Spokane Teachers Credit Union

Last updated
Spokane Teachers Credit Union
Company type Credit union
Industry Financial services
FoundedOctober 1934;89 years ago (1934-10)
FounderErnie McElvain
Headquarters Liberty Lake, Washington, United States
Key people
Ezra Eckhardt, President/CEO [1]
Products Savings; checking; consumer loans; mortgages; credit cards; online banking; business services
Members246,000
Number of employees
Approximately 850 [2]
Website www.stcu.org

Spokane Teachers Credit Union (STCU), is a credit union chartered in the state of Washington and North Idaho. It is regulated under the authority of the National Credit Union Administration (NCUA) of the federal government. Membership is open to those "live, work, worship, or attend school" in Washington state, or counties in northern Idaho. [3]

Contents

The credit union was founded in October 1934. STCU has more than 246,000 members and over $5 billion in assets. [4] [5] Among the many Washington-based credit unions, it is third-largest, based on asset size. [6]

STCU was voted Best Bank/Credit Union each year from 2006-2010 and Best Credit Union from 2011-2024 in the "Best of the Inland Northwest" reader surveys conducted by The Inlander , a free weekly newspaper. [7]

Services

STCU branch in Coeur d'Alene, Idaho Coeur d'Alene, Idaho (50083360556).jpg
STCU branch in Coeur d'Alene, Idaho

STCU has 39 branch locations throughout Eastern and Central Washington and North Idaho. STCU reports that it began offering online banking in 1997, when many members were sceptical of the service. In 2010, the company updated its online banking system with features such as account alerts, secure messaging, and external transfers.

STCU is a member of the CO-OP Financial Services. Members pay no fees to use nearly 30,000 ATMs worldwide affiliated with the Co-Op Network of credit unions. [8]

In 2015, STCU switched from Visa to Mastercard when the time came to implement EMV technology.

History

STCU was started in 1934 by Ernie McElvain, a teacher at Spokane's Lewis and Clark High School. The credit union operated out of a room on the school's second floor, with a shoebox for cash deposits and a bell with a rope that hung out the window, so that members could ring the bell when they needed to be let inside. The credit union ended the first year with 120 members and $4,000 in assets. [9]

In 1964, STCU left the high school and opened its first office (now its Main Branch) at 106 W. Nora in Spokane. At the time, it had 2,078 members and $1.5 million in assets. [9]

On August 13, 2024, STCU announced plans to aqcuire all the assets and liabilities of the Oregon-based Community Bank pending regulatory and shareholder approval. This acquisition would expand STCU into Oregon and South-eastern Washington. [10] [11] [12]

Leadership/Governance

In October 2017, STCU announced that CEO and President Tom Johnson would retire at the end of the year. [13] Thomas A. Johnson was promoted to CEO and president, effective January 1, 2011. Johnson served 12 years on the STCU Board of Directors before becoming the credit union's vice president-administration in 2006. [14]

Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service, and efficiency. [14]

On January 1, 2018, Ezra Eckhardt began as the fifth CEO and President in STCU history. Eckhardt is a fifth generation Spokane resident. After Eckhardt attended U.S. Military Academy at West Point, he went on to serve six years in the U.S. Army. He holds a master's degree from Gonzaga University, where he has been an adjunct professor at the Jepson School of Business. [15]

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References

  1. ↑ "STCU names Spokane native Ezra Eckhardt as its next president | the Spokesman-Review".
  2. ↑ "Our story".
  3. ↑ "Be an STCU member". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  4. ↑ "The history of STCU". Spokane Teachers Credit Union. Retrieved 2 October 2010.
  5. ↑ M'Elvain, E. E. (June 15, 1947). "Teachers have Credit Union". The Spokesman-Review. Retrieved 2 October 2010.
  6. ↑ "National Credit Union Administration 2010 Directory of Federally Insured Credit Unions" (PDF). National Credit Union Administration. Retrieved 22 December 2010.
  7. ↑ "Best of 2022". The Inlander. March 2022. Retrieved 25 March 2022.
  8. ↑ "CO-OP Network". CO-OP Financial Services. Retrieved 22 December 2010.
  9. 1 2 "The history of STCU". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  10. ↑ "STCU purchasing Oregon-based Community Bank | The Spokesman-Review". www.spokesman.com. Retrieved 2024-08-14.
  11. ↑ "STCU announces Purchase and Assumption Agreement with Community Bank". www.communitybanknet.com. Retrieved 2024-08-14.
  12. ↑ "STCU announces purchase and assumption agreement with Community Bank". stcu.org. Retrieved 2024-08-14.
  13. ↑ "STCU CEO Tom Johnson to retire, successor named". Credit Union Journal. Retrieved 25 November 2018.
  14. 1 2 "Johnson readies to take STCU's helm during changing times". Spokane Journal of Business. June 4, 2010. Retrieved 22 December 2010.
  15. ↑ "Ezra Eckhardt". stcu.org. Retrieved 2018-11-26.
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