CAPITOLA, Calif.–After more than 60 years, Bay Federal Credit Union is reporting it has officially hit $1 billion in assets.
Bay Federal started in 1957, when eight teachers, believing in the philosophy of “People Helping People” applied for a credit union charter. The credit union changed its name to Santa Cruz County Schools Credit Union in 1979 before changing its name to Bay Federal in 1983. In 1997, Bay Federal was granted a community charter allowing all people who live, work, worship, and attend school in Santa Cruz County to join.
The credit union now serves nearly 77,000 members and 1,200 local businesses throughout Santa Cruz, Monterey, and San Benito counties.
“This is a wonderful milestone for our membership and our staff,” said Bay Federal President and CEO Carrie Birkhofer. “I am so proud of our organization and look forward to continuing our legacy of making a real difference to the people of Santa Cruz, Monterey, and San Benito counties in the years ahead.”
Bay Federal said it has invested heavily in technology for its membership, with a robust and top-of-the-line online and mobile banking solution. It also recently remodeled its Santa Cruz branch, is in the process of moving the Aptos location to Rancho Del Mar Center, and completed a merger with Coast-Tel Federal Credit Union in Salinas, Calif.
Bay Federal said it has also been honored as a “Best Places to Work in the Bay Area” for five consecutive years. The credit union’s other awards include being selected as a Best Credit Union to Work For by Credit Union Journal; Best of Santa Cruz – Best Credit Union by Good Times; and a Swellie for Best Credit Union from Santa Cruz Waves Magazine.
At right, Bay FCU employees chose Pajaro Valley Shelter Services to receive a check for $11,050.