2019 Annual Report Final
Total Page:16
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ABOUT TECH CU PERSONAL BANKING • SAVINGS ACCOUNTS • CONSUMER LOANS AND LINES OF CREDIT • MORTGAGE LOANS AND LINES OF CREDIT • FAMILY BANKING • HEALTH SAVINGS ACCOUNTS • IRAS • BUSINESS BANKING • CASH MANAGEMENT SERVICES • SBA LOANS • ASSET-BASED LENDING • COMMERCIAL LENDING • CONSTRUCTION LENDING • SOLAR COMMERCIAL LENDING • INVESTMENT PROPERTIES • FINANCIAL MANAGEMENT • PRIVATE BANKING • RETIREMENT PLANNING • DIGITAL INVESTMENTS SIXTY YEARS AGO, a group of forward-thinking Silicon Valley employees wanted a better way to manage their money. With a few thousand dollars and a couple of accounts, they formed a credit union solely dedicated to the financial success of its members. Today, Tech CU is one the 100 largest credit unions in the U.S. and a financial services leader in the Bay Area with 10 full-service branches. Thriving o of that same entrepreneurial spirit that got us started and rooted in serving the financial needs of our members, we invest our resources to deliver lower rates and outstanding service and benefits so that you can build a strong financial future. Tech CU at a Glance CORE VALUES Counties in Accelerate California We view challenges 15 as opportunities .......................... 125,000 Members Collaborate .......................... We communicate and work together Ranked among the TOP 3 best-performing credit unions Innovate in CA for 3 years* We foster creative thinking Ranked among the TOP 10 best-performing credit unions in the U.S. for 3 years* $3 BILLION Ranked one of the 100 LARGEST Cultivate ** credit unions in the U.S. ............................................ In Assets ............................................ We recognize potential *S&P Global Market Intelligence **creditunionsonline.com A MESSAGE FROM: As we write this, we’re witnessing the world turned 2019 Achievements What’s Next? upside down over the COVID-19 pandemic. Never MICAL ATZ TODD before have we experienced such a strong reminder • Set another membership record — exceeding In 2020, we celebrate our 60th anniversary! It’s hard to BRENZEL HARRIS of the importance of our role in supporting our 124,000. Our members now live in more than 42 believe that we were founded all the way back on May 27, states and 30+ countries. 1960 by the employees of Fairchild Semiconductor. Our Chair of the President members — both in good times and in times of Silicon Valley roots inspire us to be innovative and live up Board of Directors and CEO • Grew to more than $3 billion in assets. uncertainty. In an eort to support our members to our name every day. This mindset has turned us into a who have seen a negative financial impact due to this • Originated $195.4 million in home loans and $76.7 thriving credit union with big plans for the future. million in auto loans, helping 55 members buy new pandemic, we have launched a loan payment deferral We plan to further leverage our position as a leading homes, 264 members refinance mortgages, and program. This program allows qualified borrowers to partner in the fintech space by looking for additional 2,653 members buy vehicles. postpone payments for three months for a variety of partnership opportunities aimed at expanding our loan types including first mortgages, auto loans, • Helped numerous businesses, originating commercial member service capabilities. Strategic relationships with personal loans, solar loans, and more. Being able loans totaling over $60.5 million and Small Business fintechs have helped us enhance your experience by Administration and USDA guaranteed loans totaling providing faster, more efficient service, and by oering to pivot like this wouldn’t be possible without such over $10.7 million. new products and services such as solar lending. a dedicated team of individuals. • Originated asset-based lending commitments We will also focus on improving and enhancing your We are grateful to you for putting your trust in us, totaling over $11.3 million through Tech Capital, digital experience with us: deploying technology with and also want to thank our sta, Board of Directors, a wholly owned subsidiary of Tech CU. greater speed; implementing easier payment options; and Supervisory Committee for their commitment and introducing a robo-advising service designed to As we celebrate • Financed over $541.3 million in solar loans, allowing another strong to supporting the objectives of the organization. provide you with aordable, automated digital more than 16,188 members to enjoy the power of investment capabilities. year together, On that note, let’s celebrate what we accomplished green energy. We plan to further support communities by oering we want to thank you for your loyalty, in 2019. • Completed phase one of a multi-year technology banking services to many of the municipalities trust, and patronage. The choices available initiative to improve our infrastructure by leveraging where our members live, with the goal of providing for financial service providers are larger cloud technology and state-of-the-art information municipalities the same reward our members than ever, and we truly appreciate the systems architecture. receive — competitive rates and lower fees. opportunity to provide solutions to your • Launched additional investment and financial Finally, a big step we will take in 2020 is creating our first financial needs. We realize that superior service is planning capabilities through a new partnership out-of-state physical business location, expanding our more than just delivering great rates, low fees, and MISSION with LPL Financial. footprint beyond the State of California for the first time. member benefits. It’s also being able to bank the Deliver a member experience • Changed the name of our Wealth Management Our goal through all of these initiatives is to continue Group to Tech Financial Management to reflect our to give back to you — with added convenience and way you want — whether it be online, mobile, or in that WOWs, and our branches. To that end, when you receive a survey empower our ability to provide guidance and investment services ease-of-use, increased security, even stronger member benefits, and deeper support of our local communities request, know that we depend on your feedback and members to succeed financially to people of all financial backgrounds. with our donations of time, talent, and treasure. comments to help us identify new ways to improve our service as we strive to exceed your expectations. As we write this, we’re witnessing the world turned 2019 Achievements What’s Next? upside down over the COVID-19 pandemic. Never before have we experienced such a strong reminder • Set another membership record — exceeding In 2020, we celebrate our 60th anniversary! It’s hard to of the importance of our role in supporting our 124,000. Our members now live in more than 42 believe that we were founded all the way back on May 27, states and 30+ countries. 1960 by the employees of Fairchild Semiconductor. Our members — both in good times and in times of Silicon Valley roots inspire us to be innovative and live up • Grew to more than $3 billion in assets. uncertainty. In an eort to support our members to our name every day. This mindset has turned us into a who have seen a negative financial impact due to this • Originated $195.4 million in home loans and $76.7 thriving credit union with big plans for the future. million in auto loans, helping 55 members buy new pandemic, we have launched a loan payment deferral We plan to further leverage our position as a leading homes, 264 members refinance mortgages, and program. This program allows qualified borrowers to partner in the fintech space by looking for additional 2,653 members buy vehicles. postpone payments for three months for a variety of partnership opportunities aimed at expanding our loan types including first mortgages, auto loans, • Helped numerous businesses, originating commercial member service capabilities. Strategic relationships with personal loans, solar loans, and more. Being able loans totaling over $60.5 million and Small Business fintechs have helped us enhance your experience by Administration and USDA guaranteed loans totaling providing faster, more efficient service, and by oering to pivot like this wouldn’t be possible without such over $10.7 million. new products and services such as solar lending. a dedicated team of individuals. • Originated asset-based lending commitments We will also focus on improving and enhancing your We are grateful to you for putting your trust in us, totaling over $11.3 million through Tech Capital, digital experience with us: deploying technology with and also want to thank our sta, Board of Directors, a wholly owned subsidiary of Tech CU. greater speed; implementing easier payment options; and Supervisory Committee for their commitment and introducing a robo-advising service designed to As we celebrate • Financed over $541.3 million in solar loans, allowing another strong to supporting the objectives of the organization. provide you with aordable, automated digital more than 16,188 members to enjoy the power of investment capabilities. year together, On that note, let’s celebrate what we accomplished green energy. We plan to further support communities by oering we want to thank you for your loyalty, in 2019. • Completed phase one of a multi-year technology banking services to many of the municipalities trust, and patronage. The choices available initiative to improve our infrastructure by leveraging where our members live, with the goal of providing for financial service providers are larger cloud technology and state-of-the-art information municipalities the same reward our members than ever, and we truly appreciate the systems architecture. receive — competitive rates and lower fees. opportunity to provide solutions to your • Launched additional investment and financial Finally, a big step we will take in 2020 is creating our first financial needs. We realize that superior service is planning capabilities through a new partnership out-of-state physical business location, expanding our more than just delivering great rates, low fees, and with LPL Financial.