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VALLEY CREDIT UNION CONTINUES TO POST SOLID GROWTH IN SILICON VALLEY MARKETPLACE

 SAN JOSE, Calif., June 8 /PRNewswire/ -- The San Jose- headquartered Valley Credit Union reports a 5 percent increase in deposits during the first quarter of 1993, reaching $112 million as of March 31, 1993, up $5 million in the first three months of the year.
 During the first quarter, VCU's total loans reached $104 million, up $1.6 million in the quarter, a 108 percent jump over new loans posted in the first quarter of 1992, sparking signs that consumer confidence may be improving somewhat.
 Ted Dennis, chief executive officer of Valley Credit Union, reports that the credit union also had an increase in annualized return on assets, up to 1.26 percent over .79 percent last year. The capital ratio at the credit union is also rising, reaching a solid 7.98 percent as of March 31. Net income for the quarter totaled $372,000, up 72 percent over the same quarter in 1992.
 Administrators of the $121 million profit-sharing financial institution that provides financial services to employees of businesses throughout the Silicon Valley say the latest gains put the credit union well ahead of the national average depository gain of 2.6 percent for the first quarter.
 "Much of the growth has been based on the members' response to our decision to manage for loyalty ... a commitment to do whatever is necessary to meet our members' needs who, unique to the credit union industry, are also Valley Credit Union's investors. Our intent is to continually build and maintain longterm relationships," Dennis explains. "We actively solicit the business of members who will be with us as they matriculate through their lifecycle. When a Valley Credit Union member needs a loan or a better than average rate of return on a deposit, they know without thinking twice where they can go."
 Dennis believes that Valley's steady growth in today's environment confirms the intrinsic value of building a base of recognition and reliability. "To do otherwise would put us in the pool of institutions weathering increasingly less viable financial and market positions," he says.
 Valley Credit Union is open to all employees of AT&T, PacBell, Sunnyvale Westinghouse, Oakland's Summit Medical Center and Children's Hospital, the Chiron Corp. and more than 500 businesses and organizations spanning the coast from Marin to Santa Cruz County.
 Administrative headquarters for the credit union are located at 2635 Zanker Road in San Jose. Four additional branch offices are located in San Jose at 100 Park Center Plaza; in Campbell at 70 West Hamilton; in Sunnyvale at 1270 Oakmead Parkway; and in Oakland at 3334 Webster St.
 -0- 6/8/93
 /CONTACT: Anthony Jones of Valley Credit Union, 408-955-1302; or Sharon Chapo of Chapo Marketing Communications, 619-523-0907, for Valley Credit Union/


CO: Valley Credit Union ST: California IN: FIN SU:

LS-JB -- SD001 -- 6549 06/08/93 12:02 EDT
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Date:Jun 8, 1993
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