Federal Home Loan Bank of San Francisco Home Contact SiteMap Terms of Use Login
  Search   
Membership
Membership
bullet Benefits
bullet Eligibilty
bullet Becoming a Member
bullet Capital Plan
bullet Member Profiles
bullet Member Directory
bullet FAQ

Wescom Credit Union Uses CIP Advances to Meet Member Credit Needs

Wescom Credit Union
Pasadena, California
Asset Size: $3 billion
 
For 70 years, Wescom Credit Union has been dedicated to improving the financial well-being of its membership. Wescom provides its 250,000 members with a full range of financial products in seven Southern California counties: Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego and Ventura. One measure of its success in meeting the needs of its members is that over 75,000 of them have been with Wescom for 10 years or more, and 4,000 have been with the credit union for 50 years or more.
 
Wescom originally joined the Bank in 1998, when it was looking for ways to meet members’ increasing demand for real estate lending.
 
"Deposits are not the perfect funding source for long-term mortgage loans, so we began looking at alternative sources," says Darren Williams, President and Chief Executive Officer of Wescom Credit Union. "The Bank was perfect for what we needed."
 
The credit union now has over $300 million in advances. Wescom’s most recent borrowings have been fixed rate advances under the Bank’s Community Investment Program.
 
"As a credit union, we like to be able to offer more flexible loans programs, including first-time homebuyer programs and loans for households with incomes at or below the median income for the area," says Mr. Williams. "Being able to keep loans on our balance sheet allows us to be more flexible in our underwriting, and CIP advances also give us additional pricing flexibility."
 
As a member-owned financial cooperative, Wescom Credit Union clearly sees the advantages of membership in the Federal Home Loan Bank of San Francisco.
 
"Becoming a member of the Bank was certainly an easy decision for us," says Mr. Williams. "It’s natural for a credit union to look to the Bank as a resource because of the Bank’s cooperative structure. You see it in tangible ways—competitive rates, more flexible terms, superior service, equal access and opportunity for all members. When we’ve called and wanted to structure an advance, there hasn’t been a thing the Bank hasn’t been able to do. It’s a great relationship for Wescom."
 
August 2005
 
Back to Member Profiles



© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

Wescom Credit Union Uses CIP Advances to Meet Member Credit Needs

Wescom Credit Union
Pasadena, California
Asset Size: $3 billion
 
For 70 years, Wescom Credit Union has been dedicated to improving the financial well-being of its membership. Wescom provides its 250,000 members with a full range of financial products in seven Southern California counties: Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego and Ventura. One measure of its success in meeting the needs of its members is that over 75,000 of them have been with Wescom for 10 years or more, and 4,000 have been with the credit union for 50 years or more.
 
Wescom originally joined the Bank in 1998, when it was looking for ways to meet members’ increasing demand for real estate lending.
 
"Deposits are not the perfect funding source for long-term mortgage loans, so we began looking at alternative sources," says Darren Williams, President and Chief Executive Officer of Wescom Credit Union. "The Bank was perfect for what we needed."
 
The credit union now has over $300 million in advances. Wescom’s most recent borrowings have been fixed rate advances under the Bank’s Community Investment Program.
 
"As a credit union, we like to be able to offer more flexible loans programs, including first-time homebuyer programs and loans for households with incomes at or below the median income for the area," says Mr. Williams. "Being able to keep loans on our balance sheet allows us to be more flexible in our underwriting, and CIP advances also give us additional pricing flexibility."
 
As a member-owned financial cooperative, Wescom Credit Union clearly sees the advantages of membership in the Federal Home Loan Bank of San Francisco.
 
"Becoming a member of the Bank was certainly an easy decision for us," says Mr. Williams. "It’s natural for a credit union to look to the Bank as a resource because of the Bank’s cooperative structure. You see it in tangible ways—competitive rates, more flexible terms, superior service, equal access and opportunity for all members. When we’ve called and wanted to structure an advance, there hasn’t been a thing the Bank hasn’t been able to do. It’s a great relationship for Wescom."
 
August 2005
 
Back to Member Profiles

© 2000-2008 Federal Home Loan Bank of San Francisco