The San Francisco Federal Credit Union, a not-for-profit financial institution, recently announced that it is expanding its community charter to San Mateo County, opening a branch in Burlingame and inviting residents and workers along the Peninsula to become members.
"We looked at our current membership numbers, and we realized that 16 percent of our members already live in San Mateo County," said Chief Operating Officer Jude Gogan.
As San Francisco's population has increased over the past several decades, so too has that of San Mateo County, and Gogan said now was the right time for the expansion.
President and CEO Steve Stapp says there is a "clear demand" for the credit union's services in the county.
"We plan to establish our presence there as swiftly as possible so we can get down to the business of serving members," he said in a news release.
Gogan estimates that the branch, to be located in Burlingame Plaza, will be open within six to eight months.
The Burlingame location was chosen because most of the current San Francisco Federal Credit Union members from the Peninsula live in the northern part of the county, she said. Currently the closest branch location to those members is in Lakeside Village in San Francisco.
There are already credit unions in the county, but new expansion will give residents there another banking option.
"It's a matter of service and knowing our members, it's a matter of providing — we firmly believe in financial education," Gogan said.
She said they'll be reaching out to family members and associates of their members to let them know that if they live, work, attend school, or worship in San Mateo County, they can now become members.