Verity Credit Union

Name

Verity Credit Union

Legal name

Verity Credit Union

Website

https://veritycu.com

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Credit Cards & Revolving Credit (FSABAAAC), Business / Corporate Credit Cards (FSAKABAF)

Keywords

• Retail banking services
• Consumer lending products
• Community development banking
• Credit union deposits
• Small business banking

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Loan Products: Interest income from auto loans, home loans, personal loans, credit cards, HELOCs, and business loans. Auto loans range from 4.49% APR, personal loans from 8.99% APR, HELOC from 7.24% APR.
2. Deposit Services: Checking and savings accounts, including Max My Savings high-yield savings account (4.00% APY on balances up to $50,000). Membership requires $5 Prime Share Savings account.
3. Credit Cards: Credit card products including Signature Rewards Visa with cash back rewards and points programs.
4. Home Loans (via Partner): Mortgage products offered through partnership with Member First Mortgage, LLC.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Verity Credit Union is a not-for-profit, member-owned credit union providing retail banking, deposit, lending, and wealth products to consumers, veterans, youth, small businesses, and nonprofits in Washington State. Its core offering spans checking and savings accounts (including Max My Savings at 4.00% APY on balances up to $50,000), auto and recreational loans, home equity lines/loans, mortgages (via partner Member First Mortgage), credit cards, and business banking services, delivered through eight branches across the Seattle metropolitan area and a digital banking platform with mobile apps.

Product overview

Verity Credit Union is a community-chartered credit union offering a comprehensive suite of financial products and services to members in Washington State. The core banking platform includes Digital Banking (web and mobile), Prime Share Savings, and various checking account options including Cash Back Checking. Lending products span auto loans, recreational loans (boats, RVs, motorcycles, bicycles), home equity loans/HELOC, and home mortgages through partner Member First Mortgage. The product portfolio emphasizes socially responsible banking with specialized offerings like Max My Savings (high-yield savings at 4.00% APY), youth accounts for financial education, green/sustainable lending for solar and eco-friendly vehicles, and business banking services. Digital services include bill payment, Zelle P2P transfers, digital wallets (Apple Pay, Samsung Pay, Google Pay), credit score monitoring, financial calculators, and financial coaching. The company also maintains a referral program, community partnerships with Habitat for Humanity, and an AI-powered credit underwriting partnership with Zest AI for more inclusive lending decisions.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Banking Comprehensive online and mobile banking platform for members to access accounts, pay bills, transfer funds via Zelle, monitor credit score, control cards, set travel alerts, and apply for loans. Available via web browser and mobile apps for Apple iOS and Android.
• Max My Savings High-yield savings account paying 4.00% APY on balances up to $50,000 with no monthly fees or minimum balance, available to members who pair it with a qualifying Cash Back Checking account.
• Auto Loans New and used vehicle financing with rates as low as 4.49% APR, terms up to 7 years, and rate discounts for eco-friendly vehicles, automatic payments, and lower loan-to-value ratios. Available direct and through partner CUDL AutoSmart at dealerships.
• Recreational Loans Financing for recreational vehicles including boats, RVs, motorcycles, ATVs, jet skis, and bicycles, with competitive rates and flexible terms.
• Green Lending (Solar and Eco-Friendly Vehicle Loans) Specialized loans supporting environmental sustainability, including solar panel financing and rate-discounted auto loans for EPA SmartWay Certified vehicles.
• Youth Accounts Interest-bearing youth savings accounts for children ages 0-17, teen checking accounts with debit cards for ages 14+, and up to $40 in annual activity reimbursement to support financial education.
• Home Equity Loans and HELOC Home equity line of credit (HELOC) and fixed-rate home equity loans allowing homeowners to borrow up to 80% of their primary home value (60% for investment properties) for improvements, debt consolidation, or other expenses, with credit lines from $20,000 to $250,000.
• Home Loans (via Member First Mortgage) Mortgage products offered through partnership with Member First Mortgage, LLC, including FHA, VA, USDA, construction-to-permanent, fixed-rate, and adjustable-rate mortgages for Washington State residents.
• Credit Cards Verity credit cards including the Signature Rewards Visa with points and cash back rewards, available for personal and business use, with digital wallet support and digital card issuance capabilities.
• Business Checking and Savings Business banking accounts including business checking (with a $200 Harland Clarke credit for new accounts), business savings, and dedicated business rates for small businesses and nonprofits.
• Business Loans Commercial lending products for small businesses, including various loan options delivered through business partners and SBA programs.
• Financial Coaching Free one-on-one financial coaching and confidential counseling for members covering budgeting, debt management, mortgage challenges, and financial planning, delivered in partnership with GreenPath Financial Wellness.
• Verity's List Values-aligned local business directory connecting Verity members with vetted small businesses in Washington State, supporting community-driven commerce.

Quantifiable outcome

• 25% higher loan approval rates with no added risk tolerance using Zest AI underwriting
• +6 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability2 records

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and minor.

• Zest AIcoreTechnology or Integration · 13 March 2023Partnership with Zest AI provides AI-automated underwriting using approximately 300 data points to assess credit risk, enabling more equitable and accurate lending decisions. The system achieves over 25% higher approval rates with no added risk tolerance, including 41% higher approval for Black applicants, 49% for Hispanic applicants, 40% for women, and 31% for AAPI applicants. This supports Verity's mission to reach underserved communities.
• Member First Mortgage, LLC (MFM)coreChannel Partner/ Reseller/ DistributorPartnership with Member First Mortgage, LLC enables Verity to offer home mortgage products including purchase loans, refinancing, and home equity loans. MFM (NMLS ID: 149532) is a Licensed Mortgage Lender/Servicer located in Grand Rapids, MI. Verity acts as agent for MFM with NMLS ID 456945.
• GreenPath Financial WellnesscoreStrategic or Co-development PartnerVerity partners with GreenPath Financial Wellness to provide free and confidential financial counseling services to members. GreenPath counselors help review household budgets, develop plans to address mortgage challenges, understand assistance options, and improve overall financial stability.
• Habitat for Humanity Seattle-King CountycoreStrategic or Co-development PartnerCommunity partnership for home repairs and preventing displacement. Verity donates $100 to Habitat for Humanity Seattle-King County for every mortgage closed in 2022. Members generated approximately $30,000 in donations in 2021 directly supporting Habitat's Home Repair program. Employees volunteer for Habitat builds.
• Global Alliance for Banking on Values (GABV)coreOthersMembership organization of banks committed to sustainable economic, social, and environmental development. Verity has signed the Climate Pledge committing to measure and reduce its carbon footprint.
• Business Impact Northwest / Washington Women's Business CenterminorStrategic or Co-development PartnerLocal partner supporting female entrepreneurs and women-owned businesses through the Washington Women's Business Center, a resource for businesses getting started or seeking guidance.
• GSBA (Greater Seattle Business Association)minorStrategic or Co-development PartnerWashington State's LGBTQ+ and allied chamber of commerce representing over 1,300 small business, corporate, and nonprofit members promoting equality and diversity in the workplace.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• BECU: BECU is a large Washington-state community credit union serving the Puget Sound region with full retail, lending, and digital banking services — directly comparable to Verity in geography, charter type, and product breadth, but at materially larger scale.
• Sound Credit Union: Sound is a Washington-state community credit union offering consumer and business banking across the Puget Sound — directly comparable in charter, geography, and target member base, making it a natural competitor for Verity.
• WSECU (Washington State Employees Credit Union): WSECU is a Washington-state chartered credit union serving public-sector and community members statewide. Comparable in charter type, Washington footprint, and full-service retail banking model.
• Gesa Credit Union: Gesa is a community-chartered credit union based in Washington State offering retail, mortgage, and business banking — directly comparable in charter and geographic focus, though with a broader Washington footprint than Verity.
• Kitsap Credit Union: Kitsap is a Washington-state community credit union serving the Kitsap Peninsula and broader Puget Sound with similar deposit and lending products. Comparable in cooperative structure and Washington focus.
• Self-Help Federal Credit Union: Self-Help FCU is a CDFI-certified, mission-driven credit union focused on underserved communities — closely comparable to Verity on values-based banking, inclusive lending, and community development strategy, though serving different geographies.

Regional players

• OnPoint Community Credit Union: OnPoint is a large Pacific Northwest community credit union headquartered in Portland, Oregon, with similar community-development orientation and full retail/business banking. Comparable as a regional cooperative peer outside Washington.

Broad incumbents

• KeyBank: KeyBank is a regional commercial bank with a major Seattle and Pacific Northwest presence offering deposit, lending, and wealth products. Comparable as a broad incumbent competitor in Verity's core Seattle metro market.
• U.S. Bank: U.S. Bank is a large national commercial bank with significant retail and small-business presence in the Seattle metro. Comparable as a broad incumbent competing for the same consumer and small-business customers.
• Beneficial State Bank: Beneficial State is a values-based, B-Corp-certified community bank on the West Coast with a focus on economic, social, and environmental impact. Comparable to Verity in mission-driven banking philosophy and CDFI-aligned orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/verityseattle
• YouTubeyoutube.com/channel/UCTXYspax9WXwmPiPQjywtPA
• Facebookfacebook.com/veritycu
• LinkedInlinkedin.com/company/verity-credit-union
• Instagraminstagram.com/verityseattle

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Verity Credit Union