Caltech Employees Federal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | April 11, 1950 |
| Headquarters | La Cañada Flintridge , United States |
Area served | California Institute of Technology community, United States |
Key people | John Meeker (President and CEO), Steve Proia (Board Chair) |
| Products | Savings accounts, youth savings programs, real estate loans, vehicle loans, personal loans, credit cards |
Caltech Employees Federal Credit Union (CEFCU) caters to the community associated with the California Institute of Technology and its affiliates. Based in La Cañada Flintridge, California, it stands as the 36th largest credit union within California and ranks 245th across the United States. CEFCU provides savings interest rates that are six times above the national average.
Eligibility for membership includes Caltech staff members and their immediate family members. The credit union extends personal loan options, generally offering interest rates that exceed those found in short-term bank deposit accounts.
History
Established on April 11, 1950, by a group of seven employees from Caltech, CEFCU has grown to serve over 37,000 members with assets surpassing $2 billion. Its financial products encompass share savings accounts, youth savings programs, loans for real estate and vehicles, personal loans, and credit card services.
In 2016, CEFCU inaugurated a Real Estate Loan Center situated at the intersection of Foothill Boulevard and Commonwealth Avenue in La Cañada Flintridge.
Leadership
On April 2, 2024, John Meeker assumed the role of President and CEO. Having been CEFCU’s Senior Vice President and Chief Financial Officer since 1999, he has significantly influenced the credit union’s strategic planning.
Rich L. Harris retired on April 1, 2024, concluding a 38-year tenure at CEFCU. His service included membership on the National Association of Federal Credit Unions (NAFCU) board beginning in 2010, with his election as NAFCU board chairman occurring in June 2016.
Steve Proia currently chairs CEFCU’s Board of Directors. A board member since 1998, he previously held the chairmanship during 2001-2002 and again from 2010 to 2011. He retired in 2016 from his position as CFO and Director of Business Operations at the Jet Propulsion Laboratory.
Services
CEFCU offers nationwide access to banking services with surcharge-free use of over 30,000 ATMs through the CO-OP Network. Members can manage their accounts online via eBranch or through a mobile application that supports balance inquiries, transaction histories, fund transfers, and mobile check deposits. Recently, CEFCU welcomed Thomas F. Rosenbaum as Caltech's ninth president. The credit union also sponsors prominent events such as TEDxCaltech 2013: The Brain and consistently supports Caltech Y's Act Award annually.