Golden 1 Credit Union was founded in 1933, but a rebrand 40 years ago helped make it what it is today.
According to President and CEO Donna Bland, in 1977 the credit union changed its name from California State Employees CU #1 to Golden 1 Credit Union.
“This new name reflected our future transition from a state employee credit union to one that would serve consumers throughout California, the Golden State,” Bland explained.
No matter the name, the credit union has been growing since its inception. The $10.6 billion institution is based in California’s state capital city, Sacramento. According to Q3 call report data, Golden 1 has more than 34.5 million potential members, making it second only to $6.9 billion-asset Bethpage FCU, Bethpage, N.Y.
“Throughout our history, we have experienced steady growth through word of mouth,” Bland told Credit Union Journal. “We have seen generations of members come to us because of our steadfast commitment to and focus on serving our members.”
Bland also credited a “long line” of leaders at Golden 1 who had a “vision of growth.”
For many decades and until recently, Golden 1 experienced field of membership growth through the addition of new SEGs, community charters, associations, mergers and strategic partnerships. Bland said this expansion also was a product of the CU’s environment: California is one of the largest economies in the world, with a growing population.
However, said Bland, “It is not enough to just expand the field of membership. The field of membership is a reflection of our potential. Our actual membership is proof that we are seizing the opportunity. Consumers are choosing Golden 1 as their trusted financial partner. We serve more than 830,000 members today with current strong membership, deposit and loan growth.
“Our ability to meet the changing needs of consumers, combined with our proven ability to serve, makes us well-positioned for further successful growth,” she added.
Reaching out through multiple media
Bland said the management team is aware how much potential the CU has throughout California. She said the goal is to ensure consumers know Golden 1 Credit Union and what distinguishes it from the major banks and other competitors.
“Consumers cannot choose us if they never learn who we are and why we are the better alternative,” she said. “We also are focused on building strong brand and product awareness in auto dealerships and the real estate market.”
Bland said the CU has and will continue to achieve growth through “ingenious and impactful” communications of Golden 1’s brand, product, service and value proposition. The credit union uses traditional, digital and social media to reach consumers.
“We are also committed to being a community partner and leader in various markets we serve, which further builds community recognition,” she declared. “We have high consideration among consumers who are aware of Golden 1. Coupling high consideration with growing consumer awareness is a winning combination.
“In the end, though, it is not just about growing the number of members,” Bland continued. “It is about deepening our relationships and providing our members the financial solutions they need, whenever and wherever they need it. In each of the markets we serve across California, we have developed various strategies to maximize opportunities and optimize results to serve our overall membership.”
