As a financial cooperative with no stockholders and a low-cost model, UECU has gained recognition for its above-market savings rates, low lending rates, minimal fees and multiple customer rewards programs.
Wyomissing, PA (PRWEB) March 30, 2012
The credit union that serves 45,000 customers and 600 companies in the nation’s utility and energy sector has recently surpassed the $1 billion mark. Utilities Employees Credit Union (UECU), headquartered in Wyomissing, PA, has grown into one of the 200 largest United States credit unions in terms of asset size, by maintaining one of the most efficient business models among the nation’s financial institutions.
“Our operating expenses are consistently less than half those of the typical credit union our size,” said Glen A. Yeager, President and Chief Executive Officer at UECU. “We have developed a virtual business strategy that allows us to run efficiently and return profits to our members, while providing a superior level of personal service.”
Few of UECU’s customers have ever stepped inside the credit union’s Pennsylvania headquarters. For more than 75 years, UECU has operated without a branch system, initially handling its long-distance transactions by mail. Today, UECU has prospered in a digital age where customers can manage their accounts 24 hours a day through UECU’s online home banking system and other electronic services, or by phone.
As UECU has doubled in size since 2006, growing from $504 million in assets to over $1 billion, its staff has only expanded from 74 to 90 employees. By comparison, traditional billion-dollar credit unions typically dedicate resources to maintain numerous branch locations and employ 250 to 300 staff to operate them.
As a financial cooperative with no stockholders and a low-cost model, UECU has gained recognition for its above-market savings rates, low lending rates, minimal fees and multiple customer rewards programs. During 2011, UECU customer households earned an extra annual return of $257 in deposit earnings and loan savings, plus $73 more in fee savings, compared to the average credit union household. UECU also joined the less than one percent of the nation’s 7,000 credit unions to pay a bonus dividend, collectively rewarding its customers with a year-end $1.2 million cash bonus.
Its virtual business model has allowed UECU to provide financial benefits to companies and employees in the utility and energy industry wherever they expand or relocate throughout the nation.
To learn more about Utilities Employees Credit Union, visit http://www.uecu.org.
About Utilities Employees Credit Union:
Utilities Employees Credit Union is a nationwide, virtual credit union providing financial services to utility and energy workers and their families since 1934. Its membership includes the employees of 600 companies and members of Energy People Connect, an association for individuals currently employed or pursuing employment in the energy industry. In 2011, UECU received the distinction of joining the less than one percent of U.S. credit unions to receive an A+ “Excellent” Weiss Rating for financial soundness and one of the few financial institutions to reward its members with a year-end bonus dividend, which last year totaled $1.2 million.