Tech CU Named Third Top Performing Credit Union in the U.S. by S&P Global Market Intelligence
Tech CU Advances 49 Spots in One Year and Claims no. 1 spot in California
SAN JOSE, Calif., April 03, 2018 (GLOBE NEWSWIRE) — Tech CU (Technology Credit Union) announced today it was named the number 3 best-performing credit union among 538 credit unions in the U.S. by S&P Global Market Intelligence, a leader in multi-asset class research data and insight. This is a significant increase from last year’s list, where Tech CU was ranked 52 nationwide. The credit union was also ranked no. 1 in California. The report ranks the nation’s credit unions using five core financial performance metrics: member growth, market growth, operating expense as a percentage of operating revenue, net charge-offs as a percentage of average loans and delinquent loans as a percentage of total loans.
“This recognition is a testament to our team’s hard work and strategic decisions made over the past several years,” said Todd Harris, CEO of Tech CU. “2017 was one of the most successful, if not the most productive year in our credit union’s history. Assets ended the year at nearly $2.5 billion, while our membership grew year-over-year by more than 15,000. I want to congratulate the team on a job well done.”
To determine who is included on the list, each company’s standard deviation from the industry mean is calculated for the five-ranking metrics, equally weighted, and then added together to calculate a performance score. To help normalize the data and mitigate the impact of outliers, caps and floors were applied to each metric. To be eligible for the ranking, a credit union had to report more than $500 million in total assets and a net worth ratio of at least seven percent as of December 31, 2017. Based on these criteria, 538 credit unions qualified for ranking. Data was compiled as of March 13, 2018.
ABOUT TECH CU
Tech CU (techcu.com) is a $2.5 billion credit union serving more than 95,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for- profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today we continue to be an industry leader, providing convenient and easy-to-use financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves high marks for its customer satisfaction and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.
Public Relations, Tech CU