Bay Federal Credit Union tops $1 billion in assets

Bay Federal Credit Union in Capitola, Calif., has reached $1 billion in assets.

The institution said on Thursday that it achieved that asset level on March 31. Bay FCU serves almost 77,000 members across Santa Cruz, Monterey and San Benito counties.

“This is a wonderful milestone for our membership and our staff,” Bay FCU’s President and CEO Carrie Birkhofer said in a statement. “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.”

Coast-Tel Federal Credit Union of Salinas, Calif., merged into Bay FCU in mid-January. Coast-Tel had $20 million in assets and about 3,200 members.

Bay FCU posted net income of about $9.8 million in 2018, a 20.5% increase over the prior year. Total interest income jumped more than 12%, to $33.1 million, from 2017 to 2018.