Bay Federal Credit Union grows to $1 billion in assets
CAPITOLA, CA (May 2, 2019) — After more than 60 years, Bay Federal Credit Union, Santa Cruz County’s largest locally-owned financial institution, has officially hit $1 billion in assets. The credit union achieved that milestone on March 31, 2019.
Bay Federal started in 1957, when eight teachers, believing in the philosophy of “People Helping People,” applied for a credit union charter. The credit union changed its name to Santa Cruz County Schools Credit Union in 1979 before changing its name to Bay Federal in 1983. In 1997, Bay Federal was granted a community charter allowing all people who live, work, worship, and attend school in Santa Cruz County to join.
The credit union now serves nearly 77,000 members and 1,200 local businesses throughout Santa Cruz, Monterey, and San Benito counties.
“This is a wonderful milestone for our membership and our staff,” said Bay Federal President and CEO Carrie Birkhofer. “I am so proud of our organization and look forward to continuing our legacy of making a real difference to the people of Santa Cruz, Monterey, and San Benito counties in the years ahead.”
Bay Federal has invested heavily in technology for its membership, with a robust and top-of-the-line online and mobile banking solution. It also recently remodeled its Santa Cruz branch, is in the process of moving the Aptos location to Rancho Del Mar Center, and completed the legal merger with Coast-Tel Federal Credit Union in Salinas, CA.
The credit union offers varied products such as home loans, auto loans, investment services, deposit accounts, and credit cards. Bay Federal also has an award-winning employee volunteer program in which employees donate their own money or volunteer their time for numerous events and organizations throughout the area.
Bay Federal has also been honored as a “Best Places to Work in the Bay Area” for five consecutive years. The credit union’s other awards include being selected as a Best Credit Union to Work For by Credit Union Journal; Best of Santa Cruz – Best Credit Union by Good Times; and a Swellie for Best Credit Union from Santa Cruz Waves Magazine.
Every year, Bay FCU employees choose a local non-profit to support with a silent auction, and in March of this year, they surprised Pajaro Valley Shelter Services (PVSS) with a check for $11,050! PVSS uses a proven model to lift local women, children, and families out of homelessness in the community.
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit, community development financial institution that serves over 80,000 members and 2,400 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $1.5 billion in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County, serving its members and the community since 1957. Bay Federal Credit Union has an award-winning employee volunteer program in which employees have given their own money and volunteer for numerous local schools, nonprofit organizations, and community events each year.