Santa Clara County Federal Credit Union
Encyclopedia
Santa Clara County Federal Credit Union, also known as "County Federal", is a credit union
which offers membership to both employees and retirees of certain Santa Clara County, California
, businesses, as well as their relatives. Like other United States credit unions, it is a non-profit organization
founded for the purpose of providing service to its members and is funded by its members.
, as it did in the past, and also employees of their corporate partners in San Benito County. Some of their most notable corporate partners include Santa Clara County Office of Education, Valley Medical Center, and the state of California
. Membership is also available to the spouses, children, parents, siblings, grandparents, grandchildren, step-siblings, stepchildren, legal adoptees, and legal adopters of current and retired members. Other persons living with and maintaining a single economical unit with active and former members are also eligible, subject to verification.
, with US$500 million in assets and roughly 43,000 members. On average, it holds $280 million in loans, employs 112 people, and employs one person for every t391 members. The bank has an average Net Worth Ratio of 11.03%, Percent Loan Growth of -7.56%, Loan/Assets Ratio of 55:13, and Investments/Assets Ratio of 40 to 29.
in emergencies. It isn't, however, a member of the Federal Deposit Insurance Corporation
.
. In 1987, the union was federally chartered through the National Credit Union Administration
, and in 1997, it reached $200 million in assets, placing it in the top three percent of US credit unions by assets.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
which offers membership to both employees and retirees of certain Santa Clara County, California
Santa Clara County, California
Santa Clara County is a county located at the southern end of the San Francisco Bay Area in the U.S. state of California. As of 2010 it had a population of 1,781,642. The county seat is San Jose. The highly urbanized Santa Clara Valley within Santa Clara County is also known as Silicon Valley...
, businesses, as well as their relatives. Like other United States credit unions, it is a non-profit organization
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
founded for the purpose of providing service to its members and is funded by its members.
Services
SCCFCU provides many products and services to its members, including loans, savings, discounts, and checking. Also, due to its non-profit nature, it can usually provide an average lower loan interest rate and higher savings interest rate than most for-profit organizations because any profit made is used for the benefit of its members rather than kept.Membership
County Federal serves people employed by their corporate partners in Santa Clara County, CaliforniaSanta Clara County, California
Santa Clara County is a county located at the southern end of the San Francisco Bay Area in the U.S. state of California. As of 2010 it had a population of 1,781,642. The county seat is San Jose. The highly urbanized Santa Clara Valley within Santa Clara County is also known as Silicon Valley...
, as it did in the past, and also employees of their corporate partners in San Benito County. Some of their most notable corporate partners include Santa Clara County Office of Education, Valley Medical Center, and the state of California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. Membership is also available to the spouses, children, parents, siblings, grandparents, grandchildren, step-siblings, stepchildren, legal adoptees, and legal adopters of current and retired members. Other persons living with and maintaining a single economical unit with active and former members are also eligible, subject to verification.
Statistics
SCCFCU, holding federal charter #24299, is one of the largest credit unions in the San Francisco Bay AreaSan Francisco Bay Area
The San Francisco Bay Area, commonly known as the Bay Area, is a populated region that surrounds the San Francisco and San Pablo estuaries in Northern California. The region encompasses metropolitan areas of San Francisco, Oakland, and San Jose, along with smaller urban and rural areas...
, with US$500 million in assets and roughly 43,000 members. On average, it holds $280 million in loans, employs 112 people, and employs one person for every t391 members. The bank has an average Net Worth Ratio of 11.03%, Percent Loan Growth of -7.56%, Loan/Assets Ratio of 55:13, and Investments/Assets Ratio of 40 to 29.
Funding
Santa Clara County Federal Credit Union is funded, as most banks are, through its members' participation, however, it is insured by and can draw money from the National Credit Union Share Insurance FundNational Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund is administered by the National Credit Union Administration for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. It was created in 1970 shortly after the creation of...
in emergencies. It isn't, however, a member of the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
History
County Federal was founded on May 8, 1950, by eight county employees with only $107. These employees worked for free, volunteering their own time to establish the company. It was originally called the Santa Clara County Employees Credit Union and was first located at 1090 N. First Street in San Jose, CaliforniaSan Jose, California
San Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay...
. In 1987, the union was federally chartered through the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
, and in 1997, it reached $200 million in assets, placing it in the top three percent of US credit unions by assets.
Branches
| Branch | Year Opened | Moves |
|---|---|---|
| San Jose Branch | 1950 | Original San Jose Branch Is Moved To 852 N. First Street. |
| Gilroy Branch | 1970 | Moved to 6915 Camino Arroyo, Suite 50 (The Gilroy Crossing Shopping Center) in 2004 |
| Campbell Branch | 1972 | |
| Almaden Branch | 1991 | Moved to 5353 Suite 65 (The Almaden Plaza Shopping Center) in 2005 |
| City Centre Branch | 2007 | |
| East San Jose Branch | 2009 | Table: |