Thanks to a heavy reliance on a branchless system, Utilities Employees Credit Union was recently able to surpass the $1 billion in assets mark.
Based in Wyomissing, Pa., the credit union is a national, virtual financial institution that has served utility and energy workers and their families since 1934.
Its 45,000-member base 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.
According to Glen Yeager, UECU president/CEO, the credit union’s virtual business strategy allows it to run efficiently and return profits to its members. Choosing to handle long distance transactions by mail, UECU has operated without a branch system for more than 75 years, he said. Members also use online home banking and other electronic services to manage their accounts.
Since 2006, UECU said it has doubled in size growing from $504 million in assets to more than $1 billion. The credit union’s staff has only expanded from 74 to 90 employees since then.
In 2011, UECU 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, according to UECU. It also issued a year-end $1.2 million cash bonus.
