Civic Intelligence

Provident Credit Union

EIN 94-1482957 • 501(c)14 • Redwood City, CA

Profile

A cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, provident credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.

303 Twin Dolphin DriveRedwood City, CA 94065

www.providentcu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

34th percentile

0.90x

Higher debt load relative to assets than 34% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

19.47x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

13th percentile

2.0%

Higher net margin than 13% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

37th percentile

$1,081,706

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

501(c)14 • $1B+ nonprofits • Source year 2022

Asset Growth

36th percentile

1.4%

Faster asset growth than 36% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

28th percentile

13%

Faster revenue growth than 28% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$3,546,468,170

Up $49,088,000 (+1.4%) from 2023

Liabilities

Up

$3,189,216,280

Up $28,997,333 (+0.9%) from 2023

Net Assets

Up

$357,251,890

Up $20,090,667 (+6.0%) from 2023

Revenue

Up

$163,813,640

Up $18,664,485 (+13%) from 2023

Expenses

Up

$160,494,045

Up $22,675,173 (+16%) from 2023

Net Income

Down

$3,319,595

Down $4,010,688 (-55%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0B$3.0B$2.0B$1.0B$0Assets 2010: $1,626,499,898Liabilities 2010: $1,438,431,376Net Assets 2010: $188,068,5222010Assets 2011: $1,516,222,986Liabilities 2011: $1,317,573,508Net Assets 2011: $198,649,4782011Assets 2012: $1,725,684,280Liabilities 2012: $1,512,353,747Net Assets 2012: $213,330,5332012Assets 2013: $1,901,980,386Liabilities 2013: $1,678,340,767Net Assets 2013: $223,639,6192013Assets 2014: $2,032,003,563Liabilities 2014: $1,795,920,562Net Assets 2014: $236,083,0012014Assets 2015: $2,124,975,420Liabilities 2015: $1,873,469,484Net Assets 2015: $251,505,9362015Assets 2016: $2,283,897,433Liabilities 2016: $2,013,049,439Net Assets 2016: $270,847,9942016Assets 2017: $2,385,488,711Liabilities 2017: $2,103,461,945Net Assets 2017: $282,026,7662017Assets 2018: $2,599,866,298Liabilities 2018: $2,302,598,797Net Assets 2018: $297,267,5012018Assets 2019: $2,795,784,013Liabilities 2019: $2,474,975,636Net Assets 2019: $320,808,3772019Assets 2020: $3,317,870,698Liabilities 2020: $2,976,874,448Net Assets 2020: $340,996,2502020Assets 2021: $3,536,838,918Liabilities 2021: $3,195,619,513Net Assets 2021: $341,219,4052021Assets 2022: $3,510,687,147Liabilities 2022: $3,209,719,493Net Assets 2022: $300,967,6542022Assets 2023: $3,497,380,170Liabilities 2023: $3,160,218,947Net Assets 2023: $337,161,2232023Assets 2024: $3,546,468,170Liabilities 2024: $3,189,216,280Net Assets 2024: $357,251,8902024

Highlighted filing

2024

Assets$3,546,468,170
Liabilities$3,189,216,280
Net Assets$357,251,890

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$150M$100M$50M$0Expenses 2010: $81,422,9332010Expenses 2011: $66,368,5912011Expenses 2012: $67,849,5892012Revenue 2013: $74,422,514Expenses 2013: $62,501,586Net Income 2013: $11,920,9282013Revenue 2014: $74,066,430Expenses 2014: $63,200,400Net Income 2014: $10,866,0302014Revenue 2015: $80,123,092Expenses 2015: $63,943,576Net Income 2015: $16,179,5162015Revenue 2016: $91,622,709Expenses 2016: $72,923,183Net Income 2016: $18,699,5262016Revenue 2017: $96,310,989Expenses 2017: $80,580,199Net Income 2017: $15,730,7902017Revenue 2018: $102,329,240Expenses 2018: $86,222,533Net Income 2018: $16,106,7072018Revenue 2019: $118,064,717Expenses 2019: $101,425,758Net Income 2019: $16,638,9592019Revenue 2020: $140,292,462Expenses 2020: $121,217,100Net Income 2020: $19,075,3622020Revenue 2021: $114,626,988Expenses 2021: $104,236,674Net Income 2021: $10,390,3142021Revenue 2022: $112,950,041Expenses 2022: $107,810,551Net Income 2022: $5,139,4902022Revenue 2023: $145,149,155Expenses 2023: $137,818,872Net Income 2023: $7,330,2832023Revenue 2024: $163,813,640Expenses 2024: $160,494,045Net Income 2024: $3,319,5952024

Highlighted filing

2024

Revenue$163,813,640
Expenses$160,494,045
Net Income$3,319,595

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3,546$3,189$357$164$160$3.32
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,497$3,160$337$145$138$7.33
2022Detailed filing. Detailed filing data is available for this year.$3,511$3,210$301$113$108$5.14
2021Detailed filing. Detailed filing data is available for this year.$3,537$3,196$341$115$104$10.4
2020Detailed filing. Detailed filing data is available for this year.$3,318$2,977$341$140$121$19.1
2019Detailed filing. Detailed filing data is available for this year.$2,796$2,475$321$118$101$16.6
2018Detailed filing. Detailed filing data is available for this year.$2,600$2,303$297$102$86.2$16.1
2017Detailed filing. Detailed filing data is available for this year.$2,385$2,103$282$96.3$80.6$15.7
2016Detailed filing. Detailed filing data is available for this year.$2,284$2,013$271$91.6$72.9$18.7
2015Detailed filing. Detailed filing data is available for this year.$2,125$1,873$252$80.1$63.9$16.2
2014Detailed filing. Detailed filing data is available for this year.$2,032$1,796$236$74.1$63.2$10.9
2013Detailed filing. Detailed filing data is available for this year.$1,902$1,678$224$74.4$62.5$11.9
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,726$1,512$213$67.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,516$1,318$199$66.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,626$1,438$188$81.4
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 6, 2025
Return Version
2024v5.2
Gross Receipts
$163,835,556
Mission and Program Overview

Mission

A cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, provident credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.

A cooperative, organized for the purpose of promoting thrift and savings among its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$2,508,261,992$2,639,490,934▲ $131,228,942
Savings and Temporary Cash Investments$102,605,010$431,046,711▲ $328,441,701
Investments in Publicly Traded Securities$794,308,839$382,594,277▼ $411,714,562
Rtn Earn Endowment Incm Other Fnds$337,161,223$357,251,890▲ $20,090,667
Land, Buildings, and Equipment, Net$29,445,654$27,055,830▼ $2,389,824
Receivables From Officers Etc$8,403,214$8,603,391▲ $200,177
Cash and Non-Interest-Bearing Accounts$7,786,739$5,988,701▼ $1,798,038
Prepaid Expenses and Deferred Charges$5,166,471$5,710,287▲ $543,816
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$3,497,380,170$3,546,468,170▲ $49,088,000
Other Assets Total$41,402,251$45,978,039▲ $4,575,788
Liabilities
Other Liabilities$3,115,837,110$3,135,354,622▲ $19,517,512
Accounts Payable and Accrued Expenses$44,381,837$53,861,658▲ $9,479,821
Total Liabilities$3,160,218,947$3,189,216,280▲ $28,997,333
Net Assets / Fund Balance
Total Net Assets Fund Balance$337,161,223$357,251,890▲ $20,090,667
Total Liabilities and Net Assets / Fund Balance$3,497,380,170$3,546,468,170▲ $49,088,000

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,200,361$26,372,783$39,573,144
Equipment$5,325,031$21,944,973$27,270,004
Leasehold Improvements$1,019,458$11,110,635$12,130,093
Land$7,510,980-$7,510,980
Investment Program Related Org$743,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James ErnestPresident/CEOFT$930,058$292,909$1,222,967
Jennifer LeeSVP/cfaoFT$426,813$194,084$620,897
Fred GomesSVPFT$250,311$225,028$475,339
Ganesh RaghavanVP, Network Infrastructure & SecurityFT$383,853$49,445$433,298
Ganesh RaghavanVP, Network Infrastructure & Securit-$306,520$126,778$433,298
John HaggartyVP, MarketingFT$270,090$159,293$429,383
John Paul ReillyVP, Bs&oFT$265,800$154,513$420,313
Greg Kent MccurdyVP, LendingFT$281,143$132,954$414,097
Eric CardonaVP, It Dev Ops and SupportFT$282,234$76,896$359,130
Shalini Sahdeo NarayanVP, Service QualityFT$231,710$108,825$340,535
Paul SheaVP, Human ResourcesFT$238,669$88,522$327,191
Mohamad a SangabiSr. Mortgage Cons.FT$51,057$241,016$292,073
Janelle HuynhVP, FinanceFT$210,769$70,064$280,833
Christine M KeaneVP, Risk ManagementFT$181,194$85,368$266,562
Fatemeh Asad SangabiSr. Mortgage Cons.FT$48,032$177,552$225,584
David Herrera JrSr. Mortgage Cons.FT$50,032$121,960$171,992
Phuong Patricia JacobsMortgage Counselor IFT$44,542$114,842$159,384
Norman WhitemanSr. Mortgage Cons.FT$125,750$22,137$147,887

Board Members and Trustees

NameTitle
June RotheChairman
Scott McwhirterSupv Cmte Chair
Samuel Johnson JrVice Chairman
Andrea KenterBoard Member
Bob LanzoneBoard Member
David PelznerBoard Member
George DescalsoBoard Member
SCOTT O'BRIENBoard Member
Christine BolandSecretary
Gregory TesharaSupv Cmte Member
Kenneth RubaySupv Cmte Member
Rosanne FoustSupv Cmte Member
Todd MccormackSupv Cmte Member
David BuckmasterTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Eplus Technology INCVarious It Hardware, Software, ServicesFILE 56861, Los Angeles, CA 90074-6861$1,923,497
Microsoft CorporationMicrosoft Licenses And Services For It OONE MICROSOFT WAY, Redmond, WA 98052$1,663,083
Fiserv Solutions INCFinancial Services Technology And PaymenPO BOX 208457, Dallas, TX 75320-8457$1,586,644
Finastra USA CorpCore Retail Banking SoftwarePO BOX 945120, Atlanta, GA 30394-5120$1,020,765
MpxPostage And Statement Production2301 CONGRESS STREET, Portland, ME 04102$888,518
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$134,075,258
Investment Income
$27,547,858
Other Revenue
$2,190,524
Change in Net Assets
$3,319,595

Audited Revenue Reconciliation

Revenue per Audited Statements
$161,280,047
Revenue Not Reported on Financial Statements
$2,533,593
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$2,533,593
Total Revenue per Audited Statements
$161,280,047
Total Revenue per Form 990
$163,813,640
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$114,342,788
Salaries, Compensation, and Employee Benefits$45,873,752
Grants and Similar Amounts Paid$277,505
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$65,722,353
Other Salaries and Wages---$28,320,022
Office Expenses---$8,380,850
Other Employee Benefits---$7,892,697
Occupancy---$7,409,764
Current Officers, Directors, Trustees, and Key Employees---$5,741,122
Information Technology---$5,640,557
Fees for Services Other---$4,899,679
Depreciation Depletion---$4,439,138
Advertising---$3,596,592
Payroll Taxes---$2,551,298
Pension Plan Contributions---$1,368,613
Travel---$714,955
Fees for Services Accounting---$363,430
Other Expenses---$361,202
Fees for Services Legal---$241,988
Grants to Domestic Orgs---$145,505
Grants to Domestic Individuals---$132,000
Total Functional Expenses$0$0$0$160,494,045

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$160,494,045
Expenses per Audited Statements$157,960,452
Total Expenses per Audited Statements$157,960,452
Expenses Not Reported on Financial Statements$2,533,593
Other Expense Adjustments$2,533,593
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cristo Rey De La Salle East BayOakland, CA501(c)(3)To Support and Encourage Corporate Work Study Program.$29,375
San Jose State UniversitySan Jose, CA501(c)(3)To Promote Community Engagement and Fundraising for Sjsu Student Programs$20,000
Habitat for Humanity Greater San FranciscoSan Francisco, CA501(c)(3)To Bring People Together to Build Homes, Communities, and Hope.$15,000
Tower Foundation of SjsuSan Jose, CA501(c)(3)To Support Student Clubs, Campus Culture, and Philanthropy$11,500
American Heart AssociationBoone, IA501(c)(3)To Promote Cardiovascular Health and Fund Lifesaving Research and Programs$10,000
Omega-sigma Iota Scholarship Fund IncOakland, CA501(c)(3)To Bring Educational Support and Financial Aid to Students in Need$10,000
One Life CounselingSan Carlos, CA501(c)(3)To Support Mental Health Awareness and Community Healing$10,000
Easterseals Bay AreaWalnut Creek, CA501(c)(3)To Support Disability Services, Rehabilitation, and Inclusion Programs$8,500
Rebuilding Together PeninsulaRedwood City, CA501(c)(3)To Bring People Together to Repair Homes, Communities, and Help Our Neighbors Stay in Their Homes.$8,000
Habitat for Humanity East BayOakland, CA501(c)(3)To Bring Volunteer Engagement and Community Building$6,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$130
Total Exempt Function Spending$130

Section 527 Organizations

OrganizationLocationAmount
95-3217684Oakland, CA$85
94-1018823Hayward, CA$45
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$8,403,214$8,603,391▲ $200,177
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Total Shares and Deposit$3,133,582,525
Accrued Dividends on Interest Payable$1,772,097
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Provident credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift and savings to its members. Provident credit union does not have stockholders.

Form 990, Part VI, Section A, Line 7A

The governing board of provident credit union is comprised of volunteer members who are directly elected by its members. Each member of the governing board serves for a period as prescribed by our by-laws.

Form 990, Part VI, Section A, Line 7B

At the end of each term of the board members, elections are held and board members are voted by the members of the credit union pursuant to its by-laws. Member votes are also required to ratify decisions dealing with reorganizations as in the case of merger or dissolution.

Form 990, Part VI, Section B, Line 11B

Each board member will receive a completed draft of the form 990 for review and be given an opportunity to suggest corrections or revisions prior to filing each year.

Form 990, Part VI, Section B, Line 12C

All staff are required to sign a conflict of interest form on an annual basis. In addition, our policy requires that we be notified within 10 days of any event or circumstance that may result in a conflict of interest.

Form 990, Part VI, Section B, Line 15

We subscribe to numerous compensation surveys for officers and key employees. These are reviewed and compared to current salary levels. In addition, an annual evaluation of each person's performance is completed including one for the ceo done by the board. The budget is also a large component of this decision.

Form 990, Part VI, Section C, Line 18

Financial statements are posted in each branch office and on the web. The other documents would be available on a case by case basis.

Form 990, Part VI, Section C, Line 19

Financial statememts are posted in each branch office and on the web. The governing documents and conflicts of interest policies are made available on a case by case basis.

Filing and Contact Details

Filer

Filer Name
Provident Credit Union
EIN
94-1482957
Phone
6505080300
Address
303 TWIN DOLPHIN DRIVE, REDWOOD CITY, CA 94065

Signing Officer

Name
Jennifer Lee
Title
SVP/cfao
Phone
6505080300
Signed
2025-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James L Ernest
Formed
1950
Legal Domicile
CA
Voting Board Members
9
Independent Board Members
9
Employees
410
Volunteers
14

Preparer

Firm
Turner Warren Hwang & Conrad Acctcy
Address
100 NORTH FIRST ST STE 202, BURBANK, CA 91502
Preparer
Natalie Hull CPA
Phone
8189549700
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The organization has not changed either its oversight process or selection process during the tax year.

Financial Statement Notes

PART X, LINE 2:

Fasb asc 740-10-65, income taxes, provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the consolidated financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the credit union's tax returns to determine whether the tax positions are "more likely than not" of being sustained "when challenged or "when examined" by the applicable tax authority. Tax positions deemed to not meet the more-likely-than-not threshold should be recorded as a tax expense and liability in the current year. For the years ended december 31, 2024 and 2023, management has determined that there are no material uncertain tax positions, and accordingly, the credit union has not recorded a liability for the payment of interest or penalties.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Reclassify revenue and expenses

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Reclassify revenue and expenses

Raw XML AppendixShowing 400 of 1,256 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/BooksInCareOfDetail/PhoneNum06505080300
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IRS990/BooksInCareOfDetail/USAddress/CityNm0REDWOOD CITY
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IRS990/Desc0PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING $400 IN PURCHASES USING THEIR DEBIT OR CREDIT CARD PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS.
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IRS990/Form990PartVIISectionAGrp/PersonNm30NORMAN WHITEMAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt11SUPV CMTE MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12SUPV CMTE MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13SUPV CMTE MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt15SVP/CFAO
IRS990/Form990PartVIISectionAGrp/TitleTxt16SVP
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP, NETWORK INFRASTRUCTURE & SECURITY
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP, LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP, MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP, BS&O
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP, IT DEV OPS AND SUPPORT
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP, SERVICE QUALITY
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP, HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP, FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP, RISK MANAGEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt26SR. MORTGAGE CONS.
IRS990/Form990PartVIISectionAGrp/TitleTxt27SR. MORTGAGE CONS.
IRS990/Form990PartVIISectionAGrp/TitleTxt28SR. MORTGAGE CONS.
IRS990/Form990PartVIISectionAGrp/TitleTxt29MORTGAGE COUNSELOR I
IRS990/Form990PartVIISectionAGrp/TitleTxt30SR. MORTGAGE CONS.
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IRS990/MissionDesc0A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, PROVIDENT CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS.
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