Illinois Educators Credit Union is a member-owned, not-for-profit financial cooperative. Credit Unions serve members who share something in common, such as an employer. Voluntary membership is available to all who are within the field of membership and is the common bond that unites all members of a credit union.
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.
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.
Since the beginning, IECU has maintained a closed field of membership which focuses on those who work in the education field, as well as their families. Today IECU has approximately 7,100 members, assets totaling $50 million, 21 employees, and 2 full-service locations.
The Illinois Educators Credit Union 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 we are providing the best financial services for you, the members. In promoting Credit Union products and services, we continue to foster the ideals established in 1938 and ensure growth and stability that will allow us to serve generations to come.
Why Choose Illinois Educators Credit Union?
IECU is proud of the compliments we’ve received from our members:
- “I have been a member since 1984 and have only high regards for IECU. They have helped us on so many occasions.”
- I LOVE this Credit Union! I have been a member since my college days and continue to use this as my main bank even though I live three hours out of town now. I will continue to use IECU even after I move out of state.”
- “It’s been fun to be part of the IECU family and watch it grow. Always a joy to come in and visit the friendly staff.”
- “IECU has helped me bring down by debt by allowing me to take small loans to pay off as I can. I don’t make a lot of money, so IECU’s assistance has been critical in helping me pay off my college debt.”
- “I trust IECU! They are still small enough for that hometown feel. If there is something strange going on with my account, they are on it and quickly let me know. I enjoy that security!”
YOUR MONEY IS SAFE & SECURE
Illinois Educators Credit Union operates under a charter administered by the Illinois Department of Financial and Professional Regulation. 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 Illinois Department of Financial and Professional Regulation and the Credit Union’s Supervisory Committee.