Patelco Credit Union is a member-owned financial institution serving Northern California with $9 billion in assets, offering comprehensive banking, lending, and investment services.
Data compiled from public sources · Rating from CreditDoc methodology
Patelco Credit Union was founded in 1936 and originally served employees of Pacific Telephone & Telegraph Company (now AT&T). In 1983, it opened membership to the general public and has since grown to become one of the oldest and largest credit unions in the United States, ranking as the 22nd largest credit union nationally. Headquartered in Dublin, California, the credit union operates 37 branches throughout Northern California, with a particular presence in the San Francisco Bay Area.
Patelco offers a comprehensive suite of financial services including savings and checking accounts, online banking, consumer loans, mortgages, credit cards, investment services, and insurance products. As a member-owned, not-for-profit institution, the credit union serves over 750 employees and maintains total assets exceeding $9 billion as of 2021. The organization is governed by a board of directors led by Chairman Peter Hanelt, with Erin Mendez serving as President and CEO.
Patelco distinguishes itself through its long history and established presence in Northern California, combined with its not-for-profit structure that theoretically prioritizes member benefits over shareholder returns. The credit union's deep roots in the region and large asset base provide stability and competitive rates. Additionally, as a traditional credit union with physical branch locations, it offers in-person banking services alongside modern digital capabilities.
A significant consideration for potential members is that Patelco experienced a ransomware attack on June 29, 2024, which caused partial service outages and temporarily locked out approximately half a million members from their accounts. The organization established a Security Incident Updates & Information Center to provide daily updates during the breach. This incident highlights the cybersecurity risks that even large, established financial institutions face and underscores the importance of account monitoring and fraud protection awareness for members.
Patelco processed 3,889 mortgage applications in 2023, approving 65.3% of applicants across 1 states.
3,889
Applications
65.3%
Approval Rate
$282K
Avg Loan
1
States Served
Based on 3,889 applications. Income in thousands (reported by applicant).
Source: CFPB Home Mortgage Disclosure Act (HMDA) Data, 2023. Applications include originated, approved, and denied loans.
Yes. Patelco is a registered company, headquartered in ,, founded in 1936.
Membership approval and account opening typically takes 1-3 business days. Loan decisions are usually faster than traditional banks.
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CreditDoc Diagnosis
Patelco is best for Northern California residents seeking a stable, member-owned alternative to traditional banks with comprehensive financial services and local branch presence. However, prospective members should be aware of the June 2024 ransomware incident and its impact on account security, and should verify current security measures and any ongoing vulnerabilities before opening an account.
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LendingClub is a digital marketplace bank offering personal loans up to $60,000, auto refinancing, and award-winning checking/savings accounts with no physical branches.
Best for: Borrowers with good-to-excellent credit seeking competitive personal loan rates, Credit card debt consolidators looking for fixed-rate alternatives
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