Pacific Service Credit Union
- Assets
- $1.4b
- Revenue
- $45.1m
- Investments
- $7.5m
- Employees
- 176
- Location
- Concord, CA
- Founding
- 06/1961
- Data as of
- 12/2021
- EIN
- 94-6061277
Organization Overview
Pacific Service Credit Union is located in Concord, CA. The organization was established in 1961. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Pacific Service Credit Union employed 176 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Pacific Service Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Pacific Service Credit Union generated $45.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $40.5m during the year ending 12/2021. While expenses have increased by 6.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Pacific Service Credit Union has awarded 51 individual grants totaling $643,648. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PACIFIC SERVICE CREDIT UNION (PSCU) WAS FOUNDED IN 1936 TO SERVE EMPLOYEES OF PG&E IN THE SAN FRANCISCO BAY AREA. OVER EIGHTY-FOUR YEARS LATER, PSCU NOW SERVES MORE THAN 65,000 MEMBERS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN ALAMEDA, CONTRA COSTA, FRESNO, MARIN, NAPA, PLACER, SACRAMENTO, SAN FRANCISCO, SAN MATEO, SANTA CLARA, SOLANO AND SONOMA COUNTIES. MEMBERS CAN TRANSACT IN ANY OF OUR SIX BRANCHES, AT ANY OF OVER 5,000 SHARED BRANCH LOCATIONS AVAILABLE THROUGH CO-OP SHARED BRANCH NETWORK, USING ATMS, ONLINE VIA OUR INTERNET HOME BANKING OR MOBILE SITES, USING POINT OF SALE WITH THEIR VISA DEBIT OR CREDIT CARD OR BY CALLING OUR TELEPHONE SERVICE CENTER OR TOLL-FREE AUTOMATED TELEPHONE BANKING SYSTEM.
PSCU OFFERS A VARIETY OF DEPOSIT PRODUCTS INCLUDING SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE, IRA, COVERDELL EDUCATION SAVINGS AND YOUTH ACCOUNTS. PSCU CHECKING PRODUCT OPTIONS CAN EARN INTEREST, ARE FREE FROM MONTHLY SERVICE CHARGES, ALLOW THE MEMBER TO OBTAIN RATE DISCOUNTS ON AUTO LOANS OR HELP A YOUNG MEMBER OPEN THEIR FIRST CHECKING ACCOUNT. PSCU'S DEPOSIT RATES ARE COMPETITIVE WITH THE MARKET AND ARE TYPICALLY HIGHER THAN BANKS. TOTAL MEMBER SHARE BALANCE AT DECEMBER 31, 2021 WAS $1,206,233,164.
PSCU OFFERS A VARIETY OF COMPETITIVELY PRICED MORTGAGE LOAN OPTIONS AVAILABLE FOR A PRIMARY RESIDENCE OR SECOND HOME. PSCU HOME EQUITY LOAN OPTIONS RANGE FROM 5 TO 15 YEARS, AND MEMBERS MAY ALSO OBTAIN HOME EQUITY LINES OF CREDIT. PSCU OFFERS VEHICLE LOANS FOR NEW AND USED CARS, NEW AND USED BOATS, AS WELL AS NEW AND USED RVS. VISA CREDIT CARD LOANS INCLUDE A NO ANNUAL FEE OPTION AS WELL AS A CARD EARNING REWARDS POINTS. PSCU OFFERS OTHER CONSUMER LOANS FOR MEMBERS SUCH AS PERSONAL SIGNATURE LOANS, AS WELL AS SHARE AND CERTIFICATE SECURED LOANS. FOR OUR MEMBERS WHO ARE STARTING TO BUILD THEIR CREDIT, PSCU OFFERS A STARTER VISA AND A FIRST-TIME AUTO LOAN PROGRAM. TOTAL MEMBER LOAN BALANCE AT DECEMBER 31, 2021 WAS $850,370,747.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Virginia Lampson President & CEO | Officer | 40 | $642,492 |
David Kato Evp & CFO | Officer | 40 | $407,469 |
Nannette Cutliff SVP & Cio | Officer | 40 | $392,941 |
Chris Oldag SVP & Clo | Officer | 40 | $381,425 |
Kristin Dove SVP & Cmo | Officer | 40 | $322,730 |
Barbara Smith SVP & Cao | Officer | 40 | $317,914 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
At&t It/operations | 12/30/21 | $528,869 |
Jack Henry & Associates Inc It/operations | 12/30/21 | $549,687 |
Insight Direct Usa Inc It/operations | 12/30/21 | $936,637 |
Newground International Inc New Hq Planning And Design | 12/30/21 | $6,640,404 |
Fiserv Inc Operations | 12/30/21 | $664,818 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $40,035,555 |
| Investment income | $3,829,419 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $315,515 |
| Net Gain/Loss on Asset Sales | $965,862 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,146,351 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $175,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,492,548 |
| Compensation of current officers, directors, key employees. | $3,440,029 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,872,000 |
| Pension plan accruals and contributions | $589,547 |
| Other employee benefits | $3,623,768 |
| Payroll taxes | $995,789 |
| Fees for services: Management | $693,790 |
| Fees for services: Legal | $98,705 |
| Fees for services: Accounting | $132,992 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,712 |
| Fees for services: Other | $2,915,881 |
| Advertising and promotion | $1,102,284 |
| Office expenses | $2,378,271 |
| Information technology | $3,058,107 |
| Royalties | $0 |
| Occupancy | $1,506,133 |
| Travel | $183,085 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $102,196 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $890,927 |
| Insurance | $0 |
| All other expenses | $17,076 |
| Total functional expenses | $40,544,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,744,153 |
| Savings and temporary cash investments | $183,387,891 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,221,033 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $858,556,698 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,318,240 |
| Net Land, buildings, and equipment | $31,003,760 |
| Investments—publicly traded securities | $305,727,085 |
| Investments—other securities | $7,471,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,814,030 |
| Total assets | $1,408,244,390 |
| Accounts payable and accrued expenses | $21,910,594 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,206,233,164 |
| Total liabilities | $1,228,143,758 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $180,100,632 |
| Total liabilities and net assets/fund balances | $1,408,244,390 |
Grants Awarded
Over the last fiscal year, Pacific Service Credit Union has awarded $103,500 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Concord, CA PURPOSE: GENERAL PROGRAM SUPPORT | $30,500 |
Washington, DC PURPOSE: CALIFORNIA WILD FIRES | $15,000 |
Salt Lake City, UT PURPOSE: GENERAL PROGRAM SUPPORT | $13,000 |
Brooklyn, NY PURPOSE: GENERAL PROGRAM SUPPORT | $10,000 |
Rye Brook, NY PURPOSE: GENERAL PROGRAM SUPPORT | $10,000 |
Martinez, CA PURPOSE: GENERAL PROGRAM SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |