Silicon Valley Bank and Tech CU Provide $27.4 Million Construction Loan to Fund Affordable Housing Project
LOAN WILL HELP PROVIDE HOUSING FOR LOW-INCOME AND HOMELESS POPULATION IN SAN JOSE, CA.
San Jose – March 22, 2017 — Tech CU (Technology Credit Union) announced today that it is participating in a $27.4 million construction loan originated and led by Silicon Valley Bank (SVB). This loan will provide funding for First Community Housing to build a new 135-unit affordable housing project in San Jose called Second Street Studios. Tech CU’s participation will total $8 million.
Jeannine Jacobsen Wins YWCA Silicon Valley Tribute to Women Award
San Jose – March 13, 2017 — Tech CU (Technology Credit Union) announced today that Chief Operating Officer and Executive Vice President Jeannine Jacobsen has won the YWCA Tribute to Women Award.
Joe Anzalone Joins Housing Trust Silicon Valley’s Board of Directors
San Jose (February 15, 2017) — Today, Tech CU (Technology Credit Union) announced that its Executive Vice President and Chief Commercial Banking Officer, Joe Anzalone, has joined the Housing Trust Board of Directors. Founded in 1998, the Housing Trust’s mission is make Silicon Valley a more affordable place to live by supplying loans and grants to increase the supply of affordable housing, assist first-time homebuyers, prevent homelessness and stabilize neighborhoods.
Tech CU Provides Loans to two Bay Area Businesses
LOANS WILL SUPPORT THE ACQUISITION OF A SAN JOSE OFFICE BUILDING (DOLLINGER PROPERTIES) AND FACILITIES PROVIDING COMPLEX CARE TO MEDICALLY FRAGILE CHILDREN (INNOVATIONS HEALTH)
San Jose – January 31, 2017 — Tech CU (Technology Credit Union) announced
today that it has provided a $7 million commercial real estate loan to Dollinger Properties to support the acquisition of a 50,951-square foot R&D/office property in
North San Jose. The credit union also provided a Small
Business Administration (SBA) 7(a) loan to Innovations Health to
purchase three Bay Area pediatric
facilities serving catastrophically injured and severely disabled children.
Tech CU selects The FirstClose Report™ for its home equity business
PROVIDING INSTANT TITLE, VALUATION, FLOOD, TAX AND LIEN PROTECTION INSURANCE
AUSTIN, TX (November 7, 2016) — FirstClose announced today that Technology Credit Union (Tech CU) has chosen The FirstClose Report™ to support its home equity products. The FirstClose Report provides title search, flood certification, valuation and property information with lien protection insurance instantly and offers credit union lending divisions all they need to review and approve these loans.
Tech CU Named One of Silicon Valley’s Most Philanthropic Companies and a Family Friendly Workplace; Wins Three International MarCom Awards for its Advertising Campaign, Website and Annual Report
San Jose, Calif. – November 1, 2016 – Tech CU (Technology Credit Union) today announced that
it was named one of Silicon Valley’s most philanthropic companies by the Silicon Valley Business Journal, received
a certificate of recognition for being a family friendly workplace and won three
MarCom Awards: platinum for its Bank Happily Ever After advertising campaign
and honorable mentions for its redesigned website and annual report.
Tech CU Provides $5.5 Million Commercial Loan in San Francisco
San Jose – October 27, 2016 – Tech CU (Technology Credit Union) announced today the funding of a $5.5 million commercial loan to support the refinance of a circa-1910 boutique apartment property located in the Russian Hill neighborhood of San Francisco. A portion of the funds will be used for the innovative creation of additional living space through reconfiguration of several apartments and conversion of underutilized space for Accessory Dwelling Units (ADUs). Seismic retrofits and green, sustainable building improvements will also be completed. The borrower is an entity affiliated with Veritas Investments, Inc., one of the largest owner-operators of multifamily, urban retail and mixed-use properties in the San Francisco Bay Area.
Tech CU Announces Strong First Year for Tech Capital, LLC
San Jose, Calif. – September 22, 2016 – Tech Capital, LLC, the asset-based finance company and wholly owned subsidiary of Tech CU, today announced that it has originated six asset-based lending commitments as of August 2016 for a total of $6.1 million. Tech Capital, LLC began providing asset-based loans in late 2015 for companies (manufacturers, distributors and service companies) in need of revolving lines of credit for debt refinancing, equipment purchases, or as a supplement to working capital.
Tech CU Wins Two CUNA Awards: Dora Maxwell Social Responsibility and Desjardins Adult Financial Education
San Jose, Calif. – September 1, 2016 – Tech CU (Technology Credit Union) today announced that it has won two CUNA awards: First place in the Dora Maxwell Social Responsibility Community Service category and second place for the Desjardins Adult Financial Education award. Additionally, the International Finance Awards named Tech CU as Credit Union of the Year in the United States.
Tech CU Launches Three New Credit Cards
San Jose, Calif. – August 15, 2016 – Tech CU (Technology Credit Union) today began offering three new credit cards: a Visa Signature with Rewards, Visa Classic Secured and Visa Classic Unsecured. Accepted worldwide, all three cards offer a safe and secure way to purchase items with no annual fee or foreign transaction fees. The cards also offer convenient online and mobile access with automatic payment options, quick approvals and chip-enabled security. They can be used as overdraft protection for a Tech CU checking account in addition to providing auto rental collision protection.
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Fed Rate Hike Questions: When, How Much and How Many?
An interest rate hike
by the Federal Reserve is on the mind of just about everyone working in
financial services (and consumers as well). People want to know when, how much
and how many.
Will the Fed raise rates in December?
Will the Federal Open Market Committee raise interest rates when
it convenes in December? Todd Harris, president/CEO of $2 billion asset Technology Credit
Union in San Jose, Calif., believes it will.
Community Ties Strengthen Klem's Career, Credit Union
Janikke Klem is one of those people who is adept at just figuring things out. She accepted the position as vice president of community and government relations at the $2.1 billion, San Jose, Calif.-based Technology Credit Union when she was pregnant with her now two-and-a-half-year-old twins. She said she wanted to work with then CEO Barbara Kamm and the opportunity was one she just couldn't pass up. So, she took the position and did what she always does: She figured it out.
Blockchain Will Make Banking More Efficient, Not Replace It
Blockchain technology is quickly emerging as a way for companies to make and verify transactions almost instantaneously — without a central authority. For financial institutions, blockchain technology promises to cut costs and lower risk of fraud by providing a secure way to digitally track asset ownership. It’s also the technology behind bitcoin.
Generational Differences: Women and Money
Being born in a different decade says more about you than simply your age or demographic. It also impacts how you view money and what your priorities should be at each stage. According to a recent Financial Finesse report, every generation – Baby Boomers, Gen Xers and Millennials — struggles with financial hurdles. For women, these difficulties can take on an especially poignant weight. Not only do women tend to live longer (seven years on average), but they’re also paid less throughout their lifetimes and often have to take time away from work to care for loved ones (children and parents). Careful planning is critical to closing any potential gaps. Below are some of the most common financial hurdles facing each generation.
Blockchain Technology Will Change Banking...Slowly
Blockchain technology is quickly emerging as a way for companies to make and verify transactions almost instantaneously — without a central authority. It’s also the technology behind bitcoin. The lack of a central governing authority and the vast potential of blockchain technology has led some to speculate that the “era” of banking and how it works, could be nearing its end — with cryptocurrency taking its place.
CUs Converge on Economy and Strategy
How can credit unions prepare for 2017 given so many "what if" scenarios on the economy, interest rates, labor force, household demographics, political environment, and consumers?
Partner Spotlight: Tech CU
Technology Credit Union (Tech CU) is a financial institution dedicated to delivering technology and personal expertise that inspires, educates and empowers its members to succeed financially. Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division with a few thousand dollars and a couple of accounts, Tech CU is now one of the Bay Area’s largest credit unions. We sat down with Todd Harris, President and CEO, to discuss the company and its initiatives in our latest Partner Spotlight.
Silicon Valley CUs Gird for Layoffs at Intel, Yahoo! (PDF)
The oil industry isn't the only one with a boom-and-bust cycle: just ask some of the high-profile technology companies —and the credit unions that serve them. Layoffs have become a routine part of life in Silicon Valley and other part of the Pacific Northwest that are home to such high-flying tech-based companies as Intel, Microsoft and Yahoo, among others. Read more (PDF).
CUs Charged with Keeping Up with Silicon Valley
When your members spend their days coding at Intel or developing the next big mobile app at a startup, your tech-based offerings have to be top notch. That's why credit unions based in and around Silicon Valley have to be on top of the best technology has to offer. Indeed, two such credit unions even have "technology" in their names: First Technology in Mountain View, Calif., and Technology CU in San Jose, Calif. Read more.
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