Founded in 1938, Watermark Credit Union is a member-owned, not-for-profit financial institution. It was formed to encourage members to save by offering a fair return, then using those savings to offer loans to other members at competitively-low interest rates. The credit union opened with 178 members and Mr. Ted Baer as the first elected treasurer. The first loan was made on June 6, 1938 for a set of $65 golf clubs. Each credit union director contributed extra cash to the treasury in order to make the loan. In 2001, the State of Washington granted the credit union a statewide community charter. This means anyone who lives, works, worships or goes to school in Washington State is eligible to open an account here. In 2003, the name was changed from Seattle Telco to Watermark Credit Union, a reflection of the fact that it had grown to serve a wider membership base. In 2006, the credit union expanded its range of products and services to include accounts for businesses. Although much has changed over the decades, the most important factors remain the same: Watermark Credit Union is a member-owned, not-for-profit financial institution led by an unpaid, volunteer Board of Directors who are elected by and from the membership. It embodies the philosophy from which the credit union movement began - people banding together to have access to the very best service, rates, and products.