Patelco shares keys to its success in achieving milestone triad of reaching 300,000 members and $5 billion in assets during its 80th year
DUBLIN, CA (April 21, 2016) — While the U.S. economy continues to slowly recover, Patelco Credit Union has rebounded to be among the top one percent of credit unions in the nation, ranking 25th out of the nation’s 6,150 credit unions, and the sixth largest in California. As Patelco celebrates its 80th year serving Bay Area communities, it also celebrates reaching two other outstanding milestones: It has grown to 300,000 members and $5 billion in assets.
Although Patelco’s assets have been steadily increasing for some time, “The journey toward the $5 billion mark has been a thoughtful and purposeful one, focused on delivering high member value while keeping a strong balance sheet,” explained Peter Hanelt, Patelco’s Board Chairman. “Patelco’s history of delivering superior value, combined with our ongoing commitment to improving the financial health of our members and the communities we serve, are the driving factors of our continued growth.”
Additional growth factors include the spirit of innovation Patelco brings to its outstanding product offerings, with a focus on member savings and debt reduction. In 2015 alone, Patelco delivered nearly $39 million dollars in member benefits in the form of fewer fees, lower interest rates on loans, and higher interest rates on savings versus California banks. That equated to $252 in average savings per member household. About $8 million was returned to members on savings, and $28.5 million returned to members on borrowing.
Several of Patelco’s tools and resources are geared toward helping members save by delivering higher interest rates. These include a highly competitive, reverse tier money market account that pays higher interest rates on lower balances, and promotional, two-year and three-year rising-rate certificates/IRAs that automatically increase once annually (even if rates are stagnant).
For members seeking to pay down debt and free up additional savings, Patelco implemented the Timely Repayment Incentive Program (TRIP) which lowers loan rates after 12 monthly, on-time payments; launched an overdraft protection line of credit to buffer members from fees; and dropped select credit card rates between 200 to 800 basis points.
“Our drive to continuously innovate along with our focus on delivering superior value and service, are all key factors to our success,” indicated Erin Mendez, President and CEO. “Achieving these milestones is a momentous time for our organization. As we celebrate our 80th year, we are reenergized, focused on savers, and taking action to help members build more financial stability.”
About Patelco Credit Union
Dublin, Calif.-based Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and well-being of its membership. With more than 400,000 members, primarily in and around northern California, Patelco is committed to improving its members’ financial well-being and fueling hope and opportunity for its members by offering personalized solutions, advice, and expertise that empower them to achieve personal financial freedom. Founded in 1936 with $500 in assets by employees of the Pacific Telephone and Telegraph Company, Patelco is in the top one percent of U.S. credit unions with more than $8.9 billion in assets. For more information, visit https://www.patelco.org/.
