WYOMISSING, Penn. – Utilities Employees CU, which bills itself as a “virtual” credit union because the majority of its transactions are conducted online, has hit the $1-billion mark in assets.
Few of the credit union’s members have ever stepped inside its headquarters. For more than 75 years, Utilities Employees CU has operated without a branch system, initially handling its long distance transactions by mail. Today, UECU said it has “prospered in a digital age” where members can manage their accounts 24 hours a day through online home banking and other electronic services, or by phone.
“Our operating expenses are consistently less than half those of the typical credit union our size,” said Glen Yeager, president of the credit union. “We have developed a virtual business strategy that allows us to run efficiently and return profits to our members, while providing a superior level of personal service.”
The credit union was chartered in 1934 to serve employees of Energy People Connect, an association for individuals currently employed or pursuing employment in the energy industry. It now serves 600 select groups and has doubled in size since 2006, growing from $504 million in assets to more than $1 billion. Its staff has only expanded from 74 to 90 employees. By comparison, the credit union said, traditional billion-dollar credit unions typically dedicate resources to maintain numerous branch locations and employ 250 to 300 staff to operate them.
