Technology Credit Union (San Jose, CA) on September 5 announced that it was originating a $3 million commercial real estate loan.
The loan will assist infunding the purchase of a 12,800 square foot, Class B commercial property in downtown San Jose, as well as provide for minor tenant improvement work and miscellaneous expenditures.
Technology Credit Union will finance commercial real estate loans up to $15 million.
Read the press release.
Tech CU was poised to become a federal mutual savings bank in 2012. The OCC and The FDIC were said to be ready to approve its application for that bank charter if NCUA's mandatory vote by the cu members approved the change. But, a well organized anti-bank propaganda campaign by a professional activist group from CUNA on The NCUA's behalf disrupted the cu member vote. The vote failed to approved conversion.
ReplyDeleteTech has always been a Calif. state chartered credit union. If FDIC had been insuring state chartered credit unions in 2012, then Tech might be a state chartered bank today. In 2017, with total assets of $2.3B, Tech would have been good for the FDIC and even deeper into serving its community.
ICBA should talk to FDIC about insuring state (not federally) chartered credit unions.
Not true. Tech CU was Tech Fed (as in federal charter) in the 1980s and early 90s. If you're going to shill for banks, at least get your facts straight.
Deletethat's true but at the time of the attempted charter change they were and are tech cu, state charter.
Deleteif your going to shill for ccul then get your head out of your ...and join the mature world that deals with facts.
You're right about the obstruction that occurred.
ReplyDeleteYou're wrong about the remedy.
Icba has no clout with fdic nor should they.
It's congress that needs to WAKE UP and do their job.
NCUA has thumbed its nose at congress on charter conversion rules.
They should remove NCUA from the process.
That's a good point.
DeleteAnd what else is interesting is how CCUL, that guy Rodriquez and probably CUNA stuck their nose in a cu's business and have not been held to account for that.
Exactly. There will be no accountability for ANYthing until credit unions can 'fire' the NCUA by leaving the system. Until then, its their trillion dollar playpen.
DeleteThat's exactly right.
DeleteWhat the self serving slobs that obstructed the charter change process didn't get is that the best thing for them long term was to have a few leave and scare NCUA into doing the right thing and scare CUNA into representing CUs better.
CURIA? Whatever happened to that?
CUNA is a well paid pathetic lobbyist that runs crappy conferences.