Evergreen Direct CU

What Evergreen Direct CU does

Evergreen Direct CU (legal name: evergreenDIRECT Credit Union) is a Washington State-chartered, member-owned, not-for-profit credit union cooperative headquartered in Olympia, Washington, founded in 1954 as SDPA Credit Union by employees of the State Department of Public Assistance. Through a 2005 state-charter conversion that broadened the field of membership to all persons who live, work, worship, or attend school in Washington, and a 2006 merger with Evergreen Federal Credit Union followed by a 2007 rebrand, the credit union today serves an estimated 4,800+ members across Washington State with approximately $68 million in assets (as of 2020) and 11–50 employees, operating two financial center branches in Olympia and Tumwater.

The product portfolio is organized around three pillars: deposit products (the Kasasa family of reward checking accounts — Cash up to 4.00% APY, Cash Back, Play, Eats, Saver — plus DIRECT Checking with early direct deposit, savings, money market with tiered rates to 1.26% APY, 12–60 month share certificates, IRAs, Youth Savings, and the Save to Win prize-linked savings account); lending products (auto loans including a first-time buyer program, boat/RV loans, personal loans, cash flow loans of $50–$1,500 with no credit check, the Perks Visa credit card at rates as low as 10.25% APR, home mortgages originated through a partnership with Consolidated Community CU, home equity loans and HELOCs, and private student loans via LendKey); and ancillary services (Kasasa Protect identity protection, Courtesy Pay overdraft coverage, wire transfers, MoneyDesktop account aggregation, and 50% Off Loan Refi, Take 2 skip-payment, and Get Paid a Day Early member programs). The digital banking platform comprises iOS and Android mobile apps with mobile deposit, mobile card controls, and Apple Pay/Samsung Pay/Android Pay tokenization, supported by online banking, bill pay, and the CO-OP Shared Branch network for in-person nationwide access. Home mortgage origination is delivered through the strategic partnership with Consolidated Community CU rather than in-house.

Revenue is generated primarily through net interest income on the loan and investment portfolios (auto, mortgage, home equity, credit card, consumer, student), supplemented by fee income on deposit accounts ($28 overdraft/NSF, $20 domestic and $60 international wires, ATM surcharges, and account maintenance), credit card interchange from the Perks Visa program, loan origination and refinancing fees, ancillary service fees (cashier's checks, money orders, check cashing, paper statements), and recurring Kasasa Protect subscriptions. The go-to-market motion combines community-led acquisition (refer-a-friend incentives of $25 for checking and $50 for loans, Annual Meeting, National Night Out, scholarships, Get Away Today and BALANCE partnerships) with direct-to-consumer digital onboarding via online account opening and mobile enrollment. Marketing channels include the eDCU blog with financial literacy content, organic social on Facebook, X, Instagram and YouTube, email newsletter, and community events. Membership remains restricted to Washington State residents and immediate family of current members, with operational reach extending nationally only through shared branching and surcharge-free ATM partnerships.

Name

Evergreen Direct CU

Legal name

evergreenDIRECT Credit Union

Website

https://evergreendirect.org

Company type

Private

Founded year

1954

Operating status

Operating

Headcount range

11–50 employees

Short description

evergreenDIRECT Credit Union is a Washington State-chartered, member-owned credit union serving approximately 4,800+ Washington residents from Olympia and Tumwater with deposit products (Kasasa reward checking, savings, CDs), consumer lending (auto, mortgage via CCCU, home equity, credit cards), and digital banking services.

Ownership category

akta.pro rank

Product category

Retail Banking / Credit Union Services

NAICS

Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending products
• Credit union services
• Deposit accounts
• Mortgage lending

Headquarters

HQ city

Olympia

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue stream from interest charged on auto loans, home mortgages, home equity loans, personal loans, credit cards, and other lending products.
2. Deposit Account Fees: Fees including overdraft fees ($28), returned item fees ($28), wire transfer fees ($20 domestic, $60 international), ATM fees, and account maintenance fees.
3. Credit Card Fees: Fees and interchange income from Perks Visa credit card program.
4. Loan Originations: Refinancing products like 50% Off Loan Refi and partnership with Consolidated Community CU for mortgage originations.
5. Service Fees: Various service fees including cashier's checks ($2), money orders ($2), check cashing ($5), and paper statement fees ($1 per cycle).

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

EvergreenDIRECT Credit Union is a member-owned, not-for-profit financial cooperative that provides personal banking, savings, lending, and credit card products to Washington State residents. Its core offerings include Kasasa reward checking accounts, standard savings/money market/share certificate/IRA accounts, auto and recreational vehicle loans, home mortgages and home equity products, student loans, the Perks Visa credit card, and small-dollar Cash Flow loans, delivered through two branches in Olympia and Tumwater along with online and mobile banking channels.

Product overview

EvergreenDIRECT Credit Union operates as a full-service financial institution offering a comprehensive suite of banking products and services organized around checking, savings, loans, and member services. The core checking portfolio centers on the Kasasa family of reward checking accounts (Kasasa Cash, Kasasa Cash Back, Kasasa Play, Kasasa Eats, Kasasa Saver, Kasasa Protect) which provide cash back, high dividend yields, entertainment refunds, and ATM fee reimbursements tied to account qualification requirements. The DIRECT Checking account provides early direct deposit access. Savings offerings include standard savings, money market accounts, share certificates (CDs), IRAs, youth savings, and prize-linked Save to Win accounts. Loan products span auto loans (including first-time buyer and boat/RV programs), home mortgages (through partnership with CCCU), home equity products (loans and HELOCs), student loans (via LendKey partnership), and consumer credit including the Perks Visa Credit Card. Notable member programs include the 50% Off Loan Refi (refinancing at half the current rate), Take 2 (two free loan payment skips annually), Zogo financial education rewards, Get Away Today vacation discounts, and comprehensive digital banking with mobile deposit and card controls. The credit union serves Washington state residents through online and mobile channels plus physical branches in Olympia, Tumwater, and Lacey.

Differentiator

Problem solved

Functional benefit

Brands

• Kasasa: Free checking accounts that reward members with high dividends, cash back, or refunds on purchases (Kasasa Cash, Kasasa Cash Back, Kasasa Play, Kasasa Eats, Kasasa Saver).
• Perks Visa Credit Card
• Refi 50
• Take 2
• Get Paid a Day Early

Products and services

• Kasasa Cash Checking
• Kasasa Cash Back Checking
• Kasasa Play Checking
• Kasasa Eats Checking
• DIRECT Checking

Quantifiable outcome

• Asset growth from $8 million to $68 million over 32 years (1988-2020)
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

Six partnerships are on record, tiered core and minor.

• CO-OP Shared BranchcoreChannel Partner/ Reseller/ Distributor · 1 May 2025Shared branching network allowing members to conduct transactions at other credit unions nationwide. New IDCheck verification system required for out-of-state shared branch withdrawals.
• ZogominorGTM or Marketing Partner · 22 January 2021Financial education app partnership where members earn gift cards by completing educational modules. Access code: EVERGREEN. Users can earn $5, $10, and $15 gift cards to favorite stores by playing through 300+ financial educational modules.
• Get Away TodayminorGTM or Marketing PartnerTravel partner offering exclusive vacation discounts to eDCU members. Includes Disneyland packages, cruises, Mexico and Hawaii destinations. Named Best of State six years in a row. Part of each package booked by members is donated to Children's Miracle Network.
• Consolidated Community CUcoreStrategic or Co-development PartnerMortgage lending partnership providing conventional loans, FHA loans, VA loans, purchase loans, refinance loans, fixed rate and variable rate mortgages. eDCU partnered with this Oregon credit union to offer full mortgage products to members.
• KasasacoreGTM or Marketing PartnerProvider of reward-based checking account programs including Kasasa Cash, Kasasa Cash Back, Kasasa Play, Kasasa Eats, and Kasasa Saver. Also provides Kasasa Protect identity protection and AudioEye for website accessibility.
• BALANCEminorImplementation/ SI/ Consulting PartnerFinancial counseling and education partnership. eDCU offers free credit check-up services and webinars in association with BALANCE.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Spokane Teachers Credit Union (STCU): Washington-state community credit union similar in origin (founded for a specific employee group) that has grown to community-wide membership. Comparable product offerings and member-owned structure, with broader Washington state field of membership.
• Sound Credit Union: Washington-state based community credit union serving the Puget Sound region. Comparable product mix (checking, savings, auto loans, mortgages) and member-owned structure, with a similar digital banking stack and shared branching network reliance.
• Peninsula Community Federal Credit Union: Washington-state community credit union with similar field-of-membership focus and product breadth. Direct competitor in the same Washington market, particularly for auto loans, deposit accounts, and personal lending.
• WSECU (Washington State Employees Credit Union): Washington state-focused credit union founded by and serving state employees, sharing an almost identical origin story with Evergreen Direct CU (both originally formed to serve state agency employees). Closest analog in terms of mission, field of membership, and community focus.
• TwinStar Credit Union: Pacific Northwest community credit union (Washington state presence) with comparable consumer lending focus, full-service banking products, and member-owned cooperative structure. Operates in overlapping Washington market.
• OnPoint Community Credit Union: Pacific Northwest community credit union headquartered in Portland, Oregon. Direct comparable in size category, mission, and product offering — full suite of consumer lending, deposit products, and digital banking aimed at serving a defined geographic community.
• BECU (Boeing Employees Credit Union): Largest credit union in Washington state with over $30B in assets. Operates the same community credit union business model in the same Washington geography, but at materially greater scale. Direct competitor for Washington residents and employer groups.
• Global Credit Union: Washington-state based community credit union serving the Pacific Northwest. Comparable in scope, product offerings, and member-owned cooperative model; competes directly for Washington residents' deposits and lending business.

Emerging players

• Alliant Credit Union: Large US digital-first credit union with nationwide membership. Provides similar Kasasa-style reward checking and digital banking experience, but competes more on technology and nationwide reach — represents both a competing model and a potential partnership template for Evergreen Direct CU.

Broad incumbents

• JPMorgan Chase (Chase Bank): National retail banking giant with major presence in Washington state. Represents the incumbent large-bank competitor that eDCU positions against on service, fees, and community focus — the primary foil for Evergreen Direct CU's value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/edcu_wa
• YouTubeyoutube.com/channel/UCyrMkW3vj164eJSPSp2wVSQ
• Facebookfacebook.com/evergreendirectcu
• Instagraminstagram.com/evergreendirectcu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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 Evergreen Direct CU