SPCU History

The History of Sierra Point Credit Union

Our original name was School Personnel Credit Union of South San Francisco and the credit union was founded by a group of far-sighted teachers who saw the need for and the benefits of a credit union for the employees of the South San Francisco Unified School District. Many teachers had difficulty borrowing from banks, hence, their desire to start their own financial institution serving the School District. In May1954, SPCU received a State Charter to operate as a credit union.

The first members of the Board of Directors were Bonnie Howarth, Warren Heckman, Donald Wilson, Alfred Zubler, John Howe, Robert Kauk and Nan Knudson. Floyd Hunter was on the original Credit Committee with William Hunter serving on the first Supervisory Committee. 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. Business was conducted four hours a day, during school session, from Room B-24 with Al Zubler serving the membership during other hours of the day or when needed. In 1962, the office operation was moved to the South San Francisco Unified District Office. Three years later the office was moved to quarters at the District Warehouse.

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 present 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. By the end of 1989, SPCU had assets of $19.9 million with share balances of $18.4 million and loans of $13.6 million. The capital had increased to 7.6%. All in all, 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 growth of school personnel. 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; all students of all 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.

The Board realized that these changes were beneficial to the entire membership, but moreover, could provide service access to all of the South San Francisco Community. In September 1997, the state regulators approved a membership expansion for SPCU to serve all those who live and work in South San Francisco. With assets close to $30 million and a capital ratio over 10%, we are well positioned to serve our entire community.

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 will always be, "Large enough to serve the Community and small enough to care."