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Provident Credit Union

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Company type	Credit union
Predecessor	CTA Credit Union
Founded	1950
Headquarters	Redwood Shores, California, United States
Products	Consumer banking, corporate banking, credit cards, finance and insurance, investment banking, mortgage loans, private equity, wealth management, online banking
Website	providentcucu.org

What is Provident Credit Union

Provident Credit Union Corporate Office

Headquartered in Northern California’s Redwood City, Provident Credit Union is a not-for-profit financial institution that is regulated by the National Credit Union Agency (NCUA). It is the 16th largest credit union in California and the 81st largest credit union in the U.S. with over 100,000 members and over $2 billion in assets.

Healthy Credit Union

In 2014 the credit union was ranked the third healthiest credit union in the country by DepositAccounts.com and has received a superior 5-star rating from Bauer Financial for the past 16 years. It was also ranked in the top 50 most efficient credit unions in 2014 by SNL Financial.

History

The credit union was founded in 1950 by Dr. Wallace Hall to serve the Bay Section of the California Teachers Association (CTA). Dr. Hall’s concept was to offer Bay Section Credit Union membership to CTA members in 13 counties within the Bay Area, promoting CTA membership and giving teachers a way to save and borrow money.

California Teachers Association

For many years, the credit union had exclusive ties to the CTA. When changes within the CTA’s infrastructure took place and the association’s hierarchy expanded statewide, the credit union changed its name to CTA Credit Union. In 1972, membership expanded to include CTA members from the Oregon Border to south of Santa Barbara.

Select Employer Groups

Expansion of the credit union’s field of this membership to select employer groups outside of the CTA led to another name change to more accurately reflect the expansion: Provident Central Credit Union. Another name change took place in 2000 when the credit union eliminated “Central” and became Provident Credit Union as it is currently known today. The credit union continued to expand by offering membership to those with common bonds within the communities it serves.

Membership

Provident Credit Union’s field of membership is set by the National Credit Union Administration (NCUA). Like all credit unions, membership with Provident is offered only to those sharing the common bond as defined in its credit union charter.

Locations

Membership with Provident is available to those who live and work in the counties of Alameda, Contra Costa, El Dorado, Humboldt, Monterey, Placer, Sacramento, San Mateo, San Francisco, Santa Clara and the city of Los Angeles. Individuals who work for companies that are members of the Chambers of Commerce Provident affiliates with are also eligible for membership.

Immediate family members of Provident members who are U.S. citizens are also eligible along with those living in the same household.

Membership is also extended to members and employees of 1,200-plus local unions, associations and employer groups.

Community Involvement

Special emphasis is given to supporting area schools and educational programs since Provident's roots in serving educators runs deep. For many years, the credit union has been involved in promoting higher education through its annual scholarship program.

Community Event at Santa Clara University,Santa Clara, CA, Leavey Center

As Provident established closer ties and expanded into the communities it serves it was only natural to become more involved and provide. The credit union and its staff maintain a high level of involvement through donations, employee volunteerism and various credit union-driven programs. Other areas of focus are financial literacy, personal health and safety, affordable housing and support of the local business communities.

Mergers and Expansions

Provident’s expansion success in recent years is due in part to the mutually beneficial mergers with other credit unions in the Bay Area:

• Alameda Credit Union
• Commonwealth
• El Camino
• Inwood CU
• KeyPoint

Organization

Provident Credit Union is chartered with the National Credit Union Administration (NCUA [1]) as a single-sponsor credit union and with the California Teachers Association as the credit union’s sponsor. Provident is governed by a volunteer board of directors who are elected by Provident members. A volunteer Supervisory Committee oversees Provident’s management practices to ensure member assets are protected.

Provident Plus is a wholly-owned subsidiary of Provident Credit Union. The subsidiary is a Credit Union Service Organization (CUSO) established to offer products to members that generally fall outside of a credit union’s scope of services.

Employment

Provident currently has over 300 employees and has received accolades from local associations for being an excellent employer. Most recent recognitions are:

• 2013 Bay Area Group’s top 95 best places to work.
• 2012 Gold Level recipient of the American Heart Association's Fit-Friendly Worksites Recognition program.

Services

In keeping with other full-service financial institutions, Provident Credit Union offers a comprehensive line of products and services: savings and checking accounts, IRAs, certificate accounts, auto and mortgage loans, credit cards, investment and insurance services, and select small business services.

A full line of digital services are also available, including online banking, online bill pay and mobile banking.

Provident Community Branches and Shared Branches

There are currently 19 Provident Community Branches, all located in Northern California. Through the Shared Branching Network, the credit union is able to provide service to members at partner credit unions throughout the United States. The CO-OP® Shared Branch network is an alliance of several credit unions that joined together in the cooperative spirit to serve members of fellow credit unions. To date, there are currently over 5,000 shared branch locations and over 30,000 surcharge-free CO-OP ATMs throughout the country.

Provident Credit Union Branch at Redwood Shores, CA

Affiliated Groups

• AHA American Hospital Association
• Better Business Bureau (BBB) A+

External Links

• Provident CU at LinkedIn
• Provident CU at Yelp
• Provident CU at Facebook
• Provident CU at Twitter

References

Category:Credit unions based in California Category:Companies based in Redwood City, California Category:Banks established in 1950 Category:Economy of the San Francisco Bay Area