Named Third Top Performing Credit Union in the U.S. and no. 1 in California by S&P Global Market Intelligence
SAN JOSE, Calif., May 23, 2018 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) announced that it has surpassed 100,000 members — indicating growth of 20 percent since 2017. The milestone comes on the heels of the company’s recent ranking by S&P Global Market Intelligence as the third top performing credit union in the country (in its asset class), and the no. 1 best performing credit union in California. The report ranked the nation's credit unions using five core financial performance metrics: member growth, market growth, operating expense as a percentage of operating revenue, net charge-offs as a percentage of average loans and delinquent loans as a percentage of total loans.
“It is our very great privilege to serve our members, who have many options when it comes to choosing a financial institution,” said Todd Harris, CEO of Tech CU. “Success, however, is best when shared with others. We have accomplished this by eliminating several fees, increasing deposit rates and providing $932 million in loans (the most ever) to members.”
Tech CU attributes its growth in membership, loans and assets to a number of new initiatives introduced over the past several years, including a solar lending program, which pays homage to the credit union’s roots in technology, by supporting clean energy technology.
Other key 2017 milestones include:
- Launching Card Manager, allowing Tech CU credit and debit card holders to manage spending and control fraud.
- Adding Google Pay and Samsung Pay to payment support options.
- Introducing cash management services to our commercial and business members.
- Implementing a true “next generation” mortgage origination system with the highest levels of convenience and security.
- Expanding our SavvyMoney services to include a full credit report, in addition to credit scores and credit monitoring. SavvyMoney is offered to all members for free.
“There is a saying I like, and often quote to my colleagues, ‘With success, comes greater challenges.’ By just about every standard you can think of, 2017 was a remarkably successful year,” said Harris. “Our challenge and our opportunity is to build upon this success — providing an ever better experience and more value to our members.”
ABOUT TECH CU
Tech CU (Technology Credit Union) is a $2.5 billion credit union, making it one of the 20 largest credit unions in California. It serves more than 100,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. As a federally insured not-for-profit organization, instead of maximizing profits to pay company stockholders, we invest our resources to deliver lower rates, outstanding service and member benefits. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today we continue to be an industry leader, providing convenient and easy-to-use financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. In 2018, Tech CU was named the best performing credit union in CA, and third top-performing credit union in the U.S. among 538 credit unions by S&P Global Market Intelligence. To learn more, please visit: www.techcu.com.
Contact:
Linden Kohtz
Public Relations, Tech CU
lkohtz@techcu.com