Tech CU’s uniquely diversified business model is the foundation of our financial resiliency. During our 60+ year history, we’ve developed products to address members’ evolving needs and we’ve expanded beyond California - our income derives from diverse products across a national footprint.
Additionally, as a members-first credit union, we are not subject to short-term pressures to deliver profits to stockholders. We take a long-term view focused on meeting our members’ needs by proactively maintaining a steady and well-balanced operation.
Here are a few key measures that reflect our financial resiliency:
- Tech CU is exceptionally well-capitalized at 11% Net Worth Ratio versus the highest industry classification of “Well-Capitalized” which is 7%.
- We run a highly efficient operation. Our 2022 Efficiency Ratio1 of 51.64% is 18 points better than the average for credit unions our size.
- Standing at 0.93% of total loans, our conservative allowance for loan loss is at the high end of our peer group.
We strive to meet and exceed regulatory requirements. To learn more about Tech CU’s strong financial profile, please see our 2022 Annual Report.
Your Deposits Are Federally Insured
As a member of a credit union, you are covered by federal deposit insurance through the National Credit Union Administration (NCUA). This insurance provides coverage to at least $250,000 depending on how your deposit accounts are set up.
To help you better understand how federal deposit insurance works, the NCUA has published a brochure and offers various tools on its website, including a calculator that allows you to input different account ownership structures to see how they impact your insurance coverage.
To help explain how to use the NCUA calculator, we’ve created this video for our members.
We’ll be happy to provide more explanation of NCUA federal deposit insurance and walk you through scenarios to optimize your deposit insurance. Please reach out to a banker by contacting us through one of the means at the bottom of this page.
Members trust Tech CU and feel we are a full partner in their financial lives. In a recent survey of our membership2, you said we are:
And, you have given us nearly 2,000 five-star Yelp reviews. Thank you!
Peace of Mind
Tech CU remains well-positioned to manage through the economic challenges ahead while continuing to support our community. As a not-for-profit, we maintain an unwavering focus on our members, giving back to you through competitive rates and zero fees whenever possible.
The above financial and opinion measures are testaments to our proven track record as a stable and resilient financial institution, even in the face of macro-challenges. You can depend on Tech CU to help you with your financial goals and give you the peace of mind that comes from having a financial partner you can rely on regardless of market uncertainties.
1 The efficiency ratio divides a credit union’s noninterest expenses by net revenue. The lower the efficiency ratio, the better. A low efficiency ratio means that noninterest expenses are a smaller percentage of net revenue.
2 Attitude, Awareness, and Usage Study, November 2022.