SchoolsFirst Federal Credit Union
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Company type | Credit union |
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Industry | Financial services |
Founded | 1934 |
Headquarters | Tustin, California, United States[1] |
Number of locations | 67 |
Area served | Educators and family Members in California |
Key people | Bill Cheney, President |
Products | Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online Banking |
Total assets | $16.8B USD (2019)[2] |
Number of employees | 1,700 |
Website | SchoolsFirstFCU.org |
SchoolsFirst Federal Credit Union is a federally chartered Credit Union that serves the educational community in California. It is headquartered in Tustin, California and has branches throughout California. Before April 14, 2008, it was named Orange County Teachers Federal Credit Union, or OCTFCU.
History
SchoolsFirst FCU was founded in 1934 by a group of 125 school employees. They pooled $1,200 and established Orange County Teachers Credit Union with a California state charter. A switch to a federal charter in 1983 added Federal to its name.
At the end of 2017, SchoolsFirst FCU reported $14.12 billion in assets, making it the fifth-largest credit union in the United States by asset size. Net income for that year was $119.06 million, and total capital $1.63 billion. Their 11.11% capital to asset ratio is one of the best in the U.S. banking industry. They reported having over 800,000 members in 2019.[3]
Merger with Schools Financial Credit Union
The merger was official on January 1, 2020 with the integration of both credit unions data occurring on November 1, 2020.
In early 2019, SchoolsFirst and Schools Financial announced plans to merge, pending regulatory and member approval. Both credit unions stated that no branches or employees would be closed or laid off as a result of the merger. [4][5] The merger would combine assets and members, totaling $17.1 billion in assets and over one million members, per their respective announcements. The merged credit union operates under the name and charter of SchoolsFirst Federal Credit Union, effective January 1, 2020.
Field of membership
SchoolsFirst FCU's current field of Membership is the entire state of California. Up to 2018, they served the following Southern California counties:
- Imperial County
- Kern County
- Los Angeles County
- Orange County
- Riverside County
- San Bernardino County
- San Diego County
- San Luis Obispo County
- Santa Barbara County
- Ventura County
SchoolsFirst FCU serves employees of the following educational entities (serving both classified and certificated employees):
- Public elementary and secondary schools that are listed as a private school in the California Department of Education School Directory
- County superintendents of schools
- Community colleges
- Authorized colleges and universities that offer degree programs
- Authorized education foundations
In addition, SchoolsFirst FCU serves the following:
- Members of the boards of trustees of eligible schools
- Educators who have retired from one of the above eligible educational entities, who are receiving a pension or annuity from that entity's retirement program, such as CalSTRS or CalPERS
- Immediate family members of any existing SchoolsFirst member (spouse, mother, father, brother, sister, son, daughter, grandparent, grandchild)
References
- ^ – 2020 SchoolsFirst Federal Credit Union Architecture Build https://aiaoc.secure-platform.com/a/gallery/rounds/15/details/8459 – 2020 SchoolsFirst Federal Credit Union Architecture Build. Retrieved 2021-01-26.
{{cite web}}
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(help) - ^ "Financial – 2019 Annual Report for Members". Retrieved 2021-02-03.
- ^ "About Us". SchoolsFirst FCU.
- ^ "SchoolsFirst FCU Member FAQs" (PDF).
- ^ "Schools Financial CU Member FAQs".
External links
- www.schoolsfirstfcu.org — SchoolsFirst FCU home page
- [1] — SchoolsFirst FCU Annual Report