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Utilities Employees CU Capitalizes on Branchless Model

The $1.1 billion credit union expands its virtual business model to eliminate brick and mortar branches.

By Tina Orem | Updated on May 08, 2016

Technology has forced many members of the credit union industry to ponder the fate of the branching model, but few have been as bold as Patricia Zyma, president/CEO of Utilities Employees Credit Union. Her $1.1 billion credit union, headquartered in Wyomissing, Penn., has altogether abandoned the notion that branches are a required part of every credit union’s existence or success.

From its beginnings in 1934, UECU has followed a virtual business model, serving its 44,000 members nationwide from a single headquarters building near Reading, Penn., which lies between Philadelphia and Harrisburg, Penn. Its savings and lending products were relatively limited until the mid-1980s, when UECU began expanding its product offerings; it became a full-service credit union in 2002, according to Zyma.

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Tina Orem

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