Patelco Credit Union Reaches 500,000 Members
The CU calls the milestone “a testament to its commitment to fueling hope while building financial resiliency and well-being.”
The $9.7 billion Patelco Credit Union recently celebrated the major growth milestone of acquiring its 500,000th member, the Dublin, Calif.-based institution announced Thursday.
“Honoring our founders’ dream continues to remain at the heart of everything we do,” Patelco President/CEO Erin Mendez said in a prepared statement. “This milestone is a testament to our commitment to fueling hope while building financial resiliency and well-being for our growing membership base.”
Patelco was founded 87 years ago in 1936 by a few employees at Pacific Telephone and Telegraph Company (now AT&T). In the announcement, Patelco noted several products and services that helped contribute to its membership growth, including its ScoreUp Credit Builder Loan, which helps people rebuild their credit or establish credit while building their savings; and its LevelUp discount, which rewards members for making consistent on-time loan payments with better interest rates if they don’t qualify for the lowest rate available.
In February 2023, the credit union launched the Patelco Fraud Center, and earlier this year, it revealed that the online fraud-fighting hub for Patelco employees and members had helped the credit union avoid nearly $20 million in fraud losses over a five-month period.
The credit union serves members who live, work, attend school or worship within a 16-county region of Northern California, as well as in the California cities of Bakersfield, Eureka, McKinleyville and Santa Cruz. Membership is also open to members of the Financial Fitness Association; students and alumni of the University of California, Berkeley, San Francisco State University and California State University, East Bay; and those with a family member or roommate who is a member of Patelco. It operates 36 branches throughout California.