Meriwest Credit Union generated a $108 million impact in local community
2016 economic impact project
SAN JOSE, CA (April 12, 2017) — Meriwest Credit Union participated in a 2016 year-long project, commissioned by the California and Nevada Credit Union Leagues (CCUL) in conjunction with ECONorthwest, to measure the economic impact that credit unions are making in their local communities. Credit unions’ combined ripple effect in the broader economy can’t be ignored as their financially cooperative, not-for-profit model reinvests local dollars back into local economies.
Meriwest Credit Union generated a $108 million impact within its local community in 2016. This supported 660 local jobs and also produced $10.2 million in member benefits. These benefits represent the amount members saved by choosing a credit union over another financial institution. Credit unions, because of their not-for-profit, cooperative structure, are uniquely positioned to deliver benefits and savings to their members.
“One of Meriwest’s core values is we are a community of people helping people,” said Julie Kirsch, President and CEO. “It’s rewarding to see the economic impact of those efforts and the benefits our members receive by choosing us for their financial needs”.
California credit unions generated a substantial $17-billion economic impact to the state economy in 2016, according to a first-ever report of its kind that details jobs created, economic contributions, benefits to members, and community lending.
“In addition to making a substantial economic impact in the communities they serve, this information reaffirms credit unions’ efforts to empower their members by helping them make wise financial decisions,” said Diana Dykstra, president and CEO of the California Credit Union League.
About Meriwest Credit Union
Founded in San Jose, California on May 5, 1961, Meriwest Credit Union, one of Silicon Valley’s largest and most established financial institutions, provides proactive, personal, convenient, and innovative financial services to over 80,000 families and businesses throughout the San Francisco Bay Area and Pima County, Arizona. Meriwest, with assets in excess of $2.2 billion, offers a wide array of personal banking, business banking, and wealth advisory products and services to members. The credit union was voted “Best Credit Union in Silicon Valley” in this year’s Mercury News’ 21st Annual ‘Readers’ Choice Awards’ and a “Best Place to Work” by the Silicon Valley Business Journal 2020 through 2023. More information can be found at www.meriwest.com.
About The Leagues
The California Credit Union League and the Nevada Credit Union League are the trade associations for credit unions in both states. They serve more than 286 credit unions in California and Nevada with more than 9.8 million members with more than $148 billion in assets.
