SchoolsFirst Federal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1934 |
| Headquarters | Tustin , United States |
Area served | California |
| Products | Financial services |
| Website | www |
SchoolsFirst Federal Credit Union is a federally chartered credit union dedicated to serving California's educational sector. Its main office is located in Tustin, California, with branches distributed throughout the state. Before April 14, 2008, it operated under the name Orange County Teachers Federal Credit Union (OCTFCU).
History
Established in 1934 by a group of 126 school staff members who contributed $1,200 collectively, the institution initially functioned as Orange County Teachers Credit Union under a state charter from California. In 1985, it transitioned to a federal charter and incorporated Federal into its official name.
By the close of 2017, SchoolsFirst FCU held assets totaling $14.12 billion, positioning it as the fifth-largest credit union in the United States based on asset size. Its net income reached $119.06 million, with total capital amounting to $1.63 billion, resulting in a robust capital-to-asset ratio of 11.11%. Membership surpassed 800,000 by 2019.
As of December 31, 2022, the credit union’s assets had expanded to $26.9 billion, maintaining a capital-to-asset ratio of 9.87%, while membership grew to 1.2 million individuals.
Merger with Schools Financial Credit Union
The merger was finalized on January 1, 2020, with full data integration completed by November 1 of the same year. In early 2019, SchoolsFirst and Schools Financial announced their intention to merge, subject to regulatory and member approvals, guaranteeing that no branches would close and no employees would be laid off. Upon completion, the unified organization reported assets of $17.1 billion and a membership exceeding one million, operating under the SchoolsFirst Federal Credit Union name and charter starting January 1, 2020.
Products and services
SchoolsFirst delivers its services through a network of 70 branches and provides access to 28,000 surcharge-free ATMs through the CO-OP Financial Services Network. In 2020 alone, the credit union generated approximately $232 million in direct financial advantages for its members, equating to an average savings of $470 per member household. During crises such as the COVID-19 pandemic and wildfire emergencies, SchoolsFirst waived $4 million in fees and extended $1.28 billion in loan relief.
Recognition
In 2020, SchoolsFirst was honored as the Best Credit Union in Orange County, California by both the Orange County Register and LA Times Reader's Choice awards. Forbes recognized it as the Best In-State Credit Union in California consecutively from 2019 through 2023.
Field of membership
SchoolsFirst FCU’s membership eligibility encompasses all of California’s educational workforce, including employees at public elementary and secondary schools listed in the California Department of Education School Directory, county superintendents of schools, community colleges, authorized degree-granting colleges and universities, as well as approved educational foundations.
Membership eligibility
SchoolsFirst extends membership to individuals connected with California’s education system. Eligible groups include:
- Active school employees
- Immediate family members of current SchoolsFirst members (such as spouses, domestic partners, parents, siblings, children, grandparents, and grandchildren)
- Workers employed by companies providing direct services to eligible California schools or districts
- College students enrolled in education programs that require student teaching
- Members serving on boards of trustees for qualifying schools
- Retired educators receiving pensions or annuities from retirement systems like CalSTRS or CalPERS associated with eligible institutions
Once granted membership, individuals retain their status for life irrespective of career changes, retirement status, or relocation.