Spokane Teachers Credit Union

Spokane Teachers Credit Union
Credit union
Industry Financial services
Headquarters Spokane, Washington, United States
Key people
 Tom Johnson, CEO[1]
Board of directors: Georgia Miller, Chair and Wally Stanley, Vice Chair[2]
Management Team: Scott Adkins, vice president-lending; Bill Before, vice president-finance/CFO; Belinda Caillouet, vice president-information technology; Ev Hopkins, vice president-human resources & organizational development; Brad Hunter, vice president-marketing; Terri Wilson, vice president-operations/COO.[3]
Products Savings; checking; consumer loans; mortgages; credit cards; online banking
Number of employees
 Approximately 500[4]
Website www.stcu.org

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.[5]

The credit union was founded in October 1934. Spokane Teachers has 91,000 members and $2.2 billion in assets.[6][7] Among the 120 Washington-based credit unions, it is third-largest, based on asset size.[8]

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.[9]

It was voted Best Bank/Credit Union each year from 2006-2010 and Best Credit Union from 2011-2015 in the "Best of the Inland NW" reader surveys conducted by The Pacific Northwest Inlander, a free weekly newspaper.[10]

Leadership/Governance

In May 2010, STCU announced that CEO and President Steven L. Dahlstrom would retire at the end of the year.[11] Dahlstrom had been at the credit union 30 years and was the third president in its 76-year history.[12] Dahlstrom became president and CEO in 1991, when the credit union had 10,000 members.[13] He was voted "Best Boss" by Inlander readers in 2003, the first year the publication included that category in its annual "best of" survey.[14]

Dahlstrom was elected to the board for the Credit Union National Association (CUNA) in February 2010, to serve a two-year term.[15]

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.[13]

Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service and efficiency.[13]

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.[16]

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.[16]

Services

STCU has 18 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.[17] 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.[18] The new system uses Q2 Software through reseller PSCU Financial Services.[19]

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.[20]

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.[21]

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.[22]

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.[23]

Core operating system

In April 2011, STCU changed 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.[24]

Recognition

References

  1. ↑ "Johnson to follow Dahlstrom at STCU helm". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  2. ↑ "People in charge". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  3. ↑ "OSI Fall 2010" (PDF). Spokane Teachers Credit Union. Retrieved 22 December 2010.
  4. ↑ "More than numbers". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  5. ↑ "Be an STCU member". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  6. ↑ "The history of STCU". Spokane Teachers Credit Union. Retrieved 2 October 2010.
  7. ↑ M'Elvain, E. E. (June 15, 1947). "Teachers have Credit Union". The Spokesman-Review. Retrieved 2 October 2010.
  8. ↑ "National Credit Union Administration 2010 Directory of Federally Insured Credit Unions" (PDF). National Credit Union Administration. Retrieved 22 December 2010.
  9. ↑ "Rich Bank, Poor Bank". The Pacific Northwest Inlander. March 24, 2010. Retrieved 22 December 2010.
  10. 1 2 "Best of 2010". The Pacific Northwest Inlander. March 16, 2010. Retrieved 22 December 2010.
  11. ↑ "Johnson to become CEO". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  12. ↑ "STCU names next chief executive". The Spokesman-Review. May 7, 2010. Retrieved 22 December 2010.
  13. 1 2 3 "Johnson readies to take STCU's helm during changing times". Spokane Journal of Business. June 4, 2010. Retrieved 22 December 2010.
  14. ↑ "STCU CEO, Steve Dahlstrom, is voted the 'Best Boss". All Business. April 21, 2003. Retrieved 22 December 2010.
  15. ↑ "Business beat". The Spokesman-Review. March 14, 2010. Retrieved 22 December 2010.
  16. 1 2 "The history of STCU". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  17. ↑ "STCU branches and locations". Spokane Teachers Credit Union. Retrieved 22 December 2010.
  18. ↑ "Online banking gets a Makeover" (PDF). Spokane Teachers Credit Union. Spring 2010. Retrieved 22 December 2010.
  19. ↑ "PSCU Financial Services Announces Electronic Banking Product, Agreement with Q2 Software". PSCU Financial Services. Retrieved 22 December 2010.
  20. ↑ "CU Service Centers, The member-Friendly Financial Network". CU Service Centers. Retrieved 22 December 2010.
  21. ↑ "CO-OP Network". CO-OP Financial Services. Retrieved 22 December 2010.
  22. ↑ "Financial Relief Solutions: Help when you need it" (PDF). Spokane Teachers Credit Union. Spring 2010. Retrieved 22 December 2010.
  23. ↑ "Of Special Interest - Spring 2014" (PDF). Spokane Teachers Credit Union. Retrieved 24 June 2014.
  24. ↑ "STCU Expands its Commercial Offering and Prepares for a Full-Service Future with PhoenixEFE". Harland Financial Solutions. Retrieved 22 December 2010.
  25. ↑ "Raddon Financial Group Awards Credit Unions for Performa(n)ce". BNET: The CBS Interactive Business Network. September 7, 2010. Retrieved 22 December 2010.
  26. ↑ "Sloan Awards Finalists Announced". Greater Spokane Incorporated. May 11, 2010. Retrieved 22 December 2010.
  27. ↑ "Spokane Coeur d'Alene Living's Best of 2009!". Spokane Coeur d’Alene Living magazine. Retrieved 22 December 2010.
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