Utah Power Credit Union

Utah Power Credit Union is a nonprofit financial cooperative chartered in the state of Utah, established in 1935 during the Great Depression. It was originally formed by employees of Utah Power & Light to address financial needs and promote economic stability among its members. Over the years, the credit union has expanded its membership to include employees of various entities related to PacifiCorp, following the merger of Pacific Power and Utah Power in 1989[1][2].

History and Growth

The credit union's first office was located in the Utah Savings and Trust building in downtown Salt Lake City. By its 24th anniversary, UPCA had reached $1 million in assets, growing to $12 million by 1983. By the end of 2007, its assets approached $250 million, and today, the credit union manages approximately $1 billion in assets[1].

In 1992, the credit union began serving Pacific Power employees in the Wyoming region. Due to regulatory restrictions on out-of-state branches in Wyoming, UPCA partnered with Meridian Trust Federal Credit Union to form PowerTrust Credit Union Service Organization in 2005. This allowed for the establishment of branches in Rock Springs in 2006 and Casper in 2007[1].

Membership and Services

Membership in Utah Power Credit Union is open to employees of several major corporations and associations, including PacifiCorp, Union Pacific Railroad, and various electric cooperatives across Utah[5]. Additionally, family members of existing members, such as parents, siblings, spouses, and children, are also eligible for membership.

The credit union offers a range of financial services, including high-dividend savings accounts and competitive interest rates. It is noted for maintaining some of the highest dividend rates in the country and has achieved an A+ health rating[5].

Current Status

As of late 2024, Utah Power Credit Union had grown to employ 53 people, serving over 30,000 members across eight locations. It ranks as the 9th largest credit union in Utah and the 456th largest nationwide[5]. The credit union's strong financial performance is attributed to its high dividend rates and the financial stability of its members[1][5].