credit union’s net worth.
Salal Foundation
Formed in 2013, the Salal Foundation is dedicated to backing charitable and educational programs within the communities served by Salal Credit Union. It functions as a 501(c)(3) entity overseen by a Board of Directors.