SAN JOSE — The Golden 1, 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 in downtown San Jose.
The credit union 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.
Golden1 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 Golden1 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 new credit union location.
Sacramento-based The Golden1 is the nation’s 6th-largest credit union, placing it just ahead of the 7th-largest, San Jose-based First Technology Federal Credit Union, according to rankings compiled in 2020 by Credit Unions Online.
At the end of June, The Golden1 reported $14.95 billion in assets and $12.54 billion in deposits, according to official regulatory filings known as call reports.
For calendar 2019, Golden1 posted a profit of $99.9 million, up 5.4 percent from profits of $94.8 million during 2018, the regulatory filings show.