SchoolsFirst Federal Credit Union is a federally chartered Credit Union that serves the educational community in Southern California. It is headquartered in Santa Ana, California and has branches throughout the ten most southern counties of 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 2012, SchoolsFirst FCU reported $9.38 billion in assets, making it the fifth-largest credit union in the United States by asset size. Net income for that year was $129.72 million, and total capital $1.14 billion. Their 11.96% capital to asset ratio is one of the best in the U.S. banking industry. They reported having over 700,000 members in 2016.
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)
References
External links
- www.schoolsfirstfcu.org â€" SchoolsFirst FCU home page
- [1] â€" SchoolsFirst FCU 2012 Annual Report
