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Achieving new peaks


Our why and difference

BluPeak is a full-service, federally insured, financially strong cooperative that is dedicated to building community, inspiring compassion, and being a conduit for positive change by supporting access to clean water as a means for bridging socioeconomic gaps and providing aid to those in need.

Message from the president & CEO

Picture of Todd Tharp

Todd Tharp

President & CEO

Thank you for being a Member of BluPeak.

We are owned by our members – not shareholders. Our mission each day is to serve you and support our purpose of supporting access to clean water.

As we reflect on 2023, I am excited by the great work that the BluPeak team achieved while keeping our members and purpose at the forefront of what we do. 2023 was a pivotal year for the economy and for many of you. I am proud to say BluPeak continues to develop and improve our products and services, while delivering solid financial results.

BluPeak is unlike any other financial institution you know. Our digital-first and purpose driven strategy makes us different and is a strong competitive advantage.

We continue to invest in our ability to provide a top-notch digital experience for our Members and BluPeak was recognized as one of the Best Credit Unions in America by Newsweek Magazine.

We take great pride in the industry-leading value we can provide to you as a BluPeak member. In 2023, we saw a record 5,426 new members join our purpose-driven credit union and returned over $8.9 million to our membership – more than what those same accounts would yield at an average bank! Furthermore, we are building one of the industry’s most efficient cost structures, as we continue enhancing our digital banking platform with an array of tools and resources for enhanced convenience, ensuring you the peace of mind you rightfully deserve.

I’d like to say a special thank you to every BluPeak teammate who worked on your behalf this year. At BluPeak, we embrace a fully digital approach while remaining fully human, offering a broad realm of possibilities. Whether you became a part of our credit union recently or decades ago, I trust you sense the strength of our team’s commitment to your financial well-being. With over 57,000+members relying on us for their financial needs, our team’s dedication to new financial technologies allows BluPeak to accelerate innovation for you.

With Gratitude, 

Todd Tharp


Picture of Todd Tharp

Todd Tharp

President & CEO

Message from the Chairperson of the Board

Picture of Josh Lawrence

Josh Lawrence

Chairperson, Board of Directors

Solid Acheivements, built together

Throughout 2023, our Members reaped the rewards of our anchored financial standing, which enabled us to sustain continuous financial growth and welcome a record number of new members. This resilience, nurtured by generations of dedicated Members like yourself, empowers us to offer reliable financial guidance and competitive offerings to support your journey towards financial prosperity. Together, our collective resilience perseveres through economic fluctuations, owing to your unwavering loyalty and dedication to extending the advantages of membership to your family and friends.

Returning Profits to You, Our Member-Owners

As a member-owned, not-for-profit financial cooperative, we utilize our net revenue to offer you reduced loan rates, increased savings rates, and lower fees compared to for-profit institutions. In the past year, BluPeak delivered approximately $11,769,532 in direct financial benefits to our members, equating to savings of $991 per household for each member actively utilizing multiple products and services.

Purpose driven banking

In 2023, our Members enjoyed the benefits of our strong financial foundation, which fueled ongoing growth and allowed us to warmly welcome a record number of new members. This was driven by generations of committed Members like you, enables us to provide dependable financial guidance and competitive offerings to help you achieve financial success. Together, our collective strength endures through economic changes, thanks to your steadfast loyalty and commitment to sharing the benefits of membership with your loved ones. We continued to also focus on a purpose driven banking experience, by providing access to 141,360 gallons of clean water to members and communities like yours.

Inspired by our Team

Our dedicated team at BluPeak worked tirelessly to support our members and communities by financing vehicles on our roads and installing solar panels on our members’ roofs to provide greater access to green energy. Additionally, we achieved a record number of new Members who joined through our digital channels which contributed to deposit growth, increasing our share balances 8.09% compared to the -3.00% average of the credit union industry. These exceptional results and our commitment to outstanding service for our Members and community are made possible by the dedication of our dream makers.

Over the past several years, we have consistently demonstrated resilience, strength, security, and compassion. As a member of our purpose-driven credit union, you can rely on us to continue embodying this determination and compassion in the future.

With Gratitude, 

Josh Lawrence


Picture of Josh Lawrence

Josh Lawrence

Chairperson, Board of Directors

Serving communities of people helping
people that have a common purpose

Together, we are


Members strong

We grew

$ 0 M

In assets

we welcomed


New members

Because of Your Loyal Membership

We grew faster and healthier than ever before.

$11.8 Million

from higher dividend rates on savings.

$232.3 Million

increase in assets.

$4.8 Million

in Member savings from reduced fees

$89.4 Million

increase in our member’s shares.

$83.3 Million

strong Member’s equity.

$92.6 Million

increase in assets.

$78.8 Million

in loans for vehicles, home equity lines of credit, solar and other consumer loans.

$2.3 Million

from net income.

Listening to You and Improving Our Products and Services

Nation Leading Rates

Implemented agile pricing for our Member’s advantage and financial well-being on both deposit and loan products.

Innovative Mobile Banking Experience

Member feedback was used to refresh Mobile Banking with new features and design, inclusive of personalized ads.

FHA Home Loans

We launched FHA home loans to help make homeownership more accessible to Members.

Tailored Credit Card Service

Expanded our credit card offering to our Members including Business Credit Cards, through Elan Card Services.

Serving You Where You Are


Members who visited our 5 branches throughout California.


Calls received at our Member Service centers.


Member transactions conducted at our ATMs or the 28,000 CO-OP network ATMs.


Members who used Online Banking.


Members who used Mobile Banking.


Members who used chat from our website and mobile.

Helping Make Your Financial Dreams a Reality


Active deposit and lending products utilized by our Members.


Loan dollars funded to fulfill our Member’s dreams.


Members who purchased a car.


Members who bought a home.


Members who opened HELOCs.


Members who opened personal loans.

Helping You Save for the Future


Amount of combined earned dividends Members received with certificates.


Amount of combined earned dividends Members received with our savings and money market accounts.

Performance Trends

Key Metrics & data points


Total Assets






Total Gross Loans






Net Worth





*Annual Percentage Yield (APY) of 5.00% offered on the BluPeak High Rate Savings account. The APY is valid as of 04/24/2024. Rates are variable and subject to change. Additional savings products are offered at different rates. Comparison based on the bank national average savings rate of .57% APY according to the National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp as of 2/21/24.

Being there for our Members
when they need it the most


In total brokerage assets under advisement by BluPeak Investment Services


Number of Member assisted through BluPeak Investment Services

Digital First
in everything we do


Members are enrolled in online banking. In addition, we implemented a new navigation, user friendly login options and optimization of our online banking channel.


Members are enrolled in mobile banking.


Implemented intelligent and human driven chat responses to provide personalized service to our Members from the comfort of wherever they are.


Impressions of our dynamic promotion suite to tailor the needs of our Members based on their financial needs.


Members signed up for our Purchase Rewards which empowered them to earn cash back on their debit card purchases.


Website visitors with over 1,872,465 page viewed.

Members Recognized Us in National Publications

In conversations with Newsweek, Todd Tharp, President and CEO answered the following questions:

How does the history of your institution inform its present-day policies?

Our BluPeak Credit Union history spans over eight decades since our founding in 1936 as “California State Employees Credit Union #17. Originally serving the financial needs of California state employees, BluPeak’s current membership base reflects its commitment to inclusivity and member-centric values. Our recent rebranding to BluPeak in 2022 signified a strategic alignment with our California roots and innovative ethos, further shaping our approaches towards prioritizing member empowerment and technological advancement. Everything we do goes back to our purpose of supporting access to clean water and providing individuals with opportunities to have the primary vital source of life, water.

How would you describe your company’s contribution and commitment to its community?

At BluPeak, we believe in making a positive impact in the communities we serve. For example, in response to the flooding in Southern California in 2023, we provided thousands of bottles of water to the Red Cross, aiding in relief efforts for affected individuals and families. BluPeak has donated thousands of gallons of water throughout the many events in our community as well as organizations such as Water for People, a “global nonprofit working across nine countries in Latin America, Asia, and Africa to address the global water crisis and equip communities with lasting access to clean water and sanitation services – for Everyone, Forever”. In addition, we have been providing solar roofs to thousands of homes across the country with our energy loans programs. We are proud to actively support community events such as San Diego Earth Fest, Davis Pride, and San Diego Pride, where we serve as sponsors and enthusiastic participants. These engagements not only reflect our commitment to diversity, inclusion, and environmental sustainability but also demonstrate our dedication to fostering vibrant and resilient communities. Through our ongoing involvement in such initiatives, BluPeak strives to contribute meaningfully to the well-being and vitality of the communities we call home.

What key benefits and permanent features does your company offer to customers?

At BluPeak, our purpose is clear: ensuring access to clean water is at the forefront of everything we do. We are committed to providing our members with not only essential financial services but also with opportunities to contribute to a greater cause. We regularly demonstrate this commitment by offering highly competitive rates to our members and ensuring that they receive maximum value from their financial partnerships with us.

We recognize the importance of adapting to the evolving needs of our members in an increasingly digital world. That’s why we’ve embraced a digital-first approach, offering innovative services such as live chat, artificial intelligent engagements, mobile and online banking parity in features and functionalities, and state of the art self-service banking kiosks that allow members to interact with members remotely. All of these digital strategies allow our members to conveniently connect with us from anywhere, at any time, ensuring seamless and personalized world-class service and assistance when they need it most.

By prioritizing access to clean water and continuously striving to enhance our services with cutting-edge technology, we aim to meet and exceed the expectations of our members, ensuring their financial well-being and contributing to a brighter future for all of us.

Credit unions are founded on the
principle of social responsibility.

Giving Back

to the Communities Where Our Members Live and Work


Amount of financial donations given, thanks to the support of our Members and team.

Among our various charitable endeavors and contributions in 2023, here

are some of the organizations we proudly supported...






Board of Directors

Your volunteer Board of Directors’ commitment, advice and leadership help make our Members’ lives better.







Picture of Matt Adams

Matt Adams

Picture of Yvonne Marsh

Yvonne Marsh

Picture of David Ely

David Ely

Picture of Les Overman

Les Overman

Picture of Harry Le Grande

Harry Le Grande

Picture of Beverly Randez

Beverly Randez

Supervisory Committee

The Supervisory Committee provides the Membership with an independent appraisal of the safety and soundness of BluPeak Credit Union’s operations and activities.

Picture of KIM FLOYD



Picture of KIM FLOYD



Picture of Carolynn Winship

Carolynn Winship

Picture of Steve St. Marie

Steve St. Marie

Leadership Team

The Leadership Team at BluPeak Credit Union oversees the operations and activities of the respective business units to ensure sound and efficient operations to provide our Members with exceptional level of service.

Picture of TODD THARP



Picture of TODD THARP



Picture of Charlie Williams

Charlie Williams

Chief Risk Officer

Picture of John Stevenson

John Stevenson

Chief Financial Officer

Picture of Karen Smith

Karen Smith

Chief Credit Officer

Picture of Gloria Nunes

Gloria Nunes

Chief People Officer

Picture of Vito Zerilli

Vito Zerilli

Chief Experience Officer


Supervisory Committee Report

The volunteer Supervisory Committee represents member interests by upholding policies and procedures and ensuring regulatory requirements are met. To that end, the Committee meets regularly throughout the year to review internal and external audit reports. In keeping with its annual financial audit responsibilities, the Committee retained Moss Adams, LLP to review USE Credit Union’s books and records as of December 31, 2023. Moss Adams’ resulting clean opinion states the Credit Union’s financials present fairly, in all material respects, the financial position and results of operations in conformity with U.S. Generally Accepted Accounting Standards. A condensed version of the audited financial statements is included with this annual report. A full copy of Moss Adams’ 2023 audit report has been provided to the Board of Directors, and the State of California’s Department of Business Oversight, and will be made available to members, upon request.



In the opinion of the Committee, BluPeak Credit Union has operated in a financially sound manner and accordance with applicable federal and state regulations. The Credit Union continues to be financially strong and well-managed, and the assets of the Membership are being effectively safeguarded.

Picture of KIM FLOYD



Picture of KIM FLOYD



Annual Meeting of the Membership and Elections Announcement

Our Annual Meeting of the Membership will be held at 5:00 p.m., May 23, 2024 at the corporate office located at 10120 Pacific Heights Blvd #100, San Diego, CA 92121. Election of Volunteer Officials will be held during the meeting. The following have been nominated to serve three-year terms on the Board of Directors: Matt Adams, Yvonne Marsh and Michael Daniels. Steve St. Marie has been nominated to serve a three-year term on the Supervisory Committee.

We will also be voting on the following bylaw amendment, designed to mirror the minimum number of directors required by the California Financial Code: “The Board of Directors shall consist of an odd number of directors of not less than five (5) nine (9), and no more than eleven (11), each of whom shall be a member of this credit union in his or her own right and shall be a t least eighteen (18) years of age.”