Suncoast Schools Federal Credit Union History
Credit unions are often started by individuals who wanted to make a positive economic impact on their lives. On the last day of January in 1934, an event just like this happened in Florida. The Hillsborough County Teachers Credit Union was established by enterprising teachers who lived in the Hillsborough County. The membership of this credit union expanded until in 1953, teachers from other counties, such as Pasco, Hernando, and Citrus, were welcomed. Six years later, membership extended to other school employees. Since the credit union serves members from other counties, the name was changed. In 1975, it became known as the Suncoast Schools Federal Credit Union.
As years went by, more counties became involved and the Suncoast Schools Federal Credit Union became one of the most successful credit unions in Florida. In fact, based on assets, this credit union is the seventh largest credit union in the United States. By the end of January 2008, the Suncoast Schools Federal Credit Union has about $6 billion worth of assets and 447,554 members whose total shares and deposits reach more than $5 billion. Even with these staggering numbers, the credit union remains non-profit. The net income is either given back to the members in the form of dividend or is placed in reserves for programs that will ultimately benefit the members.
The Suncoast Schools Federal Credit Union is also known for its stability. Such stability is accredited to the fact that the whole organization is efficient. This credit union is efficient because its expense ratio is lower than half of those of banks and other financial institutions. This implies that the members can receive high dividends. This also implies that the credit union can afford to implement lower loan rates.
All members of the Suncoast Schools Federal Credit Union are involved in the education industry. All, if not most, of the members realize the importance of preparing the younger generation that will become the next leaders of the community and of the world. This is why the Suncoast Schools Federal Credit Union has also established the Suncoast 4 Kids Foundation. It is a non-profit foundation that promotes the well being of children. The Suncoast 4 Kids Foundation, through the sponsorship of the credit union, accumulates funds to meet primary needs of the children, such as health care and education.
In 1990, to further support the cause of preparing the next generation, the Suncoast Schools Federal Credit Union also provides scholarships to deserving students. These scholarships are awarded to those who wanted to pursue higher education, have achieved certain levels of scholastic achievement, and demonstrated a financial need. With the partnership with the Consortium of Florida Education Foundations, this credit union’s scholarship programs expanded to provide more grants to include the sponsorship of various school needs and activities. All these programs are being supported by each member of the credit union. And while the member supports the scholarship, the member also receives additional benefits. For example, any donation given to the Foundation is considered tax-deductible.Find detailed consumer information for SUNCOAST SCHOOLS Federal Credit Union