Tech CU Announces Merger with Sunnyvale Federal Credit Union,
Growing Membership and Expanding Its Footprint in the Bay Area
San Jose, Calif. (January 21, 2015) — Tech CU (Technology Credit Union) and Sunnyvale Federal Credit Union (SFCU) announced this week that SFCU members have voted overwhelmingly in favor of a merger between the credit unions. Under the terms of the merger, Tech CU will acquire 100 percent of SFCU’s $15 million in assets and SFCU’s more than 1,300 members will automatically become members of Tech CU. Their staff will also join Tech CU and Barbara B. Kamm, president and CEO of Tech CU, will remain in the top leadership position.
“This merger is good for everyone,” said Kamm. “It allows us to expand in the heart of our market while giving SFCU members the benefit of a broader variety of products and services. We welcome our new members and look forward to providing them the high caliber, personalized service that has helped make Tech CU an industry leader.”
SFCU’s board evaluated several local credit unions for a potential merger and selected Tech CU due to its financial strength, breadth of products and services, leading technology, branch and ATM network, skilled management team, and longtime board of directors, as well as its commitment to excellent member service.
“Our board and executive management unequivocally believes Tech CU is the best partner to serve our members’ needs and meet the industry’s operational requirements,” said SFCU CEO Candy Arnold. “This month, our members played a key role in voting for a merger. We’re thrilled they understood the value of all that Tech CU can offer and look forward to joining one of the strongest credit unions in the country.”
After the merger, SFCU members will have access to private banking, investment services, business banking, and commercial lending, as well as more loans and deposit products, including first mortgages, home equity lines of credit (HELOC), Small Business Administration (SBA) loans, construction loans, IRAs and HSAs (Health Savings Accounts). In addition, Tech CU makes it easy and convenient to bank, with its online banking, bill pay, mobile banking, peer-to-peer payments, and a network of over 65,000 fee-free ATMs nationwide. A full listing of products and services can be found at www.techcu.com.
ABOUT TECHNOLOGY CREDIT UNION
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 54 years and today has more than 70,000 individual, non-profit and business members and over $1.8 billion in assets. The financial institution is recognized as one of the best managed and strongest in the country, as indicated by Tech CU’s 5-star rating from Bauer Financial, the nation’s largest independent rating service for banks and credit unions. Tech CU’s members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches throughout the Bay Area, and comprehensive mortgage, wealth management, private banking and commercial banking services.