SAN JOSE, Calif., March 25, 2019 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) announced today it was named the third best-performing credit union among 552 credit unions in the U.S. by S&P Global Market Intelligence, a leader in multi-asset class research data and insight. This is the second year in a row the credit union received this ranking. Tech CU is the only one of the top 3 from last year, to make the top 3 list again this year. The credit union also maintained its no. 1 ranking in California. The report ranks 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.
“We’re thrilled to be ranked no. 3 in the US for the second year in a row,” said Todd Harris, CEO of Tech CU. “This is a testament to our team’s hard work, ability to execute and strategic decisions we’ve made over the past few years. I want to congratulate everyone at Tech CU on their great work.”
To determine who is included on the list, each company’s standard deviation from the industry mean is calculated for the five-ranking metrics, equally weighted, and then added together to calculate a performance score. To help normalize the data and mitigate the impact of outliers, caps and floors were applied to each metric. To be eligible for the ranking, a credit union had to report more than $500 million in total assets and a net worth ratio of at least seven percent as of December 31, 2018. Based on these criteria, 552 credit unions qualified for ranking. Data was compiled as of March 20, 2019.
About Tech CU
Tech CU (Technology Credit Union) has assets in excess of $2.7 billion, making it one of the 20 largest credit unions in California. It serves more than 110,000 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 2019, Tech CU was named the best performing credit union in CA, and third top-performing credit union in the U.S. among 552 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