Golden 1 has reached a milestone that only five other credit unions nationwide have crossed.
The Sacramento, Calif.-based company announced this week that it has reached $10 billion in assets. Established 80 years ago, Golden 1 Credit Union is the leading credit union in California and the sixth largest in the nation.
The $10 billion-asset mark allows Golden 1 to benefit from economies of scale to advance its financial products and services for its more than 780,000 members across California, the credit union said in a press release this week. The milestone also means the credit union will face direct regulation from the Consumer Financial Protection Bureau.
Since 2014, Golden 1 has provided members with more than $3 billion in auto financing and more than $1.6 billion in home loans and home equity lines, according to the credit union. In the past three years, home loans grew by 51% and auto loans spiked 130%, while membership has risen 22%.
"Our growth is a testament to the credit union difference and we will continue to communicate the many benefits of joining a not-for-profit financial institution," Donna Bland, president and chief executive of Golden 1, said in the release.
