Tropical Financial Credit Union
Encyclopedia
Tropical Financial Credit Union (TCFU) is a member-owned credit union
that was chartered in 1935 and is headquartered in Miramar
, Florida
. TFCU is regulated under the authority of the National Credit Union Administration
(NCUA).
In 1939, the name was changed to Tropical Telco Federal Credit Union. The following year saw the credit union's assets grow to $100,000. By 1947, assets had grown to $400,000. Katie Vachon became general manager in 1956 when assets reached $2 million. The next year Vachon joined the credit union's Board of Directors. In 1957, assets grew to $2.5 million and Tropical Telco moved into a new building on Giralda Avenue in Coral Gables and formed a Credit Union Booster Club.
By 1965, assets had reached over $5 million. During this period, the office was closed one day so employees could calculate and pay 5½% dividend to the share accounts. In 1968, assets of the credit union reached $10 million.
During the 1970s, Tropical Telco Credit Union‘s assets reached $54 million. In the mid-seventies, Tropical Telco began its trend to become a full financial institution by expanding its services from Share Accounts (Savings Accounts) to Share Drafts (Checking Accounts), VISA cards and ATM services. In 1978, the phenomenal growth resulted in assets of $50 million. By 1979, Tropical Telco had evolved to practically a full service financial institution.
Tropical Telco saw tremendous growth in the early 1980s. It was also a decade of major events impacting Tropical Telco‘s future as no other previous event. Divestiture of the Bell System, which reduced its work force to cut costs, also reduced Tropical Telco’s growth in membership. Interstate banking was permitted by the State of Florida, which increased competition among all financial institutions for our Members’ deposits and loans. On August 1, 1987, President Greg Blount joined the Credit Union. In 1989, Tropical Telco’s Board of Directors approved the expansion of the field of membership to the first Select Employee Group (SEG) outside of the core “Bell System” employee groups served.
By the 1990s, Tropical Telco’s staff had grown to over 260. The credit union had 10 locations, over 80,000 members, and approximately $400 million in assets. In 1995, Tropical Telco Federal Credit Union celebrated its 60th anniversary and changed its name to Tropical Federal Credit Union. The Credit Union continued to add SEGs, which today total more than 200 member companies.
In July 2001, Tropical Federal Credit Union converted from a federally chartered to a State-Chartered Credit Union. As part of this charter conversion, the Credit Union changed its name to Tropical Financial Credit Union. The State Charter provided further expansion opportunities to include defined communities, as well as continued SEG growth.
In 2002, several programs were founded, including MIFF (Member Interaction Feedback Form), TOPS (Tropical Operations and Proposal System) and T-CAT (Tropical’s Community Action Team).
In 2003, Tropical Financial CU expanded its branch network to in-store environments. TFCU open branches in Wal-mart
, Winn-Dixie
and Albertson’s
stores.
With 10 new branches, TFCU doubled the size of its branch network in 2004. T-Pat (Tropical Political Action Team) was formed in response to on-going political challenges posed to credit unions. Member Business Services were introduced to provide service to members who operate small businesses. TFCU Headquarters moved out of the Miami Branch building located in Miami-Dade County to the Town of Miramar in Broward County. The new location is in the Miramar Park of Commerce.
In 2005, TFCU became the first full service financial institution in the State of Florida to receive the prestigious Florida Governors Sterling Award for Organizational Performance Excellence. The Credit Union begins to market mass media channels, including television and internet advertising.
TFCU assets exceeded $700 Million in 2007.
or in the following ZIP codes:
33455 - Hobe Sound
33458 - Jupiter
33469 - Tequesta
33477 - Jupiter/ Tequesta (East)
33478 - Jupiter/Tequesta (West)
Over 200 companies in these counties also offer membership as a benefit to their employees.
and refinancing, small business services and free financial seminars.
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...
that was chartered in 1935 and is headquartered in Miramar
Miramar, Florida
Miramar is a city in Broward County, Florida, United States. The city was named after the Miramar district of Havana, Cuba. As of the 2010 census, the population was 122,041...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. TFCU 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).
Beginnings
Southern Bell (later re-named BellSouth and now AT&T) organized the credit union in March 1935 with over $800 in deposits and over $400 in loans by the end of the second day. The Credit Union was chartered under the Farm Credit Administration and was called the Miami Bell System Employees Federal Credit Union. The first Board of Director’s meeting authorized the purchase of a cash box and rubber stamps, not to cost more than $1.20 and $1.60 respectively. During that first year, the first part-time employee was hired at $.30 an hour. By the end of the year, assets had grown to $11,775.In 1939, the name was changed to Tropical Telco Federal Credit Union. The following year saw the credit union's assets grow to $100,000. By 1947, assets had grown to $400,000. Katie Vachon became general manager in 1956 when assets reached $2 million. The next year Vachon joined the credit union's Board of Directors. In 1957, assets grew to $2.5 million and Tropical Telco moved into a new building on Giralda Avenue in Coral Gables and formed a Credit Union Booster Club.
By 1965, assets had reached over $5 million. During this period, the office was closed one day so employees could calculate and pay 5½% dividend to the share accounts. In 1968, assets of the credit union reached $10 million.
During the 1970s, Tropical Telco Credit Union‘s assets reached $54 million. In the mid-seventies, Tropical Telco began its trend to become a full financial institution by expanding its services from Share Accounts (Savings Accounts) to Share Drafts (Checking Accounts), VISA cards and ATM services. In 1978, the phenomenal growth resulted in assets of $50 million. By 1979, Tropical Telco had evolved to practically a full service financial institution.
Tropical Telco saw tremendous growth in the early 1980s. It was also a decade of major events impacting Tropical Telco‘s future as no other previous event. Divestiture of the Bell System, which reduced its work force to cut costs, also reduced Tropical Telco’s growth in membership. Interstate banking was permitted by the State of Florida, which increased competition among all financial institutions for our Members’ deposits and loans. On August 1, 1987, President Greg Blount joined the Credit Union. In 1989, Tropical Telco’s Board of Directors approved the expansion of the field of membership to the first Select Employee Group (SEG) outside of the core “Bell System” employee groups served.
By the 1990s, Tropical Telco’s staff had grown to over 260. The credit union had 10 locations, over 80,000 members, and approximately $400 million in assets. In 1995, Tropical Telco Federal Credit Union celebrated its 60th anniversary and changed its name to Tropical Federal Credit Union. The Credit Union continued to add SEGs, which today total more than 200 member companies.
In July 2001, Tropical Federal Credit Union converted from a federally chartered to a State-Chartered Credit Union. As part of this charter conversion, the Credit Union changed its name to Tropical Financial Credit Union. The State Charter provided further expansion opportunities to include defined communities, as well as continued SEG growth.
In 2002, several programs were founded, including MIFF (Member Interaction Feedback Form), TOPS (Tropical Operations and Proposal System) and T-CAT (Tropical’s Community Action Team).
In 2003, Tropical Financial CU expanded its branch network to in-store environments. TFCU open branches in Wal-mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
, Winn-Dixie
Winn-Dixie
Winn-Dixie Stores, Inc. is an American supermarket chain based in Jacksonville, Florida. Winn-Dixie has ranked number 24 in the 2010 "Top 75 North American Food Retailers" based on 2009 fiscal year estimated sales of $7.3 billion by Supermarket News. and was ranked the 43rd largest retailer in the...
and Albertson’s
Albertsons LLC
Albertsons LLC is a North American grocery company based in Boise, Idaho, with over 240 supermarkets located in Arizona, New Mexico, Colorado, Texas, Louisiana, Arkansas, and Florida under the Albertson's and Super Saver Foods banners...
stores.
With 10 new branches, TFCU doubled the size of its branch network in 2004. T-Pat (Tropical Political Action Team) was formed in response to on-going political challenges posed to credit unions. Member Business Services were introduced to provide service to members who operate small businesses. TFCU Headquarters moved out of the Miami Branch building located in Miami-Dade County to the Town of Miramar in Broward County. The new location is in the Miramar Park of Commerce.
In 2005, TFCU became the first full service financial institution in the State of Florida to receive the prestigious Florida Governors Sterling Award for Organizational Performance Excellence. The Credit Union begins to market mass media channels, including television and internet advertising.
TFCU assets exceeded $700 Million in 2007.
Membership
Membership in Tropical Financial Credit Union is available to those who work or live in the following counties:- Miami-Dade County
- Broward County
- Palm Beach County
- Sarasota County
or in the following ZIP codes:
33455 - Hobe Sound
33458 - Jupiter
33469 - Tequesta
33477 - Jupiter/ Tequesta (East)
33478 - Jupiter/Tequesta (West)
Over 200 companies in these counties also offer membership as a benefit to their employees.
Services
Tropical Financial offers banking services such as free and high-yield checking accounts, high interest savings accounts, low rates on loans, retirement planning, debt consolidationDebt consolidation
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan....
and refinancing, small business services and free financial seminars.