SchoolsFirst Federal Credit Union

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SchoolsFirst Federal Credit Union
Type Credit Union
Founded 1934
Headquarters Santa Ana, California, USA
Area served Educators and family Members in Southern California
Key people Rudy Hanley, President
Industry Financial Services
Products Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments
Net income ▲ $ unk M USD (2006)
Website http://www.SchoolsFirstFCU.org/

SchoolsFirst is federally chartered credit union headquartered in Santa Ana, California that serves the educational community in Southern California. Before April 14, 2008, it was named Orange County Teachers Federal Credit union, or OCTFCU.

Contents

[edit] History

SchoolsFirst FCU was founded in 1934 by a group of 125 school employees who 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 2006, SchoolsFirst FCU reported $6.82 billion in assets, making it the fifth-largest credit union in the United States by asset size. Net income for that year was $81.84 million, and total capital $772 million. Their 11.32% capital to asset ratio is one of the best in the U.S. banking industry. They reported having 376,789 members at the end of 2007.

[edit] Field of Membership

SchoolsFirst FCU's field of Membership is the following Southern California counties:

Within those counties, SchoolsFirst FCU serves employees of the following educational entities (serving both classified and unclassified 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)

[edit] Workplace rating

In 2004, SchoolsFirst FCU was named the third best medium-sized company to work for in the country by the Great Place to Work Institute, Inc., a workplace research and consulting firm in San Francisco. Each year the Institute works with Fortune Magazine and other publications throughout the world to select "Best Companies to Work For" lists that appear in 25 different countries, including the "100 Best Companies to Work for" in America.

Three years later, in 2007, SchoolsFirst FCU appeared in the same list, placing tenth.

[edit] Sources