While celebrating its 80th anniversary this year, Patelco Credit Union has reached two milestones.
The Pleasanton, Calif.-based credit union said in a news release Thursday that it has reached $5 billion in assets and 300,000 members in 2016.
Patelco last year delivered nearly $39 million in member benefits in the form of fewer fees, lower interest rates on loans, and higher interest rates on savings versus California banks, according to the credit union. These measures have equated to $252 in average savings per member household, about $8 million returned to members on savings, and $28.5 million returned to members on borrowing.
"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," Patelco Chairman Peter Hanelt said in the release. "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."
Founded in 1936 to serve employees of Pacific Telephone and Telegraph Company, Patelco has grown into one of the top one percent of credit unions in the nation, ranking 25th out of 6,150, and the sixth largest in California.
"Our drive to continuously innovate along with our focus on delivering superior value and service, are all key factors to our success," Erin Mendez, president and chief executive of Patelco, said in a statement.
"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."
