The
History Of Sierra Point
Credit Union
Our
original name was School Personnel Credit Union of South
San Francisco. A group of far-sighted teachers who saw
the need for and the benefits of a credit union founded
the credit union for the employees of the South San Francisco
Unified School District. In May1954, SPCU received a State
Charter to operate as a credit union.
At
the first Annual Meeting held in 1955, there were 41
members of the Credit Union and no dividends were paid
that year. The financial statement read $365.00 in share
accounts with $174.00 in outstanding loans. From 1954
until 1957, the Credit Union operated from the home of
the Treasurer, Al Zubler. In 1957, it became a project
of the Advanced Bookkeeping Class at the South San Francisco
High School. In 1962, the office operation was moved
to the South San Francisco Unified District Office.
At
the 1966 Annual Meeting, the Membership approved the
purchase of the first Credit Union owned facility -
an office trailer located in the SSF High School parking
lot. By 1976, the Credit Union operation had outgrown
the small trailer and moved to the mobile building that
was purchased and opened for business in January 1977.
During
the 1980's, SPCU continued its growth pattern, adding
two more mobile offices to the existing mobile building.
Shares and loans were on an upward path and the Board
authorized a merger with another school credit union
located in Central San Mateo. SPCU was well on its
way to becoming a strong presence in the South San Francisco
Community.
The
1990's brought much change to SPCU. The Board of Directors
and Management noticed a decline in the membership due
to a lack of school personnel growth. Our membership
was getting older with less borrowing needs. It was time
to diversify the membership to ensure future success.
Technology also played a major role. Members wanted convenience,
accessibility, and flexibility in all credit union services.
By 1995, the Board was well aware that these factors
had to be addressed.
By
October 1996, the Credit Union received approval from
our membership, our regulator, and the Secretary of State
to officially change our name to Sierra Point Credit
Union. Through membership expansion requests, SPCU served
all South San Francisco Chamber members, their employees
and family members, and all students of schools within
the field of membership along with all their family members.
The current Credit Union facility had served the membership
well, but was aging dramatically. It was time to move.
A new location was found close to the existing site,
plans drawn up, and a new 9,000 square foot facility
was approved.
In
September 1997, the state regulators approved a membership
expansion for SPCU to serve all those who live and work
and worship in South San Francisco.
2004
marks our fiftieth year in business serving our members.
We celebrated on March 14 at Dominic’s Restaurant
at Oyster Point. It was a lovely brunch and
with 125 members in attendance. Our first manager,
Mary Ellen Haney was there as well as some of the original
signers, Al Zubler, Floyd Hunter, Warren Heckman. To
begin the celebration, our Mayor Karyl Matsumoto addressed
the members, congratulated us for our accomplishments
and introduced the President of our Board of Directors,
George Rix. Assemblyman Gene Mullin spoke and gave
the credit union a certificate of recognition for our
50 years in business. The President of the California
Credit Union League came from Southern California and
spoke and also gave a certificate of recognition. We
had the Kathy Holly Musical Trio perform and many raffle
prizes were awarded. A fun day was had by all.
Sierra
Point Credit Union is and always will be in the forefront
of the South San Francisco Community, leading by example,
and providing low cost, efficient services with a full
array of loan products to meet the needs of the Community.
Sierra Point Credit Union is your community Credit
Union, where people mean more than money!
Apply
for membership today!
© Sierra
Point Credit Union
. All Rights Reserved.
