Big FOM Expansion Approved for California CU
Yolo FCU expects to positively affect the financial lives of members in areas it wasn’t able to serve until now.
Yolo Federal Credit Union, headquartered in Woodland, Calif., has served members just west of Sacramento in Yolo County since 1954. On Wednesday, the credit union ($418 million in assets, 21,331 members) announced it received approval from the NCUA to expand its field of membership well beyond Yolo County, adding a potential membership base of more than 2.1 million people.
With help from the credit union consulting firm Dollar Associates, LLC, Yolo worked for nearly five months to secure the FOM expansion to El Dorado, Placer and Sacramento Counties. According to the U.S. Census Bureau, the population of the three counties combined is 2,106,521. This includes the entire Sacramento metro area.
The goal of the FOM expansion into these markets “is to provide a wide array of affordable financial products and services, and financial education resources to all residents, organizations and businesses of the area.” Yolo officials said they believe they can positively impact the lives of this new membership base, as well as reach underserved and unbanked people who were not able to join the credit union, until now.
“We are excited and welcome the opportunity to serve residents of El Dorado, Placer and Sacramento Counties,” Yolo President/CEO Jenee Rawlings said. “Yolo FCU has been voted the top credit union in Yolo County for 22 years, and we look forward to extending our commitment to service to the greater Sacramento area with this approval.”