Technology Credit Union in San Jose, California, completed its first out-of-state expansion with a virtual branch in Idaho that will be followed soon by a brick-and-mortar location.
The $4.3 billion-asset credit union said the virtual branch allows members to receive the same high-touch, personalized face-to-face banking experience they typically receive in person.
"We're excited to open our virtual branch in Idaho and formally expand outside our borders for the first time," Todd Harris, the chief executive, said in a press release. "Treasure Valley, and Boise in particular, have been a goal of ours for several years now. It is a burgeoning technology hub with a rapidly growing population, and a strong concentration of well-respected employers, making it an ideal location for Tech CU."
Tech Credit Union's charter in Idaho allows it to open a branch in Ada and Canyon counties, and its ultimate goal is to have a physical branch in Treasure Valley to serve its members and to help attract new members, a spokesperson said in an email.
"Consumers are used to doing many things virtually now, and banking is no exception," said Robert Reed, the chief retail banking officer. "We've spent the past year and a half refining our virtual branch model across our entire field of membership and are confident we can deliver the same in-person experience our members have come to expect in a virtual way."
Virtual branch customers can talk to a banker about their questions and can take care of the types of transactions typically done at an in-person appointment including credit card and loan requests, account or debit card issues, savings/CD requests and more.
Technology Credit Union earned $33.5 million in the first six months of 2022, a 13% decrease from a year earlier, according to call report data from the National Credit Union Administration.
