SAN JOSE — Golden 1 Credit Union, one of the nation’s largest credit unions, has decided to open a branch in downtown San Jose’s up-and-coming SoFA district, city planning documents show.
The new Golden 1 Credit Union branch is slated to be located in The Pierce, a relatively new apartment complex near the corner of South Market Street and Pierce Avenue.
The branch is expected to operate as a commercial component of the apartment complex, which is at 2 Pierce Ave. in the South First Area, or SoFA District, San Jose planning documents show.
Downtown San Jose’s SoFA, under non-coronavirus shutdown circumstances, is normally a bustling area of restaurants, night clubs, entertainment spots, and theaters.
Golden 1 is planning a branch that will total about 4,100 square feet and be located on the ground floor of The Pierce, which contains 230 units.
The Pierce is one of the newest apartment complexes in San Jose and occupies a prominent spot just north of Interstate 280 and just south of the city’s Convention Center.
The new branch is also expected to include an ATM machine, the city planning documents show.
A considerable amount of interior improvements are anticipated to prepare the space for the credit union, according to the city records.
“It’s a very good sign for the SoFA district that a financial institution is willing to lease space in The Pierce,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use and planning consultancy.
Sacramento-based Golden 1 is the nation’s 6th-largest credit union, placing it just ahead of San Jose-based First Technology Federal Credit Union, according to rankings compiled in 2020 by Credit Unions Online.
At the end of June, Golden 1 reported $14.95 billion in assets and $12.54 billion in deposits, according to official regulatory filings known as call reports.
“We have seen the strength of credit unions rise in the last decade,” Staedler said. “They are becoming more of a preferred choice with the issues that the larger banks have had over the past several years.”
For calendar 2019, Golden 1 posted a profit of $99.9 million, up 5.4 percent from profits of $94.8 million during 2018, the regulatory filings show.
“As the day time and night time population and activity grow in the area, this Golden 1 branch is in the middle of where the action is going to be in downtown San Jose,” Staedler said.
