Overview
What is Valley First Credit Union?
Valley First Credit Union is a California-based financial institution, with its headquarters located at 1005 W Orangeburg Avenue in Modesto. As a state-chartered credit union, it offers loans to its members with reduced interest rates compared to competitors. The credit union's less stringent criteria, lower loan rates, and higher loan coverage make it an attractive choice for many. With more than 80,000 members and over $730 million in outstanding loan balances as of 2022, Valley First Credit Union has proved successful in generating economic growth and opportunity in economically disadvantaged communities. As a Community Development Financial Institution (CDFI), it injects new sources of capital into underserved neighborhoods, granting loans to businesses and individuals in areas where more than half of the households have incomes below 60% of the median income or the poverty rate stands at 25% or higher. Approximately 45% of their loan portfolio goes to support Hispanic borrowers. At their core, Valley First Credit Union is dedicated to delivering superior service to their members and the community.
Official website here: www.valleyfirstcu.org
Is Valley First Credit Union legitimate?
Valley First Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Valley First Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are not tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $1,535,412
Professional Fundraising Fees: $0
Other Salaries and Wages: $8,442,717
For more financial information, click here
Official website here: www.valleyfirstcu.org
What is the mission statement of Valley First Credit Union?
Valley First Credit Union is dedicated to delivering superior service to its members and the community. As a credit union, it offers loans to its members with reduced interest rates, less stringent credit criteria, and higher loan coverage than competitors. With over 80,000 members and $730.8 million in outstanding loan balances, the credit union prioritizes economic growth and opportunity in disadvantaged communities. In 2022, it received the Low-Income Designation, expanding access to capital for small businesses and underserved individuals in low-income communities. About 45% of its loan portfolio is extended to Hispanic borrowers. The credit union's mission is to provide outstanding service and inject new sources of capital into neighborhoods in need of financing.
Official website here: www.valleyfirstcu.org
Who is the CEO of Valley First Credit Union?
Kathryn Davis is the President And Chief Executive Officer of Valley First Credit Union. The CEO's salary of Valley First Credit Union is $592,931 and their total compensation is $635,888.
Official website here: www.valleyfirstcu.org
What is the revenue of Valley First Credit Union?
Valley First Credit Union's revenue in 2022 was $40,105,453.
Official website here: www.valleyfirstcu.org
Who are the executives of Valley First Credit Union and what are their salaries?
The average compensation at Valley First Credit Union during 2022 was $49,642. There are 201 employees and 12 volunteers at Valley First Credit Union.
Here are 16 key members and their salaries (Valley First Credit Union's CEO's salary is $592,931 and their total compensation is $635,888):
- Kathryn Davis (President And Chief Executive Officer)
- Chris Hewitt (Vp Operations And Digital Strategy)
- Byron Miller (Vp Technology)
- Chris Braun (Vp Payments)
- Todd Mccoy (Chief Financial Officer)
- Paul Emanuels (Vp Lending)
- Courtnay Lynch (Vp People And Culture)
- Raymond Mccaslin (Vp Commercial Banking)
- Fred Cruz (Vice Chair) [Trustee/Director]
- Patrick Dodd (Former Treasurer) [Trustee/Director]
- Patti Gillihan (Secretary And Treasurer) [Trustee/Director]
- Gary Hall (Director)
- Tom Kane (Director)
- Chris Peterson (Chair) [Trustee/Director]
- John Schneider (Director)
- Tamra Spade (Director)
Official website here: www.valleyfirstcu.org
Where can I find the form 990 for Valley First Credit Union?
The Valley First Credit Union’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.valleyfirstcu.org
Learn more at the official website: www.valleyfirstcu.org
Mission Statement of Valley First Credit Union
Valley First Credit Union, a state-chartered financial institution, is dedicated to delivering superior service to its members and the community. By offering reduced interest rates compared to competitors and less stringent loan criteria, the credit union makes financing accessible to a wider population. With over 80,000 members and $730 million in outstanding loan balances as of December 31, 2022, Valley First Credit Union has successfully catered to the financial needs of its community.
In addition to providing essential financial services to its members, Valley First Credit Union functions as a Community Development Financial Institution (CDFI). This role mandates the generation of economic growth and opportunity in disadvantaged areas through innovative programs that inject new sources of capital into neighborhoods lacking access to financing. In recognition of this commitment, Valley First Credit Union received the low-income designation in 2022, expanding access to capital for small businesses and underserved individuals in low-income communities.
Forty-five percent of Valley First Credit Union's total loan portfolio is directed towards Hispanic borrowers. The credit union's significant presence in communities where more than half of households have incomes below 60% of the area median income or the poverty rate is at 25% or higher underscores its dedication to serving economically disadvantaged populations. By providing loans in these areas and promoting financial inclusion, Valley First Credit Union plays an essential role in empowering individuals and fostering economic development.
Impact
This information is meant to be a general summary of Valley First Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Valley First Credit Union's impact is significant in the community of Modesto, California. By providing superior service to their members and the community, the credit union plays a crucial role in economic development. With over $730 million in outstanding loan balances and more than 80,000 members, Valley First Credit Union offers loans at reduced interest rates, making financing more accessible to individuals who may not qualify with traditional financial institutions.
As a community development financial institution, Valley First Credit Union is dedicated to generating economic growth and opportunity in economically disadvantaged neighborhoods. Their programs inject new sources of capital into communities that lack access to financing, ultimately improving the financial well-being of residents. With a focus on serving low-income communities, the credit union received the low-income designation in 2022, expanding access to capital for small businesses and individuals who have been historically underserved.
Valley First Credit Union's commitment to providing financial services in neighborhoods with high levels of poverty and income disparity highlights their role in addressing economic inequalities. With a significant portion of their loan portfolio serving Hispanic borrowers, the credit union is actively working towards creating a more inclusive and prosperous community for all residents.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST FROM LOANS
Revenue
$25,394,325
FEES & CHARGES
Revenue
$6,137,949
MERCHANT CARD & OTHER NETWORK INC
Revenue
$3,922,355
OTHER NONINTEREST INCOME
Revenue
$1,599,308
Organization Details
Founding Year
1956
Phone
(209) 549-8500
Principal Officer
Kathryn Davis
Main Address
1005 W ORANGEBURG AVENUE, MODESTO, CA, 95350
Website
www.valleyfirstcu.org
NTEE Category
Code: W60 - Public benefit
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