IBM Southeast Employees' Federal Credit Union
|Founded||IBM Boca Raton Employees' Federal Credit Union Boca Raton, Florida, (1969)|
|Headquarters||Boca Raton, Florida, United States|
|Products||Savings; checking; consumer loans; mortgages; credit cards; online banking|
|Total assets||$800 million USD|
IBM Southeast Employees’ Federal Credit Union (also known as IBM Southeast EFCU) was formed in 1969 to serve the employees of IBM. IBM Southeast EFCU is a federally chartered credit union with more than $800 million in assets and more than 80,000 Members. IBM Southeast EFCU has 16 branches located throughout Florida and Georgia and approximately 250 employees. IBM Southeast EFCU’s headquarters are located in Boca Raton, Florida.
IBM Southeast EFCU was formed in 1969 by a group of IBM employees who each deposited 25 cents. On September 17, 1969, the Credit Union was chartered under the name IBM Boca Raton Employees' Federal Credit Union to serve IBM employees and retirees in South Florida. By year end, the credit union’s assets were $43,675.
On November 21, 1972, IBM Boca Raton EFCU expanded its field of membership throughout the state of Florida and the name was changed to IBM Florida EFCU. By the end of 1972, assets were approaching $2.5 million.
On October 31, 1977, IBM Florida EFCU expanded the field of membership again to include Alabama, Mississippi, and Puerto Rico, and became IBM Southeast Employees' Federal Credit Union. By year-end, assets had grown to almost $15 million.
Over the years, IBM Southeast EFCU has opened its membership to include the state of Georgia and also employees of many other companies besides IBM.
Today IBM Southeast EFCU has more than $800 million in assets, 16 branches, 250 employees, and more than 80,000 members across the country.
Products and services
IBM Southeast EFCU, like all credit unions, is a not-for-profit financial institution that provides a full range of products and services to its members, including checking accounts, savings accounts, money market accounts, certificates, IRAs, business accounts, health savings accounts, vehicle loans, first mortgages, credit cards, business loans, online banking, online bill paying, mobile banking, e-statements, business services, insurance, and investment services.
As a not-for-profit organization, IBM Southeast EFCU's "profits" are returned to its members in the form of lower fees, better loan rates, and higher dividends than those of other financial institutions.
- See NCUA's "Credit Union Data Summary & Reports" http://webapps.ncua.gov/cgi-bin/cudataexpanded.exe?Charter=19659&CFServer=reports.ncua.gov (retrieved 7/7/2009)
- See CUNA's "What is a Credit Union" http://www.creditunion.coop/what_is_a_cu.html (retrieved 8/15/2008)
- See NCUA's "Share Insurance" page http://www.ncua.gov/ShareInsurance/index.htm (retrieved 9/16/10)