Placements

SEATTLE – March 13, 2012 When Russell Rosendal’s acceptance of the position was formally announced to the employees of the Seattle credit union in early March, the room erupted in applause. The popular former-Chief Financial Officer who joined the staff in September 2008 has been instrumental in the Credit Union’s continued success and stability during the challenging years of the recession. In the years since Rosendal joined Salal, the Credit Union has grown from $254M to $344M in total assets, and recently exceeded $300M in deposits. “We’ve been enjoying steady, sustainable growth during a time when many financial institutions were experiencing real difficulties,” says Alan Lederman, Chair of Salal’s Board of Directors. “We’ve been able to focus on tomorrow when others were just hoping to survive today. A lot of that is due to Russ’s knowledge and counsel as CFO.” Salal hasn’t just survived; it’s thrived—adding new products, upgrading systems and software, even partnering with credit unions in Oregon to expand its lending reach into new territory. The credit union recently announced a new line of Visa credit cards and has plans to introduce business products and services soon. Rosendal has over 25 years’ experience in the financial industry, having served as EVP/CFO at both Cascade Bank in Everett and Foundation Bank in Bellevue, then as VP of Finance, Planning and Analysis for Washington Mutual before joining Salal CU. Rosendal has a BA in Economics from the University of Washington and an MBA from Seattle’s City University. “Salal Credit Union has a culture of risk awareness,” says Rosendal. “We do our research and our due diligence, and when we’ve established the best course of action, we move aggressively. Our members know their best interests guide our every move and decision; we see that trust in our branches and in our balance sheet as our loans and deposits continue to break records nearly every month. We will continue to earn that trust by making smart decisions. Salal has a very bright future, and I’m honored to play a role in realizing our potential.” About Salal Credit Union Salal Credit Union is dedicated to the financial health of its members and is open to anyone who lives or works in Washington State. As a not-for-profit financial institution, Salal is owned by its members to serve its members. Salal makes money management easy by offering a full range of financial products and services, instant access through Shared Branching and online banking, as well as educational resources to help members make informed financial decisions. Formerly Group Health Credit Union, Salal Credit Union is one of the state’s largest credit unions and currently serves nearly 30,000 members. Salal has five branch locations throughout the Puget Sound in Capitol Hill, South Lake Union, Northgate, Bellevue and Tukwila. Salal is federally insured by the National Credit Union Administration and is a member of the Better Business Bureau. For more information, visit www.salalcu.org.

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