SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union

Type	Credit union
Industry	Financial services
Founded	1934
Headquarters	Santa Ana, California, United States
Number of locations	34
Area served	Educators and family Members in Southern California
Key people	Rudy Hanley, President
Products	Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online banking
Total assets	$7.65B USD (2007)
Website	SchoolsFirstFCU.org

SchoolsFirst Federal Credit Union is a 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.

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 2007, SchoolsFirst FCU reported $7.65 billion in assets^[1], making it the fifth-largest credit union in the United States by asset size. Net income for that year was $64.24 million, and total capital $836 million. Their 11.16% 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.

Field of Membership

SchoolsFirst FCU's field of Membership is 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

Within those 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)

Workplace rating

In 2004, Orange County Teachers 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, Orange County Teachers FCU appeared in the same list, placing tenth.

References

Sources

• www.schoolsfirstfcu.org — SchoolsFirst FCU home page
• Financial Data from NCUA — NCUA Financial data for SchoolsFirst FCU
• OCTFCU - Top Stories — OCTFCU is becoming SchoolsFirst Federal Credit Union (SchoolsFirst FCU)
• [1] — Great Place to Work Institute, Inc. (Best Small and Medium Companies to Work for in America 2007)