Sacramento Credit Union

Last updated
Sacramento Credit Union
Type Cooperative
Industry Banking
Founded1935
Headquarters Sacramento, California
Key people
Bhavnesh Makin, President/CEO
Total assets $558 million [1]
Number of employees
100
Website www.sactocu.org

Sacramento Credit Union (SCU) is a full service credit union in Sacramento, California. The credit union was founded in 1935, and is licensed by the State of California and is federally insured up to $250,000 per account by the National Credit Union Share Insurance Fund.

Contents

History

Sacramento County Employees' Credit Union opened in 1935 in an abandoned church building located at 715 Seventh Street. Both quarters and staff were shared with the Southern Pacific Employees' Credit Union to reduce operating expenses. At the time, credit unions offered members the services of saving and borrowing money. By 1945, the SCU membership had grown to 289 members, and annual profits were reported as $458.00. In the early 1970s, property was purchased, and the present day main office was constructed at 800 H Street.[ citation needed ]

The field of membership continued to grow, eventually extending beyond the County of Sacramento employment group, so the company changed its name to Sacramento Credit Union in 1985. Shortly thereafter, SCU was selected by the Sacramento Metro Chamber of Commerce to provide credit union services to their membership.[ citation needed ]

Sacramento Credit Union is governed by a Board of Directors that establishes and reviews policy. The Directors are also credit union members, elected by the membership and serving on a voluntary basis. The Supervisory Committee, independent of the Board of Directors, oversees the safety and soundness of the credit union. This committee is elected in the same manner, also serving without pay.[ citation needed ]

Sacramento Credit Union maintains the standards of a traditional member-owned cooperative while providing modern products and technology. The credit union is a full service financial institution offering personal service through its branch network and the convenience of banking via a vast ATM network, as well as online banking.[ citation needed ]

Related Research Articles

Rabobank Dutch banking and financial services company

Rabobank is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation, and many specialised international offices and subsidiaries. Food and agribusiness constitute the primary international focus of the Rabobank Group. Rabobank is the second-largest bank in the Netherlands in terms of total assets.

The United Services Automobile Association (USAA) is a San Antonio-based Fortune 500 diversified financial services group of companies including a Texas Department of Insurance-regulated reciprocal inter-insurance exchange and subsidiaries offering banking, investing, and insurance to people and families who serve, or served, in the United States Armed Forces. At the end of 2020, it had more than 13 million members.

Fiona Ma 34th California State Treasurer

Fiona Ma is an American accountant and politician. She has been serving as the California state treasurer since January 7, 2019. She previously served as a member of the California Board of Equalization from 2015 to 2019, the California State Assembly (2006–2012), and the San Francisco Board of Supervisors (2002–2006).

The Ohio Credit Union System is an Ohio-based American trade association for credit unions. The Ohio Credit Union System is composed of the Ohio Credit Union League, the Ohio Credit Union Foundation, OCULPAC, and OCUL Services Corp., a service & solutions supplier for credit unions. OCUS credit unions have over 2.6 million members and $16.9 billion in deposits and include both federal credit unions and credit unions chartered by Ohio.

SchoolsFirst Federal Credit Union is a federally chartered credit union that serves the educational community in California. It is headquartered in Tustin, California and has branches throughout California. Before April 14, 2008, it was named Orange County Teachers Federal Credit Union, or OCTFCU.

Security Service Federal Credit Union

Security Service Federal Credit Union (SSFCU) is federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $9.8 billion in assets and more than 925,000 members, Security Service Federal Credit Union operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.

Delta Community Credit Union is a credit union headquartered in Georgia, a state in the United States. Delta Community Credit Union has $8.5B in assets and more than 430,000 members. USA Credit Unions has ranked Delta Community as among the top 25 largest credit unions in the U.S. Members include residents in 16 Atlanta metro area counties. The credit union serves the following companies: Delta Air Lines, Chick-fil-A, RaceTrac and UPS. As a not-for-profit credit union, their earnings must be returned to their members. According to Credit Unions Online, "the largest credit union in Georgia is Delta Community Credit Union...". Delta Community is a state-chartered credit union organized under the Georgia Department of Banking and Finance and federally insured by the National Credit Union Share Insurance Fund. There are 30 branch offices. It is a member of CO-OP, formerly known as CU Service Centers, a nationwide cooperative that has 3,500 member credit unions with +5,000 branches.

Steinbach Credit Union

Steinbach Credit Union (SCU) is a Canadian co-operative financial institution and formerly the country's largest single branch credit union. Founded in 1941, it is now the largest credit union, by total assets, in the province of Manitoba and the eighth largest in the country. By March 2015, SCU had assets of $4.25 billion CAD and a membership base of over 91,000. SCU's total assets reached $5.45 billion CAD in December 2017. As of 2020, its assets now exceed $7.45 billion in CAD and membership is approximately 98,200.

Credit unions in the United States

Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019, there were 5,236 credit unions with 120.4 million members, and deposits of $1.22 trillion.

Altura Credit Union California financial institute

Altura Credit Union (Altura) is the largest credit union headquartered in Riverside County, California, with over 150,000 members and assets in excess of $2 billion. As a federally insured, state-chartered financial institution, Altura operates 19 full-service branches and its deposit assets are insured by the National Credit Union Share Insurance Fund (NCUSIF). Altura offers a wide range of financial products and services that include checking and savings accounts, new and used auto loans, commercial and residential mortgage loans, and wealth management services. Altura's banking platform includes online banking, mobile banking, web bill pay, and online/mobile loan applications. Altura also belongs to the CO-OP shared branching network, which provides its members with fee-free access to over 5,200 branches and more than 30,000 ATMs.

Stanford Federal Credit Union

Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. It provides banking services to the Stanford community. Stanford FCU has over $3.6 billion in assets and serves over 80,000 members.

Firstmark Credit Union Credit union in San Antonio, Texas

Firstmark Credit Union is a federally insured, state-chartered, member-owned, not-for-profit financial cooperative. The credit union was founded by educators in 1932, and changed its name to Firstmark Credit Union in October 2002. Serving over 100,000 members and managing assets of more than US $1 billion, the Credit Union is the fourth largest in San Antonio, Texas’. With eleven financial centers(including the acquisition of Southside Credit Union and St. Joseph's Credit Union), the Credit Union offers a full range of financial products and services, both personal and commercial. Firstmark Credit Union is community-chartered. Membership is open to anyone who lives, works, worships or attends school in include all counties contiguous to Bexar County and Gillespie County. Under new field of membership, Firstmark has grown full community membership from 8 counties to 21 counties; Kerr County, which is contiguous to Gillespie County, is being added as the one county where Firstmark did not previously have any field of membership included in its bylaws. These new membership qualifications make it easier for individuals in these communities to become members of Firstmark Credit Union.

Tropical Financial Credit Union

Tropical Financial Credit Union (TCFU) is a member-owned credit union that was chartered in 1935 and is headquartered in Miramar, Florida. TFCU is regulated under the authority of the National Credit Union Administration (NCUA).

Lafayette Federal Credit Union, is a credit union headquartered in Rockville, Maryland, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. Federal government. As of March 2022, Lafayette Federal had over US$1.42 billion in assets, and over 51,000 members.

Wright-Patt Credit Union

Wright-Patt Credit Union (WPCU) is a US credit union or financial cooperative headquartered in Beavercreek, Ohio. The credit union was originally headquartered in Fairborn, Ohio; however, it relocated in early 2014. WPCU is registered as a state-chartered type credit union, is the largest member-owned credit union in Ohio, and is one of the 50 largest credit unions in the United States. As of February 2022, WPCU has over $7.1 billion in assets, and over 446,000 members. WPCU is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States. Deposits with Wright-Patt Credit Union are insured to $250,000.

First Entertainment Credit Union

First Entertainment Credit Union is a state-chartered, natural person (retail) credit union – a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Headquartered in Hollywood, California, First Entertainment Credit Union is regulated under the authority of both the California Department of Financial Institutions (DFI) and the National Credit Union Administration (NCUA), an agency of the U.S. federal government.

Telhio Credit Union

Telhio Credit Union or Telhio is a US Credit union or financial cooperative headquartered in Columbus, Ohio. Telhio is registered as a state-chartered type credit union and is the fifth largest credit union in Central Ohio. As of December 2020, Telhio has approximately $947Mil in assets, and 52,569 members. Telhio is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States up to $250,000. Additionally, Telhio carries ESI Insurance, which insures personal accounts an additional $250,000, for a total of $500,000 in deposit insurance.

Kingston Community Credit Union

Kingston Community Credit Union Limited. is a Canadian credit union, formed in 1957 as the Kingston Municipal Employees Credit Union, and became a full service community open bond credit union in 1974 having merged with the Teamsters Credit union and The Kingston General Hospital Employees Credit Union which provides full daily banking services, loans and mortgages, investment services and business banking. At the close of 2014 KCCU had CN$140 million in assets and approximately 13,000 members. It has 4 branches in Kingston.

California Coast Credit Union is the longest-serving credit union in San Diego County, headquartered in San Diego, California. As of Q3 of 2020, it had more than $3.0 billion in assets, over 192,000 members, 26 branch locations and 540 employees

Tri Counties Bank Bank headquartered in Chico, CA

Tri Counties Bank is a financial institution headquartered in Chico, California, which constitutes the consumer and business banking subsidiary TriCo Bancshares. The first branch opened in 1975 with 11 employees and $1 million in capital to serve the Butte, Glenn, and Tehama counties, giving it its name. As of 2021, the bank has over 75 branches in California, over 37,000 ATMs nationwide, and total assets of approximately $8 billion. A 2021 survey published in Forbes magazine of "America’s Best In-State-Banks" ranked Tri Counties Bank as #2 in California.

References

  1. As of June 30, 2020. "Financial Performance Report". National Credit Union Administration . Retrieved June 15, 2012.