Seattle Credit Union Moves Toward Serving Marijuana Growers

WASHINGTON: The Seattle-based nonprofit once known as Group Health Credit Union changed its name in 2010 to evoke a green, leafy, hardy plant seen as having medicinal properties.

No, not that one.

But four years later, what is now Salal Credit Union is gingerly stepping into a different field of green by doing business with growers of the cannabis plant.

In an apparent first for Western Washington that could ease fears that truckloads of cash will be a magnet for crime, Salal says openly that it expects to provide bank accounts for some state-licensed marijuana growers and processors.

The credit union plans a “beta test” with a couple of the businesses in the next few weeks, expanding soon to others in King, Snohomish and Pierce counties if all goes well, Salal CEO Russ Rosendal said.