Question 1

What is Utah Power Credit Union?

Accepted Answer

Utah Power Credit Union is a state-chartered credit union serving employees, retirees, and family members of energy and utility companies across the western United States. Headquartered in Murray, Utah, the credit union manages over $1 billion in assets and serves more than 30,000 members.

Originally founded to serve Utah Power & Light employees, UPCU has expanded its field of membership to include PacifiCorp, Rocky Mountain Power, and numerous electric cooperatives and power associations throughout the region. The credit union has grown strategically through mergers with like-minded institutions that share its core values and commitment to member service.

Question 2

When was Utah Power Credit Union founded?

Accepted Answer

Utah Power Credit Union was founded in 1935 during the Great Depression. Utah Power & Light employees organized the credit union as a means of financial survival during challenging economic times. The first office was located in the Utah Savings and Trust building in downtown Salt Lake City.

In 1936, just one year after incorporation, the credit union financed its first car loan for $300. It was noted in the minutes that loans of this amount were to be discouraged in the future. By 1983, the credit union was managing $12 million in assets.

Another 24 years later, by 2007, assets approached $250 million. Today, the credit union's asset size is approximately $1 billion. The credit union's official name was "Utah Power & Light Employees' Credit Union" for 70 years before being shortened to Utah Power Credit Union to better reflect its expanded membership eligibility and alignment with the evolving power company structure.

Question 3

Where is Utah Power Credit Union headquartered?

Accepted Answer

Utah Power Credit Union is headquartered in Murray, Utah at 957 E 6600 S. Since 2010, the Murray location has served as both the main office and a branch location, providing convenient service to members throughout the Salt Lake Valley while supporting administrative operations for all 30,000+ credit union members.

The soul of the credit union still exists at the former main office, now branch office, located at the North Temple Office (NTO) of Rocky Mountain Power in downtown Salt Lake City.

Question 4

Where does Utah Power Credit Union operate?

Accepted Answer

Utah Power Credit Union operates multiple branch locations throughout Utah and Wyoming. The credit union has branches in Murray and Huntington, Utah, and maintains a presence at Rocky Mountain Power locations.

The Huntington office first opened part-time in a closet at the Interwest Mining office in 1988. The operation proved so successful that by 1999, the credit union built its first building. Today, the Huntington office accounts for about 20% of credit union loan volume.

Through PowerTrust Credit Union Service Organization (formed in 2005 with Meridian Trust Federal Credit Union), UPCU serves members in Wyoming with offices in Rock Springs (opened 2006) and Casper (opened 2007). Due to Wyoming requirements that out-of-state chartered financial institutions cannot independently operate branches, this partnership enables UPCU to serve Pacific Power employees in the Wyoming region.

Members also benefit from access to over 5,000 shared branches nationwide and nearly 30,000 fee-free ATMs through the CO-OP Network.

Question 5

What services does Utah Power Credit Union offer?

Accepted Answer

Utah Power Credit Union provides comprehensive financial services including:

Savings and Checking: Regular savings accounts, share certificates, money market accounts, and checking accounts with competitive rates. The credit union offers a regular savings account with competitive APY and emphasizes equal access to rates for all members.

Lending Services: Auto loans, personal loans, home equity loans, mortgages, and credit cards. The credit union emphasizes that all members receive the same great low interest rates regardless of credit score differences. Current rates include competitive APRs on 12-month personal loans and 10-year home equity loans.

Digital Banking: Custom-designed online banking platform accessible via web browser on desktop, laptop, tablet, or mobile devices. The online banking system was designed from the ground up, customized to the unique needs and desires of UPCU membership. Mobile banking app available for Apple and Android devices. Features include mobile deposit, online bill pay, account alerts, fund transfers, and account management.

Additional Services: Investment and retirement services, insurance products, and 24-hour automated Phone Teller system for account information and transactions at any time. Members can also access free credit report viewing to maintain healthy credit history.

Question 6

What makes Utah Power Credit Union unique?

Accepted Answer

Utah Power Credit Union distinguishes itself through its deep roots in the energy and utility industry. With 90 years of service, the credit union has maintained its commitment to serving the power company community and their families.

Equal Access Philosophy: At Utah Power Credit Union, all deserving members inherit the same access to services and offerings, regardless of their means or dreams. The credit union emphasizes that all members receive the same great low interest rates regardless of credit score differences, reflecting a democratic approach to lending.

Strategic Growth Through Mergers: The credit union has grown through strategic mergers that align with its core values. UPCU has been approached many times over the years but only acted when it could be proven that a potential merger would benefit members and align with core values. Mergers include UP&L Ogden Credit Union (2000), Balance Rock Credit Union (2008), People's Electric Power Credit Union (2012), and Moon Lake Electric Employees Power Federal Credit Union (2015).

Strong Financial Foundation: With over $1 billion in assets, a net worth ratio exceeding 13%, and a return on average assets of 0.72%, the credit union maintains a solid financial position. The credit union has experienced consistent growth with total assets growing 7.26% over four quarters, total loans growing 7.18%, and deposits growing 6.47%.

Member-Focused Governance: The credit union is managed by a volunteer Board of Directors and Supervisory Committee, reflecting its cooperative structure and commitment to member-focused governance. The credit union's strong community is rooted in a solid legacy of trust, strength, and success.

Question 7

What type of financial institution is Utah Power Credit Union?

Accepted Answer

Utah Power Credit Union is a state-chartered credit union regulated by the National Credit Union Administration (NCUA) and operates under NCUA Charter Number 67132. As a state-chartered credit union, UPCU follows Utah state credit union laws in addition to federal regulations.

Membership Eligibility is available to:
• Employees and retirees of PacifiCorp (including subsidiary mining operations) and Rocky Mountain Power
• Employees of Western Electric Coordinating Council (WECC)
• Employees of Union Pacific Railroad, Southern Pacific Railroad, or Utah Railway Company living or working in Carbon or Emery County
• Employees of Deseret Power and its subsidiary Blue Mountain Energy, and its member cooperatives including Moon Lake Electric, Bridger Valley Electric, Mount Wheeler Power, Flowell Electric, Garkane Electric, and Dixie Escalante Electric
• Employees of related power organizations including Intermountain Consumer Power Association, Utah Associated Municipal Power Systems, Intermountain Power Agency, and Utah Rural Electric Association
• Immediate family members of existing credit union members

As a not-for-profit cooperative, Utah Power Credit Union is owned by its members, with profits returned to members through competitive rates and improved services rather than distributed to outside shareholders. This cooperative structure has enabled the credit union to serve its membership continuously since 1935.

Question 8

What is the PacifiCorp Employees Memorial Scholarship Fund?

Accepted Answer

Utah Power Credit Union supports the PacifiCorp Employees Memorial Scholarship Fund (PEMSF), which honors the service of fallen employees by providing family members with educational scholarships. PEMSF is a non-profit organization existing through donations from PacifiCorp employees, Rocky Mountain Power and Pacific Power, donations from Utah Power Credit Union, and through other fundraising efforts.

When certain reserves are met, scholarship eligibility has been broadened to include family members of all PacifiCorp employees. This demonstrates the credit union's commitment to supporting the broader power company community beyond traditional financial services.

Utah Power Credit Union

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About Utah Power Credit Union in the United States