Tyco Federal Credit Union
| File:Tyco FCU.jpg | |
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1971 |
| Headquarters | Menlo Park, California, United States |
Area served | Tyco International Tyco Electronics Covidien Employees and family members |
Key people | Christine L. Petro, President/CEO Rong Guo, VP of Finance Ann Lubeck-Brown, VP of Member Services Elaine Laroa, VP of Member Development Steven Miller, VP of Information Services |
| Products | Savings; checking; consumer loans; mortgages; credit cards; online banking |
| Total assets | $99M USD (2015) |
Number of employees | 25 |
| Website | www.ReachCU.coop |
Reach Federal Credit Union—previously known as Tyco Federal Credit Union—is a federally chartered credit union dedicated to serving personnel from Tyco International, TE Connectivity, and Covidien. It operates under federal insurance and oversight by the National Credit Union Administration (NCUA). The main office is situated in Menlo Park, California, with additional branches located in North Carolina, Pennsylvania, and Florida. Governance is provided by a volunteer board elected from among its members.
History
Established in 1971 under the name Raychem Employees' Federal Credit Union by employees of Raychem Corporation, Reach CU was initially a not-for-profit cooperative aimed at fostering financial well-being for its members. When Tyco International acquired Raychem in 1999, the credit union expanded its eligibility to include all Tyco International employees and adopted a new name to reflect this change. The separation of Tyco Electronics and Tyco Healthcare from Tyco International in 2007 further extended membership to these organizations—now known as TE Connectivity and Covidien.
By the year 2013, due to corporate restructuring, Reach CU's membership eligibility grew to encompass employees and their families from ADT, Atkore, Covidien, Elo Touch Solutions, Mallinckrodt, Pentair, TE Connectivity, and Tyco International. To better represent this broadened scope, the credit union rebranded itself as Reach Federal Credit Union on August 1, 2013.
In 2016, Reach Federal Credit Union merged with Xceed Financial Credit Union. Before this consolidation, Xceed Financial had assets totaling $900 million but experienced negative earnings in 2015. As reported in June 2018, Xceed Financial's assets reached approximately $916 million with net income close to $2 million and maintained a robust Net Worth Ratio of 10.20%, surpassing regulatory standards.
Products and services
Banking and mortgage services
Field of membership
Personnel employed by Tyco International and its subsidiaries (including ADT, SimplexGrinnell, Tracer, Tyco Valves, Tyco Thermal Control, Tyco Electrical and Metal)
Staff members of TE Connectivity along with its divisions (such as Elo Touchsystems, Precision Interconnect, Tyco Telecommunication)
Employees working for Covidien (formerly Tyco Healthcare) and its units (including Mallinckrodt and Puritan Bennett)
Membership is also open to immediate family relatives of eligible employees.