Police Credit Union’s new name reflects expanded FOM
The institution formerly known as SF Police Credit Union has changed its name to the Police Credit Union after a field-of-membership expansion.
The new name was chosen to “represent the credit union’s ability to welcome new law enforcement departments, related agencies and their families throughout the state of California,” the $920 million-asset institution said in a press release. Police CU is headquartered in the San Francisco suburb of San Bruno, Calif., and the rebrand was effective on Monday.
“Healthy, sustainable growth enables us to stay viable in the face of ongoing pressures that are the reality of the financial services sector today, including market volatility, intense competition, rapidly-changing regulatory mandates and more,” Stephen Tacchini, chairman of the CU’s board, said in the press release.
According to Tacchini, the expanded FOM will bring the credit union a “strong, stable income sources, as well as an increased asset base,” allowing it to achieve cost efficiencies that generate healthy earnings.
“This ensures we have the resources and capital to continue to serve a membership comprised exclusively of law enforcement professionals, their families and related associations in the years to come,” Tacchini added.
Eddie Young, the CU’s president and CEO, said the decision to request an expanded FOM was made after “extensive” research found police agencies throughout California “trust our reputation, value and service, and would welcome the opportunity to join our credit union.”
The credit union was founded in 1953 by a group of San Francisco police officers. Today it serves more than 41,000 members comprised of law enforcement personnel, their civilian co-workers, employees of related associations and their families.