TAPCO Credit Union Market Research Report

Background

Overview

TAPCO Credit Union, established in 1934, is the oldest credit union in Pierce County, Washington. Originating as the City Credit Union of Tacoma, it was founded by nine city employees seeking a democratic approach to banking services. Over the decades, TAPCO has evolved to serve a broader membership, including individuals who live, work, attend school, or worship in Washington State. As a not-for-profit financial cooperative, TAPCO emphasizes member ownership and democratic control, ensuring that each member has an equal vote regardless of their deposit size.

Mission and Vision

Vision: Everyone achieves financial well-being.

Mission: Bringing humanity to financial services.

Core Values

TAPCO operates under the principles of being people-centric, curious, inclusive, collaborative, and a trusted partner. These values guide the credit union's commitment to its members and the broader community.

Key Strategic Focus

Core Objectives

TAPCO aims to provide inclusive financial solutions tailored to the evolving needs of its members. This includes offering a comprehensive range of products and services such as savings accounts, checking accounts, loans, mortgages, credit cards, and investment options. The credit union is dedicated to enhancing member experiences through personalized service and community engagement.

Technological Advancements

In December 2024, TAPCO successfully implemented a new digital banking platform in partnership with Lumin Digital. This cloud-native solution offers enhanced security, scalability, and features like integrated debit and credit card tools, business banking capabilities, and advanced fraud detection. The platform's user-friendly design has significantly improved TAPCO's digital banking services, leading to increased user engagement and satisfaction.

Community Engagement

TAPCO is deeply committed to community development and financial literacy. The credit union actively supports local initiatives, including financial education programs, community events, and partnerships with nonprofits. Notable efforts include donations to the TCC Titan Food Pantry, school supply and coat drives in collaboration with Communities In Schools of Tacoma, and financial literacy workshops with CJK Community Homes.

Financials and Funding

Financial Performance

As of Q4 2023, TAPCO Credit Union reported:

Total Assets: $653 million

Total Loans: $540 million

Total Deposits: $557 million

Net Worth: $54.8 million

Net Income: $4.3 million

The credit union maintains a net worth ratio of 8.39%, categorizing it as "well-capitalized" under regulatory standards.

Asset Quality

TAPCO demonstrates excellent asset quality, with non-performing loans to capital at 4.31% and non-performing assets to total assets at 0.38%. The loan loss reserves to loans ratio stands at 0.59%, indicating prudent risk management practices.

Technological Platform and Innovation

Digital Banking Platform

The partnership with Lumin Digital has equipped TAPCO with a modern, cloud-native digital banking platform. This system offers zero-disruption weekly updates and frequent new features, ensuring that TAPCO remains at the forefront of digital banking innovation. Enhanced functionalities include integrated debit and credit card tools, business banking services, and advanced fraud detection mechanisms.

Leadership Team

Executive Profiles

Justin Martin, CEO: Under Justin's leadership, TAPCO has achieved significant milestones, including being named "Best Credit Union" in the 2025 Best of the South Sound Awards by South Sound Magazine. His vision emphasizes community-focused banking and exceptional member service.

Jacob Rose, Director of Marketing: Promoted in December 2024, Jacob has been instrumental in developing innovative marketing campaigns that have elevated TAPCO's visibility and strengthened its community connections.

Mike LaDoe, Director of Consumer Lending: With over three decades of experience, Mike has led transformative strategies resulting in substantial loan portfolio growth and enhanced market reach.

Richard Stirgus, VP of Community Relations: Richard's promotion reflects his outstanding contributions in establishing meaningful community connections and driving TAPCO’s community initiatives.

Jeremy Mandery, Chief Lending Officer: Joining TAPCO in September 2024, Jeremy brings extensive experience in lending and credit administration, with a focus on community-focused lending and equitable financial solutions.

Leadership Changes

Recent leadership appointments include:

Jacob Rose: Promoted to Director of Marketing in December 2024.

Mike LaDoe: Promoted to Director of Consumer Lending in December 2024.

Richard Stirgus: Promoted to Vice President of Community Relations in October 2024.

Jeremy Mandery: Appointed as Chief Lending Officer in September 2024.

These changes reflect TAPCO's commitment to strengthening its leadership team to better serve its members and community.

Competitor Profile

Market Insights and Dynamics

The credit union industry in Washington State is competitive, with several institutions vying for market share. TAPCO's focus on personalized service, community engagement, and technological innovation positions it favorably within this landscape.

Competitor Analysis

Key competitors include:

Boeing Employees Credit Union (BECU): One of the largest credit unions in Washington, BECU offers a wide range of financial products and services.

Spokane Teachers Credit Union (STCU): Serving the Spokane area, STCU provides comprehensive banking solutions with a focus on educational communities.

Sound Credit Union: Based in Tacoma, Sound Credit Union offers similar services and has a strong local presence.

TAPCO differentiates itself through its deep-rooted community involvement, personalized member services, and commitment to technological advancements.

Strategic Collaborations and Partnerships

MultiCare Health System Partnership

In October 2024, TAPCO entered into a partnership with MultiCare Health System to promote increased financial access and equity for MultiCare’s diverse workforce. This collaboration aims to provide tailored financial products and services, including financial education and resources, to empower employees and support economic development within the community.

Operational Insights

Branch Network

TAPCO operates six branch locations across Pierce County, including Tacoma, Puyallup, Bonney Lake, Frederickson, and Gig Harbor. This network ensures accessibility for members throughout the region.

Community Initiatives

TAPCO actively engages in community development through various initiatives, such as supporting local food pantries, organizing school supply drives, and conducting financial literacy workshops. These efforts underscore the credit union's commitment to the well-being of its members and the broader community.

Strategic Opportunities and Future Directions

Digital Transformation

Building on the successful implementation of its new digital banking platform, TAPCO plans to continue enhancing its digital services to meet evolving member expectations and maintain a competitive edge.

Community Expansion

TAPCO is exploring opportunities to expand its community partnerships and outreach programs, aiming to serve a broader demographic and address the financial needs of underserved populations.

Product Diversification

The credit union is considering the introduction of new financial products and services tailored to the unique needs of its diverse membership base, further solidifying its position as a trusted financial partner.