Inside Kitsap Credit Union’s Member-First Business Model
Since its founding in 1934, Kitsap Credit Union has stood as a beacon of financial empowerment and community support across Western Washington. Born out of necessity during the Great Depression, the credit union was created by seven shipyard workers at the Puget Sound Naval Shipyard who pooled just $34 to start what was then called the Navy Yard Metal Trades Credit Union. Their vision was clear: to create a cooperative where working individuals and families could access fair, affordable financial services in a member-first environment.
“We were founded in 1934, during a time when many working individuals and families lacked access to fair, affordable financial services,” said Shawn Gilfedder, President and Chief Executive Officer of Kitsap Credit Union. “Our mission was simple: serve those underserved by traditional financial institutions, guided by the principle of ‘people helping people’.”
From its modest beginnings on the Navy base, Kitsap Credit Union has grown to serve more than 160,000 members and manage $2.4 billion in assets across Western Washington. But while its size and services have expanded, its commitment to community remains at the heart of everything it does.
“Kitsap Credit Union was created to fill a critical gap in access to affordable credit and secure savings,” Gilfedder explained. “Traditional financial institutions often overlooked low-income workers who lived paycheck to paycheck. The credit union stepped in as a trusted, mission-driven partner.”
That mission has evolved to meet the challenges of the modern era, including the need for digital banking. Today, more than half of the credit union’s members actively engage with its digital platform, which provides secure, convenient, and personalized tools for managing finances.
“Whether it’s applying for a loan, depositing a check, or getting financial guidance, our mobile and online services make banking easier and more accessible—while preserving the personal connection we’re known for,” Gilfedder said.
Kitsap Credit Union’s commitment to community impact is just as robust as its digital transformation. In 2024 alone, the credit union and its KCUCares Foundation sponsored 147 community events and contributed $734,000 in philanthropic donations. Notable initiatives included a partnership with Home Team Harvest, which helped provide 24 million meals to families in need.
“For over 92 years, Kitsap Credit Union has been more than just a financial institution—We’ve been a committed community partner, actively working to improve the lives of those we serve,” Gilfedder said. “Whether or not someone is a member, our presence benefits the broader community through initiatives focused on food security, housing needs, and financial wellness.”
Education is also a major focus. In 2024, Kitsap Credit Union’s online financial wellness resources reached more than 27,000 users, while its in-school programs educated over 7,000 students across four counties.
Looking ahead, Kitsap Credit Union plans to deepen member relationships, expand access to financial resources, and grow alongside the communities it serves.
“We’re committed to helping our members succeed, strengthen the local economy, and providing reliable support to help people make the most of life’s opportunities, both today and in the years to come,” Gilfedder said.
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