2016 Economic Impact Project
Meriwest Credit Union participated in a 2016 year-long project, commissioned by the California and Nevada Credit Union Leagues (CCUL) in conjunction with ECONorthwest, to measure the economic impact that credit unions are making in their local communities. Credit unions’ combined ripple effect in the broader economy can’t be ignored as their financially cooperative, not-for-profit model reinvests local dollars back into local economies.
Meriwest Credit Union generated a $108 million impact within its local community in 2016. This supported 660 local jobs and also produced $10.2 million in member benefits. These benefits represent the amount members saved by choosing a credit union over another financial institution. Credit unions, because of their not-for-profit, cooperative structure, are uniquely positioned to deliver benefits and savings to their members.
“One of Meriwest’s core values is we are a community of people helping people,” said Julie Kirsch, President and CEO. “It’s rewarding to see the economic impact of those efforts and the benefits our members receive by choosing us for their financial needs.”
California credit unions generated a substantial $17-billion economic impact to the state economy in 2016, according to a first-ever report of its kind that details jobs created, economic contributions, benefits to members, and community lending.
"In addition to making a substantial economic impact in the communities they serve, this information reaffirms credit unions' efforts to empower their members by helping them make wise financial decisions," said Diana Dykstra, president and CEO of the California Credit Union League.
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to over 72,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 50 years. More information can be found at www.meriwest.com.
About The Leagues
The California Credit Union League and the Nevada Credit Union League are the trade associations for credit unions in both states. They serve more than 286 credit unions in California and Nevada with more than 9.8 million members with more than $148 billion in assets.