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Schools Financial, a division of SchoolsFirst Federal Credit Union, was chartered in 1933 by a group of seven teachers who pooled their funds for the purpose of creating a savings cooperative from which low-cost loans could be made to Members. Depositors, in return, would earn dividends from the income generated by the interest paid on the loans. On January 1, 2020, Schools Financial merged with SchoolsFirst FCU, the largest Credit Union in the state and the fifth largest Credit Union in the nation. Schools Financial continues to uphold the foundation and philosophy of the Credit Union Movement of "For Service, Not for Profit, Not for Charity" and "People Helping People." Each individual who opens a savings account at the Credit Union becomes a Member-owner, with each Member owning one share of the Credit Union. Our Credit Union's policies are established by SchoolsFirst FCU's volunteer Board of Directors, in which Schools Financial has representation. Since the Credit Union has no stockholders or other investors, the Board of Directors can focus solely on serving the best interests of our Member-owners. Our Board of Directors believes that Member interests can best be served by offering products and services that meet Member needs while providing an economic advantage when compared with other major financial institutions in our market.
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