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December 5, 2017
1st United Credit Union has achieved $1 billion in assets – and we couldn’t have done it without our members. This announcement coincides with the celebration of the Credit Union’s 85th year in business.
“To achieve the $1 billion milestone and remain financially sound and stable, it’s necessary to adjust business strategies amongst an ever-changing economy,” said Steve Stone, Chief Financial Officer for 1st United Credit Union. “We are grateful to our members for continuing to put their trust in us all these years. We couldn’t have accomplished this success without them.”
1st United has come a long way since their humble beginnings when a group of Alameda County Employees formed a financial co-op during the Depression to serve the needs of their community who were struggling to get loans from the big banks. This co-op eventually became 1st United Credit Union.
The 59,000-member not-for-profit credit union is now ranked in the top five percent of U.S. credit unions based on asset size. Additionally, 1st United ranks as number 13 on Callahan & Associates’ Return of the Member (ROM) index for California’s 328 credit unions, demonstrating how well the financial institution benefits its members. The ROM index weighs aspects such as the credit union’s rates compared to its competitors, how many products and services the credit union offers, and how many members utilize these products.
“As a member-owned cooperative, we pledge to continue to reinvest in the Credit Union to secure its future success for our members,” said Steve. “Helping them to achieve their financial dreams through great products and even better service remains our top priority.”