Credit Unions In The State Of Washington

Credit Unions In The State Of Washington Overview

Credit Unions In The State Of Washington, operating under the name Twinstar Credit Union, is located in Olympia, WA. The organization was established in 1954. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2018, Twinstar Credit Union employed 468 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Twinstar Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2019, Twinstar Credit Union generated $101.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $83.2m during the year ending 12/2019. While expenses have increased by 6.3% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

IN 2014 WE ADOPTED OUR BRAND PROMISE: REALIZING FINANCIAL DREAMS TOGETHER. THE SHORT, SIMPLE PHRASE CAPTURES ALL OF OUR STRATEGIC INTENT IN JUST A FEW WORDS. WE HAVE THE PEOPLE, TOOLS AND VALUE SYSTEMS IN PLACE TO HELP OUR MEMBERS NOT ONLY HAVE A GREAT PLACE TO BANK BUT ALSO HAVE A PROSPEROUS FUTURE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SHARE ACCOUNTS: TWINSTAR SAVINGS ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. TWINSTAR HAD 128,955 MEMBERS ON DECEMBER 31, 2018. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND OFFER ACCESS THROUGH THE BRANCH NETWORK, HOME BANKING VIA THE INTERNET OR TELEPHONE, MOBILE BANKING AND VIA ATMS WORLDWIDE. SPECIAL SAVINGS ACCOUNTS ARE DESIGNED FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.


CHECKING ACCOUNTS: TWINSTAR PROVIDES CHECKING ACCOUNTS FOR CONSUMERS WITH VARIOUS FEATURES, FROM FREE ACCOUNTS TO THOSE WITH ENHANCED BENEFITS. MOST OFFER DIVIDENDS THAT ARE PAID MONTHLY. ADDITIONALLY, TWINSTAR EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS, MOBILE BANKING AND FREE USE OF THE INTERNET BILL PAYER PLATFORM.


CONSUMER LOANS: TWINSTAR CREDIT UNION HAS PROVIDED VEHICLE LOANS SINCE ITS EARLY YEARS. THE CONSUMER LOAN PRODUCT LINE NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RECREATIONAL VEHICLES, BOATS AND MOTORCYLCES. TWINSTAR ALSO OFFERS VISA CREDIT CARDS TO MEMBERS. THIS PRODUCT LINE SATISFIES MEMBERS DIVERSE BORROWING NEEDS, FROM A SHARE SECURED CARD TO A CREDIT LINE FOR YOUNG BORROWERS TO A CARD WITH LARGER CREDIT LINES AND LOW INTEREST RATES. TWINSTAR ALSO OFFERS HOME EQUITY/REAL ESTATE LOANS AND BUSINESS LOANS.


WE STARTED OFFERING AND ACTIVELY SELLING TO OUR MEMBERS DIFFERENT KINDS OF INSURANCE, HOMEOWNERS, CONDO, RENTERS TRAVEL TRAILERS, RV'S, AUTO, MOTORCYCLE, WATERCRAFT, MOBILE/MANUFACTURED HOMES, ATV'S, UMBRELLA, PERSONAL EXCESS POLICIES, EARTHQUAKE, FLOOD, AND COMMERCIAL AUTO.


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Credit Unions In The State Of Washington Board, Officers & Key Employees

Credit Unions In The State Of Washington Vendors

Vendor Name (Service)Compensation
Merit Consturction Northwest
Construction
$4,081,769
Q2 Software Inc
Online Banking
$1,621,109
Jack Henry & Associates Inc
Software Maintenance/consulting
$480,597
Centurylink-52187
Telecommunications
$438,017
Kasasa Ltd
Banking License Services
$416,143
View All Vendors

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$0
Investment income $2,611,872
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $9,208
Net Gain/Loss on Asset Sales $2,601,819
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $101,789,023

Credit Unions In The State Of Washington Grants Awarded

Over the last fiscal year, Credit Unions In The State Of Washington has awarded $231,733 in support to 11 organizations.

Grant RecipientAmount

TWINSTAR COMMUNITY FOUNDATION

Org PageRecipient Profile

Lacey, WA

PURPOSE: COLLEGE/HIHGER ED SCHOLARSHIPS/CLASSROOM ASSISTANCE

$120,000

SAINT MARTINS' UNIVERSITY

Org PageRecipient Profile

Lacey, WA

PURPOSE: BUILDING BETTER COMMUNITY

$35,000

LACEY SOUTH SOUND CHAMBER OF COMMERCE

Org PageRecipient Profile

Lacey, WA

PURPOSE: BUILDING BETTER COMMUNITY

$10,500

SECRETARY OF STATECOMBINED FUND DRIVE

PURPOSE: COMBINED FUND DRIVE

$10,000

UNITED WAY OF THURSTON COUNTY

Org PageRecipient Profile

Olympia, WA

PURPOSE: BUILDING BETTER COMMUNITY

$10,000

OLYMPIA FAMILY THEATRE

Org PageRecipient Profile

Olympia, WA

PURPOSE: BUILDING BETTER COMMUNITY

$10,000
View Grant Profile

Credit Unions In The State Of Washington Peer Organizations

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