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Spokane Teachers Credit Union

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STCU
FormerlySpokane Teachers Credit Union
Company typeCredit union
IndustryFinancial services
Founded1934
FounderErnie McElvain
HeadquartersLiberty Lake, Washington, United States
Key people
Ezra Eckhardt, President/CEO[1]
ProductsSavings; checking; consumer loans; mortgages; credit cards; online banking; business services
Members185,000
Number of employees
Approximately 700[2]
Websitewww.stcu.org

Spokane Teachers Credit Union (STCU) is a credit union chartered in the state of Washington or North Idaho. It is regulated under the authority of the National Credit Union Administration (NCUA) of the federal government. Membership is open to those "live, work, worship, or attend school" in Washington state, or counties in northern Idaho.[3]

The credit union was founded in October 1934. STCU has 185,000 members and $2.8 billion in assets.[4][5] Among the 120 Washington-based credit unions, it is third-largest, based on asset size.[6]

STCU was voted Best Bank/Credit Union each year from 2006-2010 and Best Credit Union from 2011-2018 in the "Best of the Inland Northwest" reader surveys conducted by The Inlander, a free weekly newspaper.[7]

Leadership/Governance

In October 2017, STCU announced that CEO and President Tom Johnson would retire at the end of the year.[8] Thomas A. Johnson was promoted to CEO and president, effective January 1, 2011. Johnson served 12 years on the STCU Board of Directors before becoming the credit union's vice president-administration in 2006.[9]

Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service, and efficiency.[9]

On January 1, 2018 Ezra Eckhardt began as only the fifth CEO and President in STCU history. Eckhardt is a fifth generation Spokane resident. After Eckardt attended U.S. Military Academy at West Point, he went on to serve six years in the U.S. Army. Ezra holds a master's degree from Gonzaga University, where he is also an adjunct professor at the Jepson School of Business.[10]

History

STCU was started in 1934 by Ernie McElvain, a teacher at Spokane's Lewis & Clark High School. The credit union operated out of a room on the school's second floor, with a shoebox for cash deposits and a bell with a rope that members would pull to be let inside. It ended the first year with 120 members and $4,000 in assets.[11]

In 1964, STCU left the high school and opened its first office (now its Main Branch) at 106 W. Nora in Spokane. At the time, it had 2,078 members and $1.5 million in assets.[11]

Services

STCU has 23 branches throughout Spokane, Tri-Cities, and North Idaho.[12] STCU reports that it began offering online banking in 1997, when many members were skeptical of the service. In 2010, the company updated its online banking system with features such as account alerts, secure messaging, and external transfers.

STCU is a member of the CO-OP Financial Services. Members pay no fees to use nearly 30,000 ATMs worldwide, including over 5,000 7-Eleven shared branching locations in North America.[13]

In 2015, the credit union switched from Visa to Mastercard when the time came to implement EMV technology.

References

  1. ^ http://www.spokesman.com/stories/2017/oct/16/stcu-names-spokane-native-ezra-eckhardt-as-its-nex/
  2. ^ https://stcu.org/here-for-good/about-stcu/our-story
  3. ^ "Be an STCU member". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  4. ^ "The history of STCU". Spokane Teachers Credit Union. Retrieved 2 October 2010.
  5. ^ M'Elvain, E. E. (June 15, 1947). "Teachers have Credit Union". The Spokesman-Review. Retrieved 2 October 2010.
  6. ^ "National Credit Union Administration 2010 Directory of Federally Insured Credit Unions" (PDF). National Credit Union Administration. Retrieved 22 December 2010.
  7. ^ "Best of 2018". The Inlander. March 16, 2010. Retrieved 25 November 2018.
  8. ^ "STCU CEO Tom Johnson to retire, successor named". Credit Union Journal. Retrieved 25 November 2018.
  9. ^ a b "Johnson readies to take STCU's helm during changing times". Spokane Journal of Business. June 4, 2010. Retrieved 22 December 2010.
  10. ^ "Ezra Eckhardt". stcu.org. Retrieved 2018-11-26.
  11. ^ a b "The history of STCU". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  12. ^ "STCU branches and locations". STCU. Retrieved 25 November 2018.
  13. ^ "CO-OP Network". CO-OP Financial Services. Retrieved 22 December 2010.
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