GECU

Last updated

GECU
Company type Credit union
Industry Financial services
Founded1932
Key people
Crystal Long, President & CEO
Products Savings; checking; consumer loans; mortgages; credit cards, online banking
Total assets $4.2 Billion USD (2022)
Number of employees
900+
Website gecu.com

GECU (formerly Government Employees Credit Union) [1] is a federal chartered credit union headquartered in El Paso, Texas. GECU is regulated under the authority of the National Credit Union Administration (NCUA) and each of their members is an owner who has a vote and a share in the credit union.

Contents

History

GECU is the oldest credit union formed in El Paso, Texas. [2] In 1932, eleven El Paso civil servants pooled $5 each to form a credit union inside of the broom closet of El Paso's federal building. [1] [3] In one year, the capital funds of the credit union had increased to $1305. [4] In 1947 there were 135 members which grew to 690 members in 1950. [5] In 1956, a new building was opened to accommodate customer growth, which had increased to 5,500 members. [6] By 2011, there were more than 297,000 members with $1.5 billion in deposits. [3]

T.C. "Ted" Prewitt served as GECU's president starting in 1988. [7] Harriet May, who started working as a teller at GECU in 1974, [7] became the CEO in 1996. [8] Crystal Long took over as CEO in 2011, recommended by May and later elected by the credit union board. [9] Others involved with GECU included Raymond Telles and Adolfo Loera who served as early directors. [10] Loera served as the first treasurer of GECU. [11]

A GECU branch run by students was opened in Canutillo High School in 2007. [12] A second student-run branch was opened at Del Valle High School in 2008. [13] In 2016, another branch was opened in Coronado High School. [14]

Members of GECU must either reside or work in El Paso County, be related to a current member, or work as a civil service employee in the US. [15] In 2023, GECU was given permission by the National Credit Union Administration to expand services into additional counties in Texas and into New Mexico. [16]

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References

  1. 1 2 "Texas' Largest Credit Union Began Operations With $55". El Paso Herald-Post. 5 November 1968. Retrieved 6 February 2024– via Newspapers.com.
  2. ↑ "Oldest El Paso Credit Union Pays Divident". El Paso Herald-Post. 26 January 1955. Retrieved 6 February 2024– via Newspapers.com.
  3. 1 2 Kelenc, Vic (20 February 2011). "GECU Profile". El Paso Times. p. 47. "GECU". p. 48 – via Newspapers.com.
  4. ↑ "Credit Union Has Capital Increase". 19 October 1933. Retrieved 7 February 2024– via Newspapers.com.
  5. ↑ "Credit Union Re-Elects Officials". 21 January 1951. Retrieved 6 February 2024– via Newspapers.com.
  6. ↑ "Credit Union Opens New Building". 2 June 1956. Retrieved 6 February 2024– via Newspapers.com.
  7. 1 2 Burge, Dave (16 July 2006). "Commander in Chief" . Retrieved 6 February 2024– via Newspapers.com. "GECU". pp. 2E.
  8. ↑ Diaz, Paula Monarez (22 May 2012). "GECU's May Inducted into Hall of Fame" . Retrieved 6 February 2024– via Newspapers.com.
  9. ↑ Kolenc, Vic (22 December 2011). "GECU's Longtime Chief May Retiring" . Retrieved 6 February 2024– via Newspapers.com.
  10. ↑ "Government Employees Hold Annual Shareholders Meeting". El Paso Times. 27 January 1953. Retrieved 6 February 2024– via Newspapers.com.
  11. ↑ "Man Was Retired Customs Assistant". El Paso Times. 30 September 1993. Retrieved 6 February 2024– via Newspapers.com.
  12. ↑ Hernandez, Michael D. (23 September 2007). "Financial Responsibility". El Paso Times. Retrieved 7 February 2024– via Newspapers.com.
  13. ↑ Meritz, Darren (14 October 2008). "Banking On Campus". El Paso Times. Retrieved 7 February 2024– via Newspapers.com.
  14. ↑ Anderson, Lindsey (7 July 2016). "GECU branch to open at Coronado High School". El Paso Times. Retrieved 7 February 2024.
  15. ↑ "Members Trust Company Partners with GECU". El Paso Times. 21 November 2004. Retrieved 7 February 2024– via Newspapers.com.
  16. ↑ Sanchez, Sara (10 December 2023). "GECU eyes 130 counties for Texas, New Mexico expansion". El Paso Inc. Retrieved 7 February 2024.
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