Tech CU Crosses Border Into Idaho – Virtually

Technology Credit Union has opened its first branch for members outside California – or at least virtually.

Tech CU, based in San Jose, Calif. ($4.3 billion, 159,733 members), announced on Oct. 14 the opening of a new virtual branch for Boise, Idaho and elsewhere in the southwest Idaho. This won’t count as a new physical branch, but Tech CU President/CEO Todd Harris said it marks the first expansion outside the credit union’s traditional borders.

“Treasure Valley, and Boise in particular, have been a goal of ours for several years now,” Harris said in a news release. “Not only are the people who live there super friendly, but 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 CU had 10 branches as of June 30, reflecting no changes in the past year. Nine of its branches are in the Silicon Valley: Seven in San Jose and elsewhere in Santa Clara County and two in neighboring Alameda County. Its single outpost has been in San Francisco County.

A Tech CU news release said the virtual branch is designed to provide members “the same high-touch, personalized face-to-face banking experience they typically receive in person, from the comfort of their homes.”

Members can set up an appointment to talk with a virtual banker Monday through Saturday as early as 30 minutes from the time of scheduling online. They can make credit card and loan requests, resolve account or debit card issues, make savings requests and other handle other banking issues.

“Consumers are used to doing many things virtually now, and banking is no exception,” Robert Reed, Tech CU’s chief retail banking officer, said. “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.”

NCUA data showed credit unions have been expanding branches in the west and south faster than elsewhere in the country. Idaho had 242 branches as of June 30, a net increase of four in the previous year and up by 13 since March 2020.

Asked by CU Times, “Why Idaho, why now?” Harris responded by email Wednesday that the answer goes back to the credit union’s Silicon Valley roots.

A significant number of Tech CU members are tech professionals, he said. And technology companies continue to expand in other areas, including Seattle, Portland, Austin and southwest Idaho. According to Wikipedia this area is called the Lower Snake River Valley, but it was also dubbed “Treasure Valley” by business leaders in 1959.

“We’ve found that many members tend to move with their employers,” Harris said. “It is not uncommon for us to have a member that has lived in multiple technology centers over the past 10 years.”

“Realizing our membership is mobile – relative to technology-centric markets – it makes sense for us to have a presence in those types of geographies,” he said. “After doing a lot of research, taking a look at the competitive landscape, and reviewing market opportunities, we knew Treasure Valley would be a good market for our first expansion outside of California.”