Spokane Teachers Credit Union
Encyclopedia
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.
The credit union was founded in October 1934. Spokane Teachers has 91,000 members and $1.4 billion in assets. Among the 120 Washington-based credit unions, it is third-largest, based on asset size.
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.
It was voted Best Bank/Credit Union each year from 2006-2010 in the "Best of the Inland NW" reader surveys conducted by The Pacific Northwest Inlander
, a free weekly newspaper.
Dahlstrom was elected to the board for the Credit Union National Association
(CUNA) in February 2010, to serve a two-year term.
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.
Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service and efficiency.
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.
, Cheney
and Liberty Lake
; and three in Idaho, at Post Falls, Dalton Gardens and Ponderay. 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. The new system uses Q2 Software through reseller PSCU Financial Services.
STCU and seven 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.
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
.
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
.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
chartered in the state of Washington and Bonner County and Kootenai County in Idaho
Idaho
Idaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....
. It is regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(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.
The credit union was founded in October 1934. Spokane Teachers has 91,000 members and $1.4 billion in assets. Among the 120 Washington-based credit unions, it is third-largest, based on asset size.
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.
It was voted Best Bank/Credit Union each year from 2006-2010 in the "Best of the Inland NW" reader surveys conducted by The Pacific Northwest Inlander
The Pacific Northwest Inlander
The Pacific Northwest Inlander is a free weekly newspaper published in Spokane, Washington and circulated throughout the Inland Northwest, covering local news and culture. It is published in print and online every Thursday. A member of the Association of Alternative Newsweeklies, it was founded in...
, a free weekly newspaper.
Leadership/Governance
In May 2010, STCU announced that CEO and President Steven L. Dahlstrom would retire at the end of the year. Dahlstrom had been at the credit union 30 years and was the third president in its 76-year history. Dahlstrom became president and CEO in 1991, when the credit union had 10,000 members. He was voted "Best Boss" by Inlander readers in 2003, the first year the publication included that category in its annual "best of" survey.Dahlstrom was elected to the board for the Credit Union National Association
Credit Union National Association
The Credit Union National Association, commonly known as CUNA , is a national trade association for both state- and federally-chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, professional development, and...
(CUNA) in February 2010, to serve a two-year term.
STCU Executive Vice President Thomas A. Johnson was promoted to CEO and president, effective January 1, 2011. A CPA
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
and former vice president of Whitworth University
Whitworth University
Whitworth University is a private Christian liberal arts college located in Spokane, Washington, United States, that offers Bachelor's and Master's degrees in a variety of academic disciplines. It is affiliated with the Presbyterian Church...
, he served 12 years on the STCU Board of Directors before becoming the credit union's vice president-administration in 2006.
Johnson has said that STCU's long-term planning is guided by three core values: growth in market share, customer service and efficiency.
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.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.
Services
STCU has 14 branches: seven in the city of Spokane; one each in the Washington communities of Spokane Valley, NewportNewport, Washington
Newport is a city in, and the county seat of, Pend Oreille County, Washington. The population was 2,126 at the 2010 census.-History:Newport was given its name in 1890 because it was selected as a landing site for the first steamboat on the Pend Oreille River. Newport was officially incorporated on...
, Cheney
Cheney, Washington
Cheney is a city in Spokane County, Washington, United States. The full time resident population was 10,590 as of 2010 census. Eastern Washington University is located in Cheney, and its population grows to approximately 17,600 people on a temporary basis when classes at Eastern Washington...
and Liberty Lake
Liberty Lake
Liberty Lake may refer to:* Liberty Lake * Liberty Lake * Liberty Lake, Washington...
; and three in Idaho, at Post Falls, Dalton Gardens and Ponderay. STCU reports that it began offering online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
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. The new system uses Q2 Software through reseller PSCU Financial Services.
STCU and seven 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
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
where members of participating credit unions can bank.
STCU also is a member of the CO-OP Financial Services
CO-OP Financial Services
CO-OP Financial Services, formerly known as CO-OP Network, is an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada and certain United States Navy bases overseas...
. Members pay no fees to use 28,000 ATMs worldwide, including in 5,500 7-Eleven
7-Eleven
7-Eleven is part of an international chain of convenience stores, operating under Seven-Eleven Japan Co. Ltd, which in turn is owned by Seven & I Holdings Co...
stores in North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
.
In response to the recession
Recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
, 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
Foreclosure
Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
.
Core operating system
In April 2011, STCU will change 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.Recognition
- Crystal Performance Award, 2009 and 2010, Raddon Financial Group. Awarded to the top-10 credit unions with more than $500 million in assets, for growth, income, efficiency and margin management.
- Finalist, 2010 Sloan Award for Business Excellence in Workplace Flexibility.
- Best Bank/Credit Union, 2006–2010, “Best of the Inland NW” survey of readers by the Pacific Northwest Inlander newspaper.
- 2009 Best Credit Union, Spokane Coeur d’Alene Living magazine reader survey.