SchoolsFirst Federal Credit Union

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SchoolsFirst Federal Credit Union
Credit union
IndustryFinancial services
Founded1934
HeadquartersSanta Ana, California, United States
Number of locations
64
Area served
Educators and family Members in California
Key people
Bill Cheney, President
ProductsSavings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online Banking
Total assets$14.1B USD (2017)[1]
Number of employees
1,700
WebsiteSchoolsFirstFCU.org

SchoolsFirst Federal Credit Union is a federally chartered Credit Union that serves the educational community in California. It is headquartered in Santa Ana, California and has branches throughout California. Before April 14, 2008, it was named Orange County Teachers Federal Credit Union, or OCTFCU.

History[edit]

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.[2]

Merger with Schools Financial Credit Union[edit]

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. [3][4] 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[edit]

SchoolsFirst FCU's current field of Membership is the entire state of California. Up to 2018, they served the following Southern California counties:

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[edit]

  1. ^ "Financial – 2017 Annual Report for Members". Retrieved 2019-03-21.
  2. ^ "About Us". SchoolsFirst FCU.
  3. ^ "SchoolsFirst FCU Member FAQs" (PDF).
  4. ^ "Schools Financial CU Member FAQs".

External links[edit]