Spokane Teachers Credit Union
{{Infobox company
| name = Spokane Teachers Credit Union
| logo = Spokane Teachers-logo.svg
| logo_size = 160px
| former_name =
| type = Credit union
| caption =
| foundation = {{Start date and age|1934|10}}
| founder = Ernie McElvain
| location = Liberty Lake, Washington, United States
| members = 246,000
| num_employees = Approximately 850{{Cite web|url=https://stcu.org/here-for-good/about-stcu/our-story|title=Our story}}
| industry = Financial services
| products = Savings; checking; consumer loans; mortgages; credit cards; online banking; business services
| homepage = {{URL|https://www.stcu.org/}}
}}
Spokane Teachers Credit Union (STCU), is a credit union chartered in the state of Washington, North Idaho, and Oregon. 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 counties in northern Idaho.{{cite web|title=Be an STCU member|url=https://www.stcu.org/join.html|work=Spokane Teachers Credit Union|access-date=22 December 2010}}
The credit union was founded in October 1934. STCU has more than 304,000 members and over $6 billion in assets.{{cite web|title=The history of STCU|url=https://www.stcu.org/about.html|work=Spokane Teachers Credit Union|access-date=2 October 2010}}{{cite news|last=M'Elvain|first=E. E.|title=Teachers have Credit Union|url=https://news.google.com/newspapers?id=PZYnAAAAIBAJ&sjid=SuUDAAAAIBAJ&pg=4869,5680937&dq=spokane-teachers-credit-union&hl=en|access-date=2 October 2010|newspaper=The Spokesman-Review|date=June 15, 1947}} Among the many Washington-based credit unions, it is third-largest, based on asset size.{{cite web|title=National Credit Union Administration 2010 Directory of Federally Insured Credit Unions|url=http://www.ncua.gov/DataServices/Directory/2010/2010CUDirectory.pdf|work=National Credit Union Administration|access-date=22 December 2010}}
STCU was voted Best Bank/Credit Union each year from 2006-2010 and Best Credit Union from 2011-2024 in the "Best of the Inland Northwest" reader surveys conducted by The Inlander, a free weekly newspaper.{{cite news |date=March 2022 |title=Best of 2022 |newspaper=The Inlander |url=https://www.inlander.com/spokane/best-of-the-inland-northwest-2022/BestOf?oid=23507296 |access-date=25 March 2022}}In 2025, STCU received the Inlander Best of 20 Year Award for its continued excellence in the region.
Services
File:Coeur_d'Alene,_Idaho_(50083360556).jpg
STCU has 49 branch locations throughout Eastern and Central Washington and North Idaho. STCU reports that it began offering online banking in 1997, when many members were sceptical of the service. In 2010, the company updated its online banking system with features such as account alerts, secure messaging, and external transfers.
STCU is a member of the CO-OP Financial Services. Members pay no fees to use nearly 30,000 ATMs worldwide affiliated with the Co-Op Network of credit unions.{{cite web|title=CO-OP Network|url=http://www.co-opfs.org/public/products/network/index.cfm|work=CO-OP Financial Services|access-date=22 December 2010}}
In 2015, STCU switched from Visa to Mastercard when the time came to implement EMV technology.
In 2024, STCU announced its integration with Community Bank to expand its reach across Eastern Washington, North Idaho, and Northeast Oregon. The partnership combined two community focused financial institutions, to serve the region through enhanced services and a strong commitment to being Here for good. strong commitment to community values and member-first banking.
History
STCU was started in 1934 by Ernie McElvain, a teacher at Spokane's Lewis and 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 hung out the window, so that members could ring the bell when they needed to be let inside. The credit union ended the first year with 120 members and $4,000 in assets.{{cite web|title=The history of STCU|url=https://www.stcu.org/about.html|work=Spokane Teachers Credit Union|access-date=22 December 2010}}
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.
On August 13, 2024, STCU announced plans to acquire all the assets and liabilities of the Oregon-based Community Bank pending regulatory and shareholder approval. This acquisition would expand STCU into Oregon and South-eastern Washington.{{Cite web |title=STCU purchasing Oregon-based Community Bank {{!}} The Spokesman-Review |url=https://www.spokesman.com/stories/2024/aug/13/stcu-purchasing-oregon-based-community-bank/ |access-date=2024-08-14 |website=www.spokesman.com}}{{Cite web |title=STCU announces Purchase and Assumption Agreement with Community Bank |url=https://www.communitybanknet.com/stcu |access-date=2024-08-14 |website=www.communitybanknet.com}}{{Cite web |title=STCU announces purchase and assumption agreement with Community Bank |url=https://stcu.org/here-for-good/about-stcu/news/stcu-announces-purchase-and-assumption-agreement-with-community-bank |access-date=2024-08-14 |website=stcu.org |language=en}}
Leadership/Governance
In October 2017, STCU announced that CEO and President Tom Johnson would retire at the end of the year.{{cite web|url=https://www.cujournal.com/news/spokane-teachers-credit-union-ceo-tom-johnson-to-retire-successor-named|title=STCU CEO Tom Johnson to retire, successor named|work=Credit Union Journal|access-date=25 November 2018}} Thomas A. Johnson was promoted to CEO and president, effective January 1, 2011. Johnson served 12 years on the STCU Board of Directors before becoming the credit union's vice president-administration in 2006.{{cite news|url=http://www.spokanejournal.com/article.php?id=5972|title=Johnson readies to take STCU's helm during changing times|date=June 4, 2010|newspaper=Spokane Journal of Business|access-date=22 December 2010}}
Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service, and efficiency.
On January 1, 2018, Ezra Eckhardt began as the fifth CEO and President in STCU history. Eckhardt is a fifth generation Spokane resident. After Eckhardt attended U.S. Military Academy at West Point, he went on to serve six years in the U.S. Army. He holds a master's degree from Gonzaga University, where he has been an adjunct professor at the Jepson School of Business.{{Cite web|url=https://stcu.org/here-for-good/about-stcu/leadership/ezra-eckhardt|title=Ezra Eckhardt|website=stcu.org|language=en|access-date=2018-11-26}}
References
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External links
- [http://www.stcu.org/ Spokane Teachers Credit Union web site]
Category:Credit unions based in Washington (state)
Category:Banks established in 1934