Business Partners CUSO Has Loyal Customer in Sierra Point CU
By the 1990s, the lending landscape in South San Francisco had changed considerably since a group of teachers came together in 1954 to charter a new credit union for access to small, personal loans.
Originally named the School Personnel Credit Union of South San Francisco, the cooperative decades later received regulatory approval to change its name to Sierra Point Credit Union and expand its field of membership to serve the entire area.
A meeting with Jean Faenza, the former president/CEO of BP, who was working at Telesis at the time, introduced Trapani and Sierra Point’s board of directors to the CUSO. Trapani said Grace Mayo, Telesis’ former president/CEO, spent two hours talking with the board about what BP had to offer. After six months of due diligence, including look at other potential partners, Sierra Point solidified a deal with BP.
There’s a notable connection between BP and Sierra Point. Jean’s sister, Jill Faenza, is executive vice president of Sierra Point. When asked if Jill had any influence on the credit union signing on with the CUSO, Trapani said it was not a factor.