Member News

April 21, 2016

PLEASANTON, Calif., — As Patelco Credit Union celebrates its 80th year serving Bay Area communities, it brings a focused commitment to helping members save for the future. By delivering nearly $39 million dollars in member benefits last year in the form of fewer fees, lower interest rates on loans, and much higher interest rates on savings (versus California banks), Patelco is helping to put its members on a solid path to debt reduction and increased savings.

As a testament to the success of its programs, the credit union grew to 300,000 members and $5 billion in assets during the first quarter of 2016. In addition, while the U.S. economy continues to recover, Patelco has rebounded to be among the top one percent of U.S. credit unions, ranking 25th out of the nation’s 6,150 credit unions, and the sixth largest in California

“In reaching some key milestones, we are reenergized, focused on savers, and taking action to help members build more financial stability,” said Erin Mendez, President and CEO. “Our drive to continuously innovate along with our focus on delivering superior value and service, are all key factors to our success.”

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 has 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.

In addition, Patelco donated $232,000 and 528 volunteer hours to empower local communities through financial workshops and seminars for members and at local nonprofits and colleges, as well supporting the Children’s Miracle Network, Patelco Sports Complex, Habitat for Humanity and local and regional food banks.

“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,” said Peter Hanelt, Patelco’s Board Chairman. “Our growth reflects our commitment to supporting members, and doing what is right to help them meet their financial goals.”

About Patelco Credit Union
Patelco was founded in 1936 with $500 in assets to serve employees of the Pacific Telephone and Telegraph Company, which is now part of AT&T. Patelco is in the top 1 percent of U.S. credit unions, ranking 25th in the nation and the 6th largest in California with more than $5 billion in assets and 300,000 members. Throughout its 80-year history, Patelco has helped people and their communities prosper through superior value and personalized service that focuses on building the financial health and well-being of those it serves. Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products and services as large banks.