SACRAMENTO, Calif. (7/9/15)--Paramount to the credit union mission is a commitment to invest and reinvest in the community. Golden 1 CU, Sacramento, Calif., recently did that in a very big way.
Last month, Golden 1 announced a partnership with the Sacramento Kings that will label the professional basketball franchise’s new downtown digs and mixed-use development with the credit union’s name for the next two decades.
Contrary to the ensuing baseless attacks lodged by the banking industry, by securing this partnership-- according to a recent op-ed by Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues--Golden 1 is doing what credit unions were meant to.
“Investing in the largest economic development project in Sacramento history, bringing the community together, creating jobs and revitalizing the local economy are worthy goals,” Dykstra said (Sacramento Bee July 7). “Playing politics and attacking this effort is contrary to our ‘Sacramento Proud’ philosophy.”
What’s more, the high-profile branding likely will fuel regional awareness, which should allow Golden 1 to expand and strengthen its service and support of the community.
Unlike banks, Dykstra said, when credit unions grow, members reap the benefits, as the not-for-profit, member-owned structure requires them by law to reinvest all revenues back into the organization, its members or the community.
This isn’t lost on current members.
Golden 1’s Facebook page is littered with positive feedback and “likes” on posts related to the credit union locking in the naming rights for “Golden 1 Center.”
In fact, one commenter who described himself as a longtime Golden 1 CU member has worked out that the deal will hardly burden members over the next 20 years.
“(It’s) actually a good investment that could grow membership and strengthen the credit union,” he said.