San Jose, Calif.-based Technology Credit Union marked a significant milestone recently, surpassing 100,000 members — a 20 percent increase since 2017.
The $2.5 billion-asset credit union was already named the No. 3 top-performing credit union in the country (in its asset class) by S&P Global Market Intelligence, and the No. 1 performing CU in California.
Tech CU attributed membership, loan and asset growth to a variety of new initiatives unveiled in recent years, including solar energy lending, mobile payment (including Google Pay), a revamped mortgage origination system and more.
“It is our very great privilege to serve our members, who have many options when it comes to choosing a financial institution,” said Todd Harris, CEO of Tech CU. “Success, however, is best when shared with others. We have accomplished this by eliminating several fees, increasing deposit rates and providing $932 million in loans (the most ever) to members.”
Harris went on to call 2017 “a remarkably successful year,” adding that the real test of the credit union’s strength will be to continue those trends throughout 2018.
“Our challenge and our opportunity is to build upon this success — providing an ever better experience and more value to our members,” he said.
Tech CU’s net income for the first quarter of 2018 was more than $7 million, following 2017 net income of nearly $28 million. The credit union currently has more than $1.9 billion in loans and leases on the books, more than $1 billion of which is concentrated in real estate lending.