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Patelco Credit Union Review

Patelco credit union bank is one of the world’s largest credit unions with over 250,000 members and over $4 Billion in assets. Mr. Andy Hunter is the present president and CEO of the company. Patelco is NCUA insured which act similar to FDIC .Employees of over 1000 large, medium and small business commodities are being served by the company. These services are provided across California and other United states with main office at San Francisco, CA, USA.

It is very easy to access the bank operations with over 40 branches, Mobile banking, online banking and telephone banking. The company never charges its customers to manage their accounts. The bank also provides personal loans, home loans, car loans, and credit cards with low interest rates. The company has got highly experienced financial advisors to guide people in their investment and insurance plans in all Patelco branches at free of cost.

News releases

Patelco is financially sound, safe and strong in spite of present crisis in the global market. The company has got good liquidity position and capitalization. The bank requests its members not to get scared of the present critical situations as they assure the safety of deposited money. The bank has never participated in sub prime mortgage lending’s. Number of members in Patelco’s family has increased to 290,000.

Five months back The National Credit Union Administration(NCUA) has announced that it has selected San Francisco headquartered Patelco credit union to acquire Cal state 9 credit union which is FDIC insured. Cal State 9 has got 29,000 members who will join with Patelco family. The Patelco is not going to close any of the existing Cal State 9 branches. The company assures that none of the Cal State employees are not going to be laid-off instead they will go through profits of the bank. Cal State 9 credit union was started in the year 1948 with branch offices at Berkeley, San Francisco, Hayward, Oakland and Pleasant Hill. The bank was established to serve the employees of California University.

On June 30, 2008 Patelco has acquired Pleasanton, California based Sterlent Credit Union. Patelco has purchased all the assets and took the responsibilities of the members of Sterlent Credit Union. The Sterlent credit has announced the net loss of $5.5million in the first quarter of the year 2008. So, to save the bank from undergoing crisis the Patelco has moved a step forward and acquired the Sterlent credit union. It is expected that none of Sterlent Credit employees are laid-off.