Chair, Salal Board of Directors

2020 was a year of profound challenges. As the new decade began, we saw our lives disrupted by the COVID-19 global pandemic. What followed was an unprecedented public health and economic crisis that tested us all and took the lives of far too many in our country and around the world. As a credit union that is proud to count many healthcare professionals among our membership, we would like to first express our immense gratitude for the hard work and sacrifices our healthcare workers have made to save lives in our communities.

For Salal Credit Union, life during the pandemic has meant having to adapt quickly and find creative solutions to many challenges we never imagined we’d face. It meant finding new ways to help members get their banking done. And it meant that much of the Salal team was suddenly serving members from our own kitchen tables and home offices, as many employees suddenly found themselves working 100% remotely. Through it all, we’ve been tremendously thankful to each and every Salal member for your patience and loyalty as we’ve worked hard to continue to provide you with the financial services you count on every day.


President and Chief Executive Officer

Our first priority during the pandemic has been to ensure the health and well-being of our members and staff. Following the advice of public health experts and Governor Inslee’s indoor restrictions, we took emergency steps in the spring of 2020 to limit foot traffic in our branch lobbies. To further enhance safety, we transitioned to contactless transactions when feasible.

We invested in new technology to increase automation, speed, and efficiency, while helping our members and staff feel more connected. When the Governor’s initial restrictions were eased, we carefully reopened our branches for visits by appointment. We understand that these limitations on in-branch visits have been difficult for some of you and we thank you for your flexibility and understanding as we’ve all had to work together to keep each other safe.

When the magnitude of the pandemic’s economic toll became clear, we developed an Emergency Relief Program to assist struggling members. The program included fee refunds, loan modifications, expanded option for skipping loan payments, along with access to free financial counseling and a number of relief solutions for members with home loans from Salal.

Despite the many challenges we have faced together, we’re pleased to report that Salal Credit Union remains on solid financial footing. In 2020, we saw our total assets grow to $993 million—another record high and a 35% rise year over year. Deposit balances grew 36% to $871 million and gross loan balances were up 12% to $657 million. We also finished the year with a net income of $9.1 million—down just slightly from 2019 and a remarkable achievement, given the major economic disruptions of COVID-19 and historically low interest rates. Salal’s credit quality also remained high and charge-offs were well below industry averages despite the year’s widespread economic hardships.

The low interest rate environment led to Salal Home Lending experiencing historic mortgage growth in 2020, with mortgage loan balances rising to a record $262 million. Despite temporary shutdowns in key regions, our Dealer Direct Lending program ended the year with loan balances of $215 million, as we continued to expand access to home improvement and solar power financing to more people in more states. In the process, we were able to help 3,000 home owners afford to install solar systems. We also continued to expand banking for the licensed and regulated cannabis industry, providing thousands of members with essential banking services they might not otherwise have access to.

These successes enabled us to improve and expand the products and services we’re able to provide our members. We added a number of great new checking account options, including more interest-earning accounts, to help members find the checking solution that best suits their money management needs. We added 900 new ATMs to our fee-free network so members have even more access to cash withdrawals around the U.S. We launched a new and improved Visa Rewards program, including a new online store with many more ways to redeem points. And we upgraded our Dealer Direct online application, making it easier for members to apply for solar and home improvement financing.

Our success also allowed us to be a stabilizing force in turbulent times through our significant community giving efforts. We’re very proud to report that Salal was able to give back $393,000 in charitable donations in 2020. As we provided vital support to our communities in this time of need, we continued to focus our giving efforts on causes related to housing insecurity, social equity, healthcare, and renewable energy. These four “pillars” are rooted in our core values and are areas we hope to make the greatest impact, today and in the future.

The resilience that Salal has shown this year was made possible by you, our members. It was also due, in no small part, to the tireless work, dedication, and adaptability of the Salal team, along with the careful long-term planning of the Salal leadership team. Our success and stability this past year is a testament to the power of the cooperative spirit our credit union was founded on. It shows us once again that when we work together—members, employees, and community—we can accomplish great things. As we look ahead to 2021, we see many glimmers of hope on the horizon—first among them the continued rollout of the COVID-19 vaccines. We thank you, our members, for your continued support and trust, and for the privilege of serving as your financial institution. We look forward to brighter days around the corner and to the new opportunities we will unlock together in 2021.


Annette Murphy, Chair, Salal Board of Directors

Russell E. Rosendal, President and Chief Executive Officer


Chair, Supervisory Committee


The mission of the Supervisory Committee is to oversee the operations of the Credit Union to protect the investments of its members. The Committee meets with management staff, independent external auditors and governmental examiners to ensure the Credit Union operates in compliance with the requirements of state and federal regulatory agencies.

The Supervisory Committee meets regularly with management staff to review and evaluate the Credit Union’s operating policies; ensure internal controls are defined, effective and followed; review and recommend policy changes to the Board of Directors; and ensure sound operating procedures are adhered to in accordance with established policies.

The Supervisory Committee works with the Credit Union’s internal auditor to make certain the activities of the internal audit department are reported to the Board of Directors. The Committee also serves as the Board of Director’s liaison with the independent auditors in carrying out the annual opinion audit as well as reporting the auditors’ findings and recommendations to Credit Union members at the annual meeting. In the 2019 audit, our independent auditors, Moss Adams LLP, CPAs, issued an unqualified opinion. 

The Supervisory Committee finds the reporting and operating procedures of the Credit Union, as well as the actions and policies of the Board of Directors, Committees and Management, to be in compliance with applicable laws and regulations.





Vice Chair










President & CEO


SVP, Chief Lending Officer


CMA, SVP, Chief Financial Officer


SVP, Chief Human Resources Officer


SVP, Chief Retail Banking Officer



Annette Murphy - Chair

Brian Luong

Ben Steiner

Russell E. Rosendal

Joe LePla


John Zielonka - Chair

Catherine Bailey

Ben Steiner

Chad Cheney

Eric Oliner

Quynh Nguyen


Kevin Knowles - Chair

Ali Seals

Russell E. Rosendal

Bob Schweigert

Randy Cloes


Randy Cloes - Chair

Annette Murphy

Joe LePla

Sophie Brougham

Russell E. Rosendal

Bob Schweigert

Brett Ballman


Alan Lederman - Chair

Brian Luong

Nishat Akhter

Russell E. Rosendal

Bob Schweigert

Randy Cloes

Skott Pope

Brett Ballman


Catherine Bailey - Chair

Ben Steiner

Dick Woo

Annette Murphy

Joe LePla

Alan Lederman

Ali Seals

Brian Luong


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Loans, net

Year End
Loans, net
($ in millions)
2020 648.2
2019 577.1
2018 501.7
2017 419.6
2016 355.4


Year End
($ in millions)
2020 992.8
2019 737.2
2018 656.2
2017 536.7
2016 495.2


Year End
($ in millions)
2020 870.9
2019 638.6
2018 570.8
2017 434.9
2016 404.3

Net Worth

Year End
Net Worth
($ in millions)
2020 78.7
2019 67.9
2018 58.4
2017 54.3
2016 43.2


Cash and Cash Equivalents
YE 2020197,729
YE 201948,765
YE 201847,266
YE 202087,246
YE 201966,472
YE 201863,798
Loans to Members
YE 2020657,290
YE 2019584,994
YE 2018509,441
Less: Allowance for Loan Losses
YE 2020(9,122)
YE 2019(7,942)
YE 2018(7,708)
Loans, net
YE 2020648,168
YE 2019577,052
YE 2018501,733
Fixed Assets, net
YE 202035,408
YE 201934,725
YE 201834,744
Federal Share Insurance Fund Deposit
YE 20204,836
YE 20193,960
YE 20183,788
Other Assets
YE 202019,364
YE 20196,214
YE 20184,850
Total Assets
YE 2020992,751
YE 2019737,188
YE 2018656,179
Savings Accounts
YE 2020 155,353
YE 2019 117,303
YE 2018 121,771
Checking Accounts
YE 2020 449,690
YE 2019 272,877
YE 2018 209,773
Money Market Accounts
YE 2020158,857
YE 2019137,777
YE 201896,697
Certificates of Deposit
YE 2020107,034
YE 2019110,634
YE 2018142,573
Total Deposits
YE 2020870,934
YE 2019638,591
YE 2018570,814
YE 202014,419
YE 201912,359
YE 201813,202
Other Liabilities
YE 202028,738
YE 201918,303
YE 201813,775
Reserves, Undivided Earnings
& Other Comprehensive Income
YE 202078,660
YE 201967,935
YE 201858,388
Total Liabilities & Members' Equity
YE 2020992,751
YE 2019737,188
YE 2018656,179
Interest on Loans to Members
YE 202030,904
YE 201930,624
YE 201825,011
Interest on Investments & Cash Equivalents
YE 20201,496
YE 20192,413
YE 20182,153
Total Interest Income
YE 202032,400
YE 201933,037
YE 201827,164
Interest Paid to Members
YE 20202,718
YE 20192,905
YE 20181,600
Interest on Borrowings
YE 2020333
YE 2019323
YE 2018702
Total Interest Expense
YE 20203,051
YE 20193,228
YE 20182,302
Net Interest Income
YE 202029,349
YE 201929,809
YE 201824,862
Provision for Loan Losses
YE 20202,258
YE 20191,453
YE 20182,428
Net Interest Income After Provision for Loan Losses
YE 202027,091
YE 201928,356
YE 201822,434
Fee and Other Income
YE 202022,669
YE 201914,010
YE 20189,227
Gains on Investment Activity
YE 2020-
YE 2019108
YE 2018-
Total Non-Interest Income
YE 202022,669
YE 201914,118
YE 20189,227
Employee Compensation and Benefits
YE 202025,509
YE 201919,569
YE 201816,764
YE 202011,032
YE 201910,036
YE 20187,224
YE 20204,033
YE 20193,462
YE 20183,422
Total Non-Interest Expense
YE 202040,574
YE 201933,067
YE 201827,410
YE 20209,186
YE 20199,407
YE 20184,251

All 2020 financial numbers presented are unaudited. All 2018 and 2019 financial numbers are audited.

Reclassification - Certain reclassifications have been made to conform to the current-year presentation. The reclassifications had no impact on previously reported net income or members' equity. Audited financial statements are available upon request.

The Difference Your Membership Makes

The benefits of Salal membership go beyond good rates, low fees, and dedicated personal service. We’re committed to giving 5% of our annual income to help people and causes in the communities we serve. Because we know that many small actions, when added together, can make big impacts. Every Salal member plays a part in making this impact, simply by doing your banking or financing with Salal.  


for emergency home repairs.


to social justice causes.


in nursing scholarships.


in PPE for local healthcare workers.


At Salal, we aim to make a difference for good in our communities, both through our targeted charitable giving and financial products that empower positive change. Our approach centers on four main areas of focus: healthcare, housing insecurity, social equality, and renewable energy. Below are just a few of the many causes we were proud to support in 2020.


During the COVID-19 pandemic, our local front-line healthcare professionals have been risking their lives to save the lives of others. But vital personal protective equipment was in short supply. Salal gave $11,000 for gloves, masks, hand sanitizer, and disinfecting wipes to help keep our healthcare community safe. 

Housing Insecurity

Through our partnership with Rebuilding Together, Salal and the Salal Foundation funded 11 emergency home repair projects in communities across the U.S., enabling 20 low-income individuals to remain in their homes during the COVID-19 pandemic. 

"We are extremely grateful for our partnership with Salal Credit Union, which has made it possible for us to ensure that a frontline healthcare worker has a safe and dry home for herself and her children.”

Michaela Brown

Grants Manager, Rebuilding Together Twin Cities

Social Equity

As part of our commitment to helping bring about lasting social justice change, in 2020 we made $50,000 in donations to organizations working to promote social and racial equality. Our donation was split equally between Black Lives Matter Seattle/King County, the American Civil Liberties Union of Washington, and Not This Time—a Seattle-based organization focused on reducing fatal police shootings.

In the same spirit, on June 12, 2020 we closed our branches and headquarters for a day of reflection, giving Salal staff the opportunity to educate themselves, consider ways they can help bring about change, to volunteer within their community, and participate in peaceful demonstrations if they chose to.

Renewable Energy

Through our Dealer Direct solar power financing program, we funded the installation of 3,000 solar systems in 2020. Each of these solar panel systems will produce around 30,000,000 kwh for homeowners in its first year. In total, these systems will eliminate an estimated 21,111 metric tons of carbon emissions a year—equivalent of 23,371,832 lbs. of coal burned or 52,633,251 miles driven by average passenger cars. 

Find out more about the impact Salal members are making in our communities