Illinois Educators Credit Union is a member-owned, not-for-profit financial cooperative, that is governed by a volunteer Board of Directors.
We are proud of our Credit Union and the products and services that we offer our members daily. IECU strives to be on the cutting edge and are we constantly looking for ways to enhance our products and services. It is our intent and goal to provide our members with the products, services, and “World Class” treatment that they so richly deserve.
We will continue our commitment to providing excellence, and we pledge to maintain your trust!
THE CREDIT UNION PHILOSOPHY
Not for profit; not for charity – but for service.
Illinois Educators Credit Union was chartered as the Springfield Teachers Credit Union on February 16, 1938. Thirteen teachers met on March 18, 1938 in room 255 at Central High School in Springfield, Illinois to elect the directors and officers of the Credit Union. Two of the teachers at the organizational meeting, Carol C. Hall and Leslie Nimmo, later formed what was to become Horace Mann Insurance Companies to insure educators.
From 1938 until 1979, the Credit Union grew slowly with the day-to-day operations being managed out of a teacher’s home or back office.
In 1979, the Credit Union hired its first full-time employee, moved into an office and established regular business hours. Today, Illinois Educators Credit Union has approximately 7,500 members, assets totaling $46 million, 22 employees and 2 full-service locations.
At Illinois Educators Credit Union, our Board of Directors is elected from and by the membership and serve in a voluntary capacity. Their responsibilities include establishing policies, reviewing and setting dividend and interest rates, and ensuring the overall stability of the Credit Union.
IECU’s directors, officers and staff constantly review the Credit Union as a whole to ensure they are providing the best financial services for you, the members.
YOUR MONEY IS SAFE & SECURE
Illinois Educators Credit Union operates under a charter administered by the State of Illinois’ Department of Financial Institutions. Each account is insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency. In addition, Credit Union funds are protected by external and internal supervision, a strong employee bonding program, and mandatory reserve requirements. Annual audits are conducted by the State of Illinois’ Department of Financial Institutions and the Credit Union’s Supervisory Committee.