Business

Woodstone Credit Union is going downtown

By PAT JENKINS

The Mirror

Woodstone Credit Union plans to open a new headquarters and branch building in downtown Federal Way this winter.

The new location on South 316th Street will replace an existing branch and may temporarily close a second one, but overall it will create “a broader branching network,” said Susan Streifel, chief executive officer.

The official groundbreaking was June 23. When it’s finished by early 2006, the 16,875-square-feet building will have a full-service branch with a drive-through and a walk-up ATM, three drive-up lanes, safe deposit boxes and a night depository in addition to corporate offices.

The site is just north of The Commons at Federal Way, near the new transit center being built by Sound Transit and between the Best Western Executel and the Top Foods grocery store.

Streifel said the location in “the heart of Federal Way demonstrates our long-term commitment to the health and vitality of this community.” For customers, it’s the “first step” toward increasing convenience through multiple branch locations, she said.

“We’re now looking to where we can grow in the next five years” to serve members “where they live and work,” Streifel said.

Woodstone’s current joint headquarters and branch on First Way South, which received a new facade in remodeling the past year, will be sold. A new branch location in that West Campus-area part of Federal Way will be opened at some point, but plans aren’t settled, said Donna Meyerhoff, marketing director.

The other existing branch at Pavilions Centre on Pacific Highway South will close as part of the plans for the new downtown location.

Woodstone also operates student-run branches at Federal Way and Decatur high schools, a program that gives students gain work experience and money-management skills.

The credit union’s membership is open to anyone living or working in King, Pierce, Kitsap, Thurston, Grays Harbor, Clark and Lewis counties, employees of Weyerhaeuser, St. Francis Hospital and Frank Russell Co., and relatives of members.

Woodstone was established in 1941 originally to serve Weyerhaeuser employees.

Editor Pat Jenkins: 925-5565, editor@fedwaymirror.com

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