Valley First Credit Union

As a state chartered Credit Union, Valley First Credit Union (the Credit Union) provides loans to members at reduced interest rates as compared to competitors. In general, the Credit criteria is less stringent, loan rates are lower, and a higher level of loan coverage is provided. As of 12/31/2022, the Credit Union had $730,849,349 in outstanding loan balances and more than 80,000 members. As a community development financial institution, Valley First Credit Union is charged with generating economic growth and opportunity in economically disadvantaged communities with programs that inject new sources of capital into neighborhoods that lack access to financing. In 2022, we received the low-income designation, which expands access to capital for small businesses and others who have been underserved in low-income communities. More than 60% of our loans are done in communities where more than half of the households have incomes below 60% of the area income or the poverty rate is at 25% or higher. 45% of our total loan portfolio is to hispanic borrowers.

Valley First Credit Union provides checking account products that are of greater benefit to members, as compared to its competitors. Several types of checking accounts are offered, from free checking to our purple checking product, which provides members the ability to have no service fees, atm reimbursements and offers cash back on purchases. Valley First Credit Union launched small dollar loans (purple advance and quick loans) to help members avoid going to check cashers and payday lenders. Employees of the Credit Union donated 1,115 hours volunteering at local non-profit organizations, and the Credit Union donated over $97,000 to those non-profits, as well.

Valley First Credit Union (the Credit Union )provides savings account products that are of greater benefit to members as compared to competitors. Valley First Credit Union pays higher dividend rates for comparable savings products. At 12/31/2022 the Credit Union had over 90,000 share accounts with balances totaling more than $795,000,000. In 2022, we gave back more than $431,000 in various financial products to our members. We expanded our small business banking program with new products and services to help fill a much-needed Credit gap in our community. Valley First Credit Union also opened a small business development center in our turlock branch to connect local entrepreneurs with resources. The Credit Union also provided financial education to 2,571 people in our community.