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California Credit Union Overview
A Brief History
Our story begins in 1931, during the depths of the Great Depression. It was then that Elementary Teachers' Club asked a Los Angeles teacher, Georgia B. Parsons, to represent them at the annual winter convention of public school superintendents being held in Atlantic City, New Jersey. Ms. Parsons accepted, but when she approached local lenders asking for money to purchase a wool suit for the trip, she was denied because the institutions "didn't favor teachers' loans."
"This latter remark, I am sure I misunderstood at the time, but it had its effect all the same," noted Georgia Parsons. "The idea was born right then and there. Some day the teachers will have their own credit union."
Ms. Parsons eventually bought her wool suit and made the trip, but only after obtaining funds from a loan shark who charged an exorbitant interest rate. And so two years later, on July 10, 1933, Georgia Parsons joined with 10 other teachers and administrators to charter the Los Angeles Teachers Credit Union.
The idea that teachers and other educators could pool their money for mutual benefit quickly took off. By the end of that first year, membership grew to 82, while deposits climbed to $800.
Since that time, California Credit Union has grown into one of the largest credit unions in Southern California, with more than 85,000 members and nearly $1.3 billion in assets. Our call center, phone banking system, website, and 13 branch locations provide a full range of services to members throughout Los Angeles County.
Our success can be traced to a simple philosophy: unlike banks, whose profits benefit a few stockholders, the credit union returns earnings to members in the form of reduced loan rates, higher savings yields and reduced fees.
As a member-owned financial cooperative, California Credit Union deals only with stable and secure products and services. This philosophy has served us well for more than 80 years, and will continue to guide us for many more years to come. All funds deposited with California Credit Union are federally insured by the NCUA up to $250,000. We also undergo regular financial reviews by an independent auditor.
Today, we still hold dear our partnership with California educators. We are proud supporters of the Academic Decathlon and Teacher of the Year award. We also are proud sponsors of the annual LAUSD Superintendent's Meeting, as well as a host of conferences and initiatives that benefit schools.
Join us today and discover why tens of thousands of educators have chosen us for their financial services.
California Credit Union serves the educational community, providing our members with sound financial resources and convenient, personalized services.
To be the premier education credit union, providing our members with outstanding services and sound financial resources.