HISTORY

Robert J. Handy, a Seattle journalism and math teacher, was the originator of the shared values that hold our alliance of companies together today. Handy founded School Employees Credit Union of Washington and PEMCO Insurance, and he was instrumental in Evergreen Bank's charter.

Excited by the prospect of creating a financial institution with a heart, Handy was one of the first to take advantage of the credit union concept in Washington. In 1936, just three years after the Washington Legislature authorized credit unions, he founded Seattle Teachers Credit Union (now School Employees Credit Union of Washington).

To supplement his income, Handy worked for a general insurance agency owned by a friend. He'd sell auto insurance to educators who came to the credit union for new car loans. In 1949, Handy founded Public Employees Mutual Insurance Company (PEMIC, changed to PMIC in 1989) to offer residence fire and burglary insurance and automobile collision, comprehensive, fire, and theft insurance.

To raise the $400,000 in capital required by the state to start a company at that time, Handy started another company, Public Employees Mutual Casualty Company (PEMCO). He sold PEMCO Corporation bonds to fellow teachers. With the money raised from the bond sales, PEMCO Corporation bought guaranty bonds issued by PEMCO Insurance.

In 1950, Handy incorporated PEMCO to write liability insurance. In 1977, PEMCO merged into PEMIC after a change in state law no longer required separate companies for property and liability insurance.

In 1963, Handy started PEMCO Life Insurance Company to sell low-cost life insurance to credit union members.

In 1970, a study showed that PEMCO's location on Eastlake Avenue met a major state requirement ? there wasn't a commercial or branch bank within 40 square blocks around the location. Handy liked the idea of adding a bank to the credit union and insurance company to serve those companies and neighbors in the Cascade and Capitol Hill areas. In 1971, the state issued a charter for Teachers State Bank. The name was changed to EvergreenBank in 1980.