The San Jose, California-based organisation said the new group will be led by Brandon Thompson, who has more than 21 years of experience in the financial services industry, according to the report.

"As part of our vision to better serve the high-tech community, we're expanding our footprint within Silicon Valley," said Thompson, senior vice president of wealth management, in the publication.

"Our approach is to advise our member investors and member companies with in-depth, comprehensive solutions that address their current and long-term investment requirements. In addition, we offer a suite of sophisticated services not typically offered by the majority of other banks and credit unions," said Thompson in the report.