2022 Patelco Annual Report (1) - Flipbook - Page 6
Our strength is your security
Patelco Credit Union has been proudly serving members and communities since 1936, through economic highs and lows.
We are proud of our excellent financial position and, considering recent industry events, we want to assure our members
that Patelco remains safe, sound, and highly liquid. Your deposits are insured in accordance with National Credit Union
Association (NCUA) guidelines. Our capital position remains strong and beyond well-capitalized levels.
Our roots are secure – and focused
on you
There are many things that the Patelco team and
leadership are proud of – but above all, it’s who
we serve and how we serve. For 86 years, we’ve
served members in Northern California, including
the Bay Area, Sacramento, and San Jose. Thanks
to our loyal members, we are one of the largest
credit unions in California, and our deposits
continue to grow despite the uncertainty
elsewhere. We have a diverse membership and
serve people and our communities, in addition
to the employees of over 1,100 large and small
businesses throughout the United States. We are
not reliant on a single business sector.
5
2022
ANNUAL REPORT
The credit union difference
Why you can count on us
As a credit union, we are owned by our
members. And, like all credit unions, we
were founded as a not-for-profit financial
cooperative – meaning that our purpose is
to benefit members, not profit stockholders.
Credit unions by charter and design are more
conservative than banks, and follow stringent
NCUA safety and soundness guidelines.
In their yearly report, the Credit Union National
Association estimated that Patelco provided
over $122 million in direct financial benefits
to our 440,000+ members in 2022 alone. If
you break it down, that’s a benefit of $575 per
member household, on average. And if you are
a member with most of your financial relationships with Patelco (like checking, savings, auto
and home loans), that direct financial savings
is estimated to be $1,773 for 2022.
Besides our mission and our NCUA
insurance, our 86-year history means we’ve
been through many cycles of economic ups
and downs. And throughout that time, we
have always focused on long-term viability
so we can continue serving our members.
By all traditional measures, we sit in a low-risk
position today by regulatory standards. We
remain transparent about our financials – you
can always find our financial statements on
our website at patelco.org. Look for About
Patelco in the main menu and then select
Financial Statements.