Tyco Federal Credit Union

Reach Federal Credit Union (formerly Tyco Federal Credit Union) is a federally chartered credit union for employees of Tyco International, TE Connectivity and Covidien. Reach Federal Credit Union (Reach CU(TM)) is federally insured and regulated by the National Credit Union Administration (NCUA). Reach Credit Union is headquartered in Menlo Park, California[1] with offices in NC, PA and FL. Like all credit unions, Reach Credit Union is governed by a board of volunteers, elected by and from its membership.

Reach Federal Credit Union
TypeCredit union
IndustryFinancial services
Founded1971
HeadquartersMenlo Park, California, United States
Area served
Tyco International
Tyco Electronics
Covidien
Employees and family members
Key people
Christine L. Petro, President/CEO
Rong Guo, VP of Finance
Ann Lubeck-Brown, VP of Member Services
Elaine Laroa, VP of Member Development
Steven Miller, VP of Information Services
ProductsSavings; checking; consumer loans; mortgages; credit cards; online banking
Total assets$99M USD (2015)
Number of employees
25
Websitewww.ReachCU.coop

History

Reach Federal Credit Union was founded in 1971 as Raychem Employees' Federal Credit Union by employees of Raychem Corporation. It was founded as a non-profit financial service cooperative dedicated to helping its members get ahead financially. After Tyco International acquired Raychem in 1999, it changed its name and expanded its field of membership to include all Tyco International employees. In 2007 Tyco Electronics and Tyco Healthcare were divested from Tyco International. This modified Reach CU's field of membership to include the three separate organizations Tyco International, Tyco Electronics (now TE Connectivity), and Tyco Healthcare (now Covidien).

By 2013, due to divestitures, mergers and acquisitions by its corporate sponsors, the credit union's field of membership now includes ADT, Atkore, Covidien, Elo Touch Solutions, Mallinckrodt, Pentair, TE Connectivity and Tyco International employees and their families. Since only one of the sponsor companies still has the name Tyco, on August 1, 2013, Tyco Federal Credit Union became Reach Federal Credit Union.

In 2016 Reach Federal Credit Union Merged into Xceed Financial (Federal Credit Union).

Before merging with Reach, Xceed Financial Credit Union was a $900 million credit union with negative earnings for 2015.[2]

Currently Xceed financial is a $915,823,108 asset sized credit union with $1,955,920 in Net Income and a Net Worth Ration of 10.20 (must be above 7.00) as of June 2018.[3]

Products and services

Banking and Mortgage Services

Field of membership

Employees of Tyco International and its subsidiaries and business units (i.e., ADT, SimplexGrinnell, Tracer, Tyco Valves, Tyco Thermal Control, Tyco Electrical and Metal)

Employees of TE Connectivity and its business units (i.e., Elo Touchsystems, Precision Interconnect, Tyco Telecommunication)

Employees of Covidien (formerly Tyco Healthcare) and its business units (i.e., Mallinckrodt, Puritan Bennett)

Immediate family members are eligible to join.

References
  1. Chan, Viva. The Largest Bay Area Credit Unions. San Francisco Business Times. 13 July 2001.
  2. http://fpr.ncua.gov/?cu_number=20068
  3. https://fpr.ncua.gov/OnlineFPR.aspx?cu_number=20068
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.