SchoolsFirst Federal Credit Union


SchoolsFirst Federal Credit Union is a federally chartered Credit Union that serves the educational community in California. It is headquartered in Santa Ana, California and has branches throughout California. Before April 14, 2008, it was named Orange County Teachers Federal Credit Union, or OCTFCU.

History

SchoolsFirst FCU was founded in 1934 by a group of 125 school employees. They pooled $1,200 and established Orange County Teachers Credit Union with a California state charter. A switch to a federal charter in 1983 added Federal to its name.
At the end of 2017, SchoolsFirst FCU reported $14.12 billion in assets, making it the fifth-largest credit union in the United States by asset size. Net income for that year was $119.06 million, and total capital $1.63 billion. Their 11.11% capital to asset ratio is one of the best in the U.S. banking industry. They reported having over 800,000 members in 2019.

Merger with Schools Financial Credit Union

In early 2019, SchoolsFirst and Schools Financial announced plans to merge, pending regulatory and member approval. Both credit unions stated that no branches or employees would be closed or laid off as a result of the merger. The merger would combine assets and members, totaling $17.1 billion in assets and over one million members, per their respective announcements. The merged credit union operates under the name and charter of SchoolsFirst Federal Credit Union, effective January 1, 2020.

Field of membership

SchoolsFirst FCU's current field of Membership is the entire state of California. Up to 2018, they served the following Southern California counties:
SchoolsFirst FCU serves employees of the following educational entities :
In addition, SchoolsFirst FCU serves the following: