In 1952, when most Southern Pacific Employees had never heard or even dreamed of a Credit Union, Jake Fannin, a switchman, and his wife Mary Ellen knew of these things and had a strong desire to get a credit union started for Southern Pacific employees in Bakersfield. Mary already had considerable banking experience and with a little help and advice from the Kern County Teachers Credit Union, convinced a dozen Southern Pacific employees that a credit union for them would be a good thing indeed.
The group dug deep in their pockets and with a couple thousand dollars held their first meeting in the Fannin home. Their home actually became the office and headquarters for the credit union. The original members helped to fill all the officer and board positions. Slowly membership started to grow and today (2019) Espeeco has assets of $11.3 million*.
The idea must have been a good one as credit unions for Southern Pacific employees flourished after Bakersfield.“As they have grown, many of us feel very proud as this was not for ourselves, but for the people we worked with every day. I believe it was once said by a wise man, “If you build a better mousetrap, they will make a path to your door.” Espeeco has proven this over the years.
This brief history is attributed to Walt Williams, a founding member and former chairman and published in 1994. It originally appeared in the CU In The News monthly publication of the Kern Chapter of the California Credit Union League in 1994.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
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