In 2021, Americans faced a host of obstacles, including the pandemic, social unrest and an uncertain economy. Yet as a Credit Union family, we were there for one another. Your loyalty helped us remain financially strong. Thanks to you, we are able to provide competitive products, trusted advice and the World-Class Personal Service you expect and deserve.
Our unwavering commitment to serve Members through both the best and toughest of times is captured in our mission and values, and is demonstrated by the way our teammembers serve with their hearts and minds each day.
We always listen to your feedback and provide solutions to make managing your money simple and convenient. In 2021, we accommodated your payment needs by increasing the daily debit and ATM card withdrawal limits. We also made it possible to make loan and credit card payments from external accounts. We enhanced our Member Contact Center experience by providing you with new self-service and authentication options. Additionally, we opened three new branches in two counties.
Our Credit Union continues to thrive, reaching nearly $27 billion in assets with a healthy capital ratio of 9.61%. This means we have the reserves to serve your financial needs today and in the future.
As a Member-owned, not-for-profit financial cooperative, we use our profits to provide lower rates on loans and higher rates on savings products. This past year, SchoolsFirst FCU provided more than an estimated $280 million in direct financial benefits to Members, resulting in a savings of $502 for each Member household and $2,277 for Member households actively using more products and services.1, 2, 3
This past year, we grew to serve more than 1.2 million Members, welcoming nearly 89,000 new Members.
SchoolsFirst FCU supports the educational community and Members like you while uplifting the communities we serve. In 2021, our Members and team volunteered their time and donated resources to support educational and credit union movement charities. Collectively, we donated more than $2.6 million to schools, colleges, Children’s Miracle Network Hospitals and CUAid, as well as $103,322 in grants to teachers for classroom assistance and projects, and more than $294,000 in scholarships for aspiring students.
We are committed to building a financial cooperative where all Members feel included and supported. In concert with the larger credit union community, we will continue to support research, development and educational opportunities focused on diversity, equity and inclusion. And we’ll continue to have ongoing conversations about how we can improve. These efforts allow us to become stronger and more innovative, to serve you with the care and empathy you deserve.
Your Membership continues to strengthen our Credit Union. We are committed to delivering World-Class Personal Service and expert trusted advice to help you and your family work toward lasting financial well-being. Thank you for letting us serve you and your loved ones. Our dedicated teammembers work every day to earn your trust, because serving Members is our purpose, our passion and our privilege.
Together, we will continue on the path of strength, building a brighter future for all our Members and the communities we serve.
Helping our Members on the path to financial security and well-being is at the heart of what we do.
Afif A., a Member since 2017, values being financially responsible and planning for his future. When he began working at a school district, he was eager to join SchoolsFirst FCU. After establishing his Membership, he visited a branch to transfer his retirement account.
“I have peace of mind knowing that I receive quality advice whenever I speak to a SchoolsFirst FCU teammember. They really look out for me and help me remain financially secure, especially as I think about my future and caring for my younger brother.”
1. 2021 Credit Union National Association (CUNA) Membership Benefits Report for SchoolsFirst FCU. Source: Datatrac, NCUA and CUNA. 2. Estimates based on an average of 2.1 credit union Members per household. 3. A “Member household that participated in more products and services” is assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed-rate mortgage (a 30-year fixed-rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest-bearing checking account, $10,000 in a one-year certificate account and $2,500 in a money market account.