SAN JOSE, Calif.– Tech CU announced it has surpassed 100,000 members — indicating growth of 20% 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 credit union noted.
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 said it 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:
* Launch of Card Manager, allowing Tech CU credit and debit card holders to manage spending and control fraud.
* Addition of Google Pay and Samsung Pay to payment support options.
* Introduction of cash management services to our commercial and business members.
* Implementation of a true “next generation” mortgage origination system with the highest levels of convenience and security.
* Expansion of its 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.”