Question 1

What is AltaOne Federal Credit Union (AltaOne FCU)?

Accepted Answer

AltaOne Federal Credit Union (AltaOne FCU) is a federally chartered, full-service, member-owned financial cooperative headquartered in Ridgecrest, California. With over $962 million in assets and approximately 59,000 members, AltaOne serves communities throughout eastern and central California.

The credit union specializes in serving rural and semi-rural communities across multiple counties, with a strong foundation in military and government employee services. AltaOne is certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury, reflecting its mission to improve inequalities in income, wealth, and access to financial solutions.

Question 2

When was AltaOne Federal Credit Union (AltaOne FCU) founded?

Accepted Answer

AltaOne Federal Credit Union was founded on November 26, 1947, as the NOTS Employees Federal Credit Union (Naval Ordnance Test Station Employees Federal Credit Union) at China Lake, California. Nine members of the Naval Ordnance Test Station Employees Welfare Association organized the credit union with less than $300 in deposits in one cash drawer.

The credit union was originally established to provide affordable loans and essential financial services to naval and civilian employees at the Naval Ordnance Test Station, along with their families, in a remote part of California. The founders' goal was to create a financial institution that would serve military and government personnel who had limited access to banking services in the isolated Indian Wells Valley region.

Over the decades, the credit union evolved through several name changes: Naval Weapons Center Federal Credit Union (1968-1989), NWC Community Federal Credit Union (1989-2000), and finally AltaOne Federal Credit Union (2000-present). The 2000 name change to AltaOne reflected the credit union's transformation from an employee-based institution to a community-chartered organization serving a broader geographic area.

Question 3

Where is AltaOne Federal Credit Union (AltaOne FCU) headquartered?

Accepted Answer

AltaOne Federal Credit Union is headquartered in Ridgecrest, California. The corporate office is located at 701 South China Lake Boulevard, Ridgecrest, CA 93555. This permanent facility was built in 1989 and serves as both the headquarters and a full-service branch location.

Question 4

Where does AltaOne Federal Credit Union (AltaOne FCU) operate?

Accepted Answer

AltaOne Federal Credit Union operates throughout eastern and central California, serving members across a vast geographic footprint. Membership is open to those who live, work, worship, volunteer, own a business, or attend school in Kern, Inyo, and Mono counties, as well as select communities in northern San Bernardino County.

The credit union maintains branch locations in multiple communities including:
• Ridgecrest: Corporate Branch, North Branch, and China Lake Base Branch (restricted access)
• Kern County: Bakersfield, Boron, California City, Kernville, Lake Isabella, and Tehachapi
• Inyo County: Bishop and Lone Pine
• San Bernardino County: Select northern communities

AltaOne also participates in the CO-OP Shared Branch network, providing members access to thousands of shared branch locations nationwide. The credit union has expanded its service area significantly from its original base-only location through strategic field of membership expansions in 2000 and 2005.

Question 5

What services does AltaOne Federal Credit Union (AltaOne FCU) offer?

Accepted Answer

AltaOne Federal Credit Union provides comprehensive financial services for both personal and business banking needs:

Deposit Accounts: Share savings accounts, checking accounts (share draft), money market accounts, certificates of deposit (CDs), and Individual Retirement Accounts (IRAs).

Lending Services: Auto loans, home mortgages (including 30-year mortgages and refinancing), personal loans, credit cards, and home equity products. Business lending services include commercial loans and Small Business Administration (SBA) loans.

Digital Banking: Mobile banking app with remote deposit capture, online banking platform with bill pay, e-statements, personal financial management tools with automatic expense categorization and budgeting features, account aggregation for tracking external accounts, cash flow analysis, and net worth tracking.

Wealth Management: Investment services and financial planning through partnership with LPL Financial.

Additional Services: Safe deposit boxes, notary services, coin counting machines at select branches, night depositories, multiple ATM locations including CO-OP Network access, and wire transfers.

AltaOne's digital platforms feature a redesigned user interface with a dynamic carousel for account overview, integrated financial management tools with visual spending analytics, and mobile check deposit functionality.

Question 6

What makes AltaOne Federal Credit Union (AltaOne FCU) unique?

Accepted Answer

AltaOne Federal Credit Union distinguishes itself through several key characteristics:

CDFI Certification: As a certified Community Development Financial Institution, AltaOne has a formal mission to address financial inequalities and improve access to financial solutions in underserved communities. This reflects a commitment beyond typical credit union service.

Military Heritage: While now a community credit union, AltaOne maintains strong ties to its military origins at Naval Air Weapons Station China Lake. The credit union continues to operate a branch on the base and serves active duty military, veterans, and government employees.

Rural Community Focus: AltaOne specializes in serving rural and semi-rural communities across a large geographic area spanning multiple counties in eastern California. This includes mountain communities like Kernville and Lake Isabella, desert communities like Ridgecrest and Boron, and Eastern Sierra communities like Bishop and Lone Pine.

Member Growth: The credit union has demonstrated consistent growth, expanding from serving fewer than 10 original members to approximately 59,000 members today. Asset growth has been steady, with 3.25% growth over the most recent four-quarter period.

Historical Mergers: AltaOne has expanded through strategic mergers, including the 1978 merger with US Borax Boron Employees Federal Credit Union and the 1983 merger with Kern Valley Community Federal Credit Union. In 2022, the credit union acquired Mission Bank's Ridgecrest branch, expanding business banking capabilities.

Question 7

What type of financial institution is AltaOne Federal Credit Union (AltaOne FCU)?

Accepted Answer

AltaOne Federal Credit Union is a federal credit union, chartered and regulated by the National Credit Union Administration (NCUA) under charter number 5612. As a federal credit union, member deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the U.S. government.

As a member-owned cooperative, AltaOne operates under democratic principles where each member has one vote regardless of account balance. The credit union is governed by a volunteer board of directors elected by the membership. Profits are returned to members through competitive rates, lower fees, and enhanced services rather than distributed to external shareholders.

Membership eligibility is based on a community charter, meaning anyone who lives, works, worships, volunteers, owns a business, or attends school within AltaOne's field of membership can join. Immediate family members of current members are also eligible for membership, creating multi-generational banking relationships.

Question 8

How has AltaOne Federal Credit Union (AltaOne FCU) evolved over its 75+ year history?

Accepted Answer

AltaOne Federal Credit Union has undergone significant transformation from its humble beginnings to its current status as a nearly $1 billion institution. The credit union began with fewer than $300 in assets housed in a single cash drawer at a military training building in 1947.

Major milestones in the credit union's evolution include reaching $1 million in assets by 1957 with 3,269 members, expanding membership beyond base employees to include City of Ridgecrest employees (1963) and eventually all residents of the Indian Wells Valley (1976). This transition from an employee-based to community-based credit union was pivotal to long-term growth.

The 1980s brought financial deregulation, enabling AltaOne to expand product offerings to include IRAs, share certificates, money market accounts, credit cards, and 30-year mortgages. The first ATMs were installed in 1984, marking the beginning of electronic banking services. The credit union's physical footprint expanded beyond Ridgecrest through the Kern Valley merger (1983) and the opening of the Lake Isabella branch (1985).

The new millennium brought geographic expansion with NCUA approval to add Inyo County and northern San Bernardino County (2000), followed by Mono County and western Kern County (2005). Business banking services were introduced in 2003, with SBA lending beginning in 2004. Investment services through LPL Financial launched in 2002, adding wealth management capabilities.

The most recent expansion occurred in 2022 when AltaOne acquired Mission Bank's Ridgecrest branch, representing the credit union's first acquisition of a commercial bank branch and further strengthening its business banking portfolio.

AltaOne Federal Credit Union (AltaOne FCU)

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About AltaOne Federal Credit Union (AltaOne FCU) in the United States