Spokane Teachers Credit Union (STCU) is a credit union chartered in the state of Washington and Bonner County and Kootenai County in 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 either Bonner or Kootenai counties in Idaho.
The credit union was founded in October 1934. Spokane Teachers has 91,000 members and $1.4 billion in assets. Among the 120 Washington-based credit unions, it is third-largest, based on asset size.
In 2009, STCU had a 13 percent increase in net income, 14 percent growth in loan portfolio, 22 percent more in deposits and an 11 percent increase in membership.
It was voted Best Bank/Credit Union each year from 2006-2010 and Best Credit Union from 2011-2014 in the "Best of the Inland NW" reader surveys conducted by The Pacific Northwest Inlander, a free weekly newspaper.
Leadership/Governance
In May 2010, STCU announced that CEO and President Steven L. Dahlstrom would retire at the end of the year. Dahlstrom had been at the credit union 30 years and was the third president in its 76-year history. Dahlstrom became president and CEO in 1991, when the credit union had 10,000 members. He was voted "Best Boss" by Inlander readers in 2003, the first year the publication included that category in its annual "best of" survey.
Dahlstrom was elected to the board for the Credit Union National Association (CUNA) in February 2010, to serve a two-year term.
STCU Executive Vice President Thomas A. Johnson was promoted to CEO and president, effective January 1, 2011. A CPA and former vice president of Whitworth University, he served 12 years on the STCU Board of Directors before becoming the credit union's vice president-administration in 2006.
Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service and efficiency.
History
According to its website, STCU was started in 1934 by Ernie McElvain, a teacher at Spokane's Lewis & 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 members would pull to be let inside. It ended the first year with 120 members and $4,000 in assets.
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.
Services
STCU has 16 branches: eight in the city of Spokane; one each in the Washington communities of Spokane Valley, Newport, Cheney and Liberty Lake; and three in Idaho, at Post Falls, Dalton Gardens and Ponderay. STCU reports that it began offering online banking in 1997, when many members were skeptical of the service. In 2010, the company updated its online banking system with features such as account alerts, secure messaging, and external transfers. More than 40,000 members use the service. The new system uses Q2 Software through reseller PSCU Financial Services.
STCU and seven hundred other credit unions in Eastern Washington and northern Idaho participate in the CU Service Center Network. The network has approximately 6,500 locations, mostly in the United States where members of participating credit unions can bank.
STCU also is a member of the CO-OP Financial Services. Members pay no fees to use 28,000 ATMs worldwide, including in 5,500 7-Eleven stores in North America.
In response to the recession, STCU in 2009 started a program called Financial Relief Solutions (FRS) to help members facing financial crisis. In 2009, the program helped more than 160 members restructure loans, access home equity and take other steps. STCU reports that 42 of those members had been at risk of foreclosure.
In 2014, STCU announced that starting in 2015, the credit union will replace its member's credit and debit card with those containing EMV technology, in addition to the traditional magnetic stripes found on many credit and debit cards in the US. The new cards will be issued as currently issued debit and credit cards expire, and the credit union expects all of its members to have an EMV-equipped card within four years.
Core operating system
In April 2013, STCU will change its core operating system to PhoenixEFE, through Harland Financial Solutions. Dahlstrom has said the major change will make the credit union more efficient and give it more flexibility.
Recognition
- Crystal Performance Award, 2009 and 2010, Raddon Financial Group. Awarded to the top-10 credit unions with more than $500 million in assets, for growth, income, efficiency and margin management.
- Finalist, 2010 Sloan Award for Business Excellence in Workplace Flexibility.
- Best Bank/Credit Union, 2006-2010, "Best of the Inland NW" survey of readers by the Pacific Northwest Inlander newspaper.
- 2009 Best Credit Union, Spokane Coeur d'Alene Living magazine reader survey.
References
ArrayExternal links
- Spokane Teachers Credit Union web site
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