ITHINK Financial Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1969 |
| Headquarters | Delray Beach , United States |
Area served | Florida and Georgia, United States |
| Products | Checking accounts, savings accounts, money market accounts, certificates of deposit, IRAs, business accounts, health savings accounts, vehicle loans, mortgage loans, credit cards, business lending solutions, online and mobile banking, electronic statements, insurance products, investment services |
Number of employees | 380 |
| Website | www |
iTHINK Financial—originally known as IBMSECU—was founded in 1969 with the purpose of serving IBM employees. It operates as a state-chartered and federally insured credit union, managing assets exceeding $1.5 billion. The institution serves over 95,000 members through 22 branches located in Florida and Georgia, supported by a team of roughly 380 staff members. Its main office is situated in Delray Beach, Florida.
History
The credit union began in 1969 under the name IBM Boca Raton Employees' Federal Credit Union, initiated by IBM workers with initial assets of $43,675. By 1972, it had expanded its reach throughout Florida, adopting the name IBM Florida EFCU and growing its assets to nearly $2.5 million by the end of that year. Expansion continued, and by 1977, the membership eligibility extended to include Alabama, Mississippi, and Puerto Rico. This broader scope led to a rebranding as IBM Southeast Employees' Federal Credit Union, with assets approaching $15 million.
Subsequently, membership was broadened further to encompass Georgia and employees from companies beyond IBM. On July 1, 2015, the credit union transitioned from a federal charter to a Florida state charter and took on the name IBM Southeast Employees' Credit Union (IBMSECU).
In 2017, iTHINK Financial expanded by acquiring Mackinac Savings Bank in Boynton Beach, which added three branches in Palm Beach County. Another significant acquisition occurred in 2019 with Oculina Bank, incorporating eight additional branches across Florida. The organization adopted the brand name iTHINK Financial on March 2, 2020.
Eligibility for membership includes current or retired employees of participating companies, residents or associates of designated counties, as well as immediate family or household members of existing members.
At present, iTHINK Financial oversees assets surpassing $1.5 billion, operates 22 branch locations, and employs approximately 380 individuals who serve a member base exceeding 95,000 nationwide.
Products and services
As a not-for-profit credit union, iTHINK Financial provides an extensive selection of financial products and services tailored for its members. These offerings encompass checking accounts, savings accounts, money market accounts, certificates of deposit, IRAs, business accounts, health savings accounts, vehicle loans, mortgage loans, credit cards, business lending solutions, online and mobile banking platforms, electronic statements, insurance products, and investment services.
The credit union’s not-for-profit status allows it to return profits to its members by offering reduced fees, attractive loan interest rates, and superior dividend yields compared to conventional financial institutions.
Safety
iTHINK Financial holds insurance coverage through the National Credit Union Administration (NCUA) and complies as an equal housing lender. Member deposits are protected up to at least $250,000.