STOCKTON – A local credit union is flexing its star power.
Stockton-based Financial Center Credit Union has earned a five-star superior rating from ranting firm BauerFinancial Inc. for the past 76 consecutive quarters, while saving its member shareholders serious money thanks to an ongoing lending focus.
“Over the past several years, this area has seen more than its fair share of difficulties due to the subprime mortgage crisis,” Michael Duffy, Financial Center Credit Union’s president and CEO, said in a statement about the ranking. “But Financial Center has stood strong thanks to the sound decisions that were made throughout the 2000s. Now, while other institutions are struggling to keep their doors open, we’re continuing to serve our member shareholders in full capacity, giving them the services and funding they need to fully realize their goals.”
Financial Center has used its safety and soundness as a competitive advantage in recent years, attracting new member shareholders who are not only looking for a safe place to keep their hard-earned money, but also obtain the funds they need.
“Other institutions put their lending on a lockdown, making consumers jump through hoops to get a little extra cash,” said Duffy. “But we’ve continued to lend, often approving loans for member shareholders who would be unable to qualify for loans elsewhere. And we’ve actually lowered our rates in the process. It’s because our consistent strength that we’re able to do this for our member shareholders.”
Financial Center Credit Union was founded in 1954 and serves more than 32,000 members, with $340 million in assets, and five branches in the county. Financial Center serves employees of the San Joaquin County, city of Stockton, city of Manteca, and employees of numerous other sponsoring groups throughout California.