Educators Credit Union (Wisconsin): Difference between revisions
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{{hatnote|Not to be confused with [[Educators Credit Union (Texas)]].}}
{{Infobox company
| logo = File:Educators-credit-union-logo.png
| type = [[Credit union]]
| foundation = March 16, 1937<br/>[[Racine, Wisconsin]]
| hq_location = [[1400 North Newman Road (Mount Pleasant, Wisconsin)|1400 North Newman Road]]<br/>[[Mount Pleasant, Wisconsin]]
| locations = 24 branches
| assets = $2.17 billion <small>(December 2019)</small>
}}
'''Educators Credit Union''' is a [[credit union]] based in southeastern Wisconsin, with 24 branches across seven counties.<ref>[https://www.ecu.com/branches-and-atms/ Educators Locations], Educators Credit Union, ecu.com.</ref> Founded in 1937 as the '''Racine Teachers Credit Union''', membership has expanded greatly over time to include all residents of eleven Wisconsin counties as of 2020.<ref>[https://www.ecu.com/member-perks/join-ecu/ Join Educators], Educators Credit Union, ecu.com.</ref> Educators has over 200,000 members, representing about 7% of the 2.85 million Wisconsin residents eligible to join.<ref name=NCUA/>
==History==
The Racine Teachers Credit Union was founded in 1937. On March 16,
The credit union began accepting [[University of Wisconsin-Racine]] employees as members in 1954. It reached 1,000 members in 1958.<ref name=75years/> By 1959, it had become the largest credit union in Racine, with assets of $475,435.<ref name=news-1959>[https://www.newspapers.com/clip/60836933/the-journal-times/ "Business News"], [[Racine Journal Times]], February 1, 1959, page 33.</ref> After operating for decades in the houses of its officers, the credit union established its first permanent office in 1961 at [[1603 Washington Avenue (Racine, Wisconsin)|1603 Washington Avenue]]. It moved again to the [[Washington Square (Racine, Wisconsin)|Washington Square]] complex at the start of 1970.<ref name=75years/>
By 1971, the credit union had assets of more than $5,000,000, and was serving employees of [[Dominican College (Racine, Wisconsin)|Dominican College]], [[Union Grove Joint School District #1]], and private and parochial schools in Racine.<ref>[https://www.newspapers.com/clip/60837947/the-journal-times/ "Who's Who in '72: Government, Finance and Industry"], [[Racine Journal Times]], March 5, 1972, page 4E.</ref> The credit union began expanding its services beyond Racine County school employees in 1972, with the opening of an office on the [[University of Wisconsin-Parkside]] campus in [[Kenosha County, Wisconsin|Kenosha County]].<ref name=groundbroken/> On August 24, 1973, another branch opened in [[Burlington, Wisconsin|Burlington]], serving public school employees in the city of Burlington and the neighboring towns of [[Rochester, Wisconsin|Rochester]] and [[Waterford, Wisconsin|Waterford]].<ref>[https://www.newspapers.com/clip/60837774/the-journal-times/ Advertisement], [[Racine Journal Times]], August 24, 1973, page 2A.</ref> Reflecting the fact that the organization's services were not limited to Racine teachers, its name was changed to Educators Credit Union in February 1974.<ref>[https://www.newspapers.com/clip/60835104/the-journal-times/ "For Racine Teachers: Credit Union's Name Changed"], [[Racine Journal Times]], February 19, 1974, page 7B.</ref>
In July 1974, ECU left its central location at Washington Square for a newly-built office at [[1400 North Newman Road (Mount Pleasant, Wisconsin)|1400 North Newman Road]].<ref name=groundbroken>[https://www.newspapers.com/clip/60837859/the-journal-times/ "Ground Broken for Credit Union"], [[Racine Journal Times]], December 2, 1973, page 11B.</ref><ref>Bauer, Paul. [https://www.newspapers.com/clip/60838110/the-journal-times/ "Behind schedule"], [[Racine Journal Times]], June 23, 1974, page 1C.</ref> Another branch opened at [[414 West Moreland Boulevard (Waukesha, Wisconsin)|414 West Moreland Boulevard]] in [[Waukesha, Wisconsin|Waukesha]] on August 5, 1974.<ref>[https://www.newspapers.com/clip/60960596/waukesha-daily-freeman/ "Credit Union For Educators To Open Office"], [[Waukesha Daily Freeman]], July 30, 1974, page 13.</ref><ref name=groundbroken/>
In 1976, ECU became the first credit union in Racine County to offer checking accounts.<ref>[https://www.newspapers.com/clip/60838281/the-journal-times/ "Local Credit Union will offer checking"], [[Racine Journal Times]], May 18, 1976, page 6C.</ref> It expanded into Milwaukee County in 1979 with the opening of a [[Wauwatosa, Wisconsin|Wauwatosa]] branch at [[11617 West Bluemound Road (Wauwatosa, Wisconsin)|11617 West Bluemound Road]].<ref name=75years/>
By 1990, Educators had grown to over 23,000 members, and had extended its services to employees of Milwaukee County schools, [[Gateway Technical College]], and Racine and Waukesha county governments. In March 1990, the credit union received regulatory approval to include employees of [[Kenosha Unified School District]].<ref>[https://www.newspapers.com/clip/60961010/the-journal-times/ "Business Today: Educators C.U. gets OK"], [[Racine Journal Times]], May 25, 1990, page 10A.</ref> The organization's seventh branch opened in the [[Park Place (Milwaukee, Wisconsin)|Park Place]] office complex in Milwaukee in 1992.<ref>[https://www.newspapers.com/clip/60961166/the-journal-times/ "Business Talk: Now there are seven"], [[Racine Journal Times]], February 10, 1992, page 5C.</ref>
Educators expanded its headquarters and flagship branch in Mount Pleasant in 1996, doubling the number of drive-through lanes and building a two-story addition to the office. At that time, the credit union had 43,000 members, and in 1996, it began admitting all government employees in five counties as members.<ref name=growth-1996/>
Educators acquired [[Parker Community Credit Union]] on January 8, 2018, expanding its services into [[Janesville, Wisconsin|Janesville]], [[Beloit, Wisconsin|Beloit]], and [[Rock County, Wisconsin|Rock]] and [[Green County, Wisconsin|Green]] counties.<ref>[https://www.ecu.com/wp-content/files/18_eAnnualReport.pdf 2018 Annual Report], Educators Credit Union.</ref><ref>[https://www.ecu.com/2018/01/09/parker-community-credit-union-merges-educators-credit-union/ "Parker Community Credit Union Merges with Educators Credit Union"], Educators Credit Union blog, ecu.com, January 9, 2018.</ref>
In September 2018, Educators opened a branch inside Racine's [[Washington Park High School|Park High School]] staffed by students. It was the fourth ECU branch located inside a school, with other locations at Racine's [[Jerome I. Case High School|Case High]], Kenosha's [[Mary D. Bradford High School|Bradford High]] and Milwaukee's [[Alexander Mitchell Integrated Arts School]].<ref>Casey, Evan. [https://journaltimes.com/news/local/educators-credit-union-opens-branch-inside-park-high-school/article_55c6cf24-37be-5724-bb23-72be6f49144a.html "Educators Credit Union opens branch inside Park High School"], [[Racine Journal Times]], September 25, 2018.</ref>
The credit union's newest branch opened in March 2020 at [[100 Chapman Farm Boulevard (Mukwonago, Wisconsin)|100 Chapman Farm Boulevard]] in [[Mukwonago, Wisconsin|Mukwonago]].<ref>[https://www.ecu.com/2020/03/05/check-out-our-newest-branch/ "Check Out Our Newest Branch!"], Educators Credit Union blog, ecu.com.</ref>
==Locations==
{| class="wikitable sortable"
! Name !! Address !! City !! Opened
|-
| Beloit Branch || {{FULLADDRESSTABLE|1154 Cranston Road|Beloit, Wisconsin}} ||
|-
| Burlington Branch || {{FULLADDRESSTABLE|448 Falcon Ridge|Burlington, Wisconsin}} ||
|-
| Elkhorn Branch || {{FULLADDRESSTABLE|611 East Geneva Street|Elkhorn, Wisconsin}} || 2004<ref name=75years/>
|-
| Glendale Branch || {{FULLADDRESSTABLE|7139 North Port Washington Road|Glendale, Wisconsin}} ||
|-
| Greenfield Branch || {{FULLADDRESSTABLE|4000 West Loomis Road|Greenfield, Wisconsin}} ||
|-
| Janesville Branch || {{FULLADDRESSTABLE|2652 North Lexington Drive|Janesville, Wisconsin}} ||
|-
| Kenosha Branch || {{FULLADDRESSTABLE|4215 Green Bay Road|Kenosha, Wisconsin}} || 2002<ref name=75years/>
|-
| Appleton Avenue Branch || {{FULLADDRESSTABLE|7025 West Appleton Avenue|Milwaukee, Wisconsin}} ||
|-
| W. Center Street Branch || {{FULLADDRESSTABLE|6131 West Center Street|Milwaukee, Wisconsin}} ||
|-
| Forest Home Branch || {{FULLADDRESSTABLE|3355 West Forest Home Avenue|Milwaukee, Wisconsin}} ||
|-
| Park Place Branch || {{FULLADDRESSTABLE|10811 West Park Place|Milwaukee, Wisconsin}} ||
|-
| Prospect Avenue Branch || {{FULLADDRESSTABLE|2243 North Prospect Avenue|Milwaukee, Wisconsin}} || 2009<ref name=75years/>
|-
| Newman Road Branch || {{FULLADDRESSTABLE|1400 North Newman Road|Mount Pleasant, Wisconsin}} ||
|-
| Mukwonago Branch || {{FULLADDRESSTABLE|100 Chapman Farm Boulevard|Mukwonago, Wisconsin}} || March 2020
|-
| New Berlin Branch || {{FULLADDRESSTABLE|15350 West Howard Avenue|New Berlin, Wisconsin}} || 2010<ref name=75years/>
|-
| Oak Creek Branch || {{FULLADDRESSTABLE|150 West Ryan Road|Oak Creek, Wisconsin}} ||
|-
| Pleasant Prairie Branch || {{FULLADDRESSTABLE|7431 91st Avenue|Pleasant Prairie, Wisconsin}} ||
|-
| Rapids Drive Branch || {{FULLADDRESSTABLE|3525 Rapids Drive|Racine, Wisconsin}} || 2002<ref name=75years/>
|-
| UW-Parkside Branch || [[University of Wisconsin-Parkside Student Center]] || [[Somers, Wisconsin]] ||
|-
| South Milwaukee Branch || {{FULLADDRESSTABLE|1201 Marquette Avenue|South Milwaukee, Wisconsin}} || 2012<ref name=75years/>
|-
| Sturtevant/Hwy 20 Branch || {{FULLADDRESSTABLE|1300 90th Street|Sturtevant, Wisconsin}} || 2005<ref name=75years/>
|-
| Waukesha Branch || {{FULLADDRESSTABLE|1600 Summit Avenue|Waukesha, Wisconsin}} ||
|-
| West Bend Branch || {{FULLADDRESSTABLE|960 West Paradise Drive|West Bend, Wisconsin}} ||
|}
==Financial information==
Note that, because Educators Credit Union is a non-profit member-owned organization, its total assets at any given time are equal to its liabilities and member equity.<ref name=75years/><ref name=news-1959/><ref name=NCUA>Educators Credit Union Call Reports, 1990-present, [https://mapping.ncua.gov/SingleResult.aspx?ID=66448&IsCorpCU=0 ncua.gov] and [https://archive.org/details/ecu-wi-annualreports archive.org].</ref><ref>[http://web.archive.org/web/20101222114246/https://www.ecu.com/assets/2010/6/14/annualreport_2009.pdf 2009 Annual Report], Educators Credit Union.</ref><ref>[http://web.archive.org/web/20130831113534/https://www.ecu.com/system/files/4110/original/AnnualReport.pdf?1366636341 2012 Annual Report], Educators Credit Union.</ref><ref>[https://www.flipsnack.com/MyECU/educators-credit-union-annual-report-fdkfommno.html 2015 Annual Report], Educators Credit Union.</ref>
{{Image frame|caption=Assets in millions of dollars, 1990-2019<ref name=NCUA/>|content={{Graph:Chart|width=500|height=200|yAxisMin=0|type=line|x='90,'91,'92,'93,'94,'95,'96,'97,'98,'99,'00,'01,'02,'03,'04,'05,'06,'07,'08,'09,'10,'11,'12,'13,'14,'15,'16,'17,'18,'19|y=86.053011,101.970365,134.119161,153.454362,176.418672,213.301213,237.764127,277.968146,330.339776,355.925011,398.513296,473.648870,569.397203,658.950467,698.353480,750.379223,803.284898,897.353529,1009.743714,1170.079495,1284.620908,1318.274794,1410.120898,1436.639856,1478.928304,1566.269014,1676.971962,1965.117670,1988.299375,2168.633186}}}}
{{Image frame|caption=Total membership, 1990-2019<ref name=NCUA/>|content={{Graph:Chart|width=500|height=200|yAxisMin=0|type=line|x='90,'91,'92,'93,'94,'95,'96,'97,'98,'99,'00,'01,'02,'03,'04,'05,'06,'07,'08,'09,'10,'11,'12,'13,'14,'15,'16,'17,'18,'19|y=23239,25591,29749,32803,34974,39979,42940,45623,49198,51510,54187,58811,67375,70688,75534,78570,82454,85970,91507,98585,100956,104909,114987,123164,128981,136804,146050,175289,183793,198691}}}}
{| class="wikitable"
! Date !! Assets !!
|-
| 1947 || $41,620 ||
|-
| 1959 || $475,435 ||
|-
| 2/15/1962 || $698,240 ||
|-
| 12/31/1967 || $2,646,000 ||
|-
| 12/31/1971 || $4,842,000 ||
|-
| 12/31/1990 || $86,053,011 || 23,239
|-
| 12/31/1991 || $101,970,365 || 25,591
|-
| 12/31/1992 || $134,119,161 || 29,749
|-
| 12/31/1993 || $153,454,362 || 32,803
|-
| 12/31/1994 || $176,418,672 || 34,974
|-
| 12/31/1995 || $213,301,213 || 39,979
|-
| 12/31/1996 || $237,764,127 || 42,940
|-
| 12/31/1997 || $277,968,146 || 45,623
|-
| 12/31/1998 || $330,339,776 || 49,198
|-
| 12/31/1999 || $355,925,011 || 51,510
|-
| 12/31/2000 || $398,513,296 || 54,187
|-
| 12/31/2001 || $473,648,870 || 58,811
|-
| 12/31/2002 || $569,397,203 || 67,375
|-
| 12/31/2003 || $658,950,467 || 70,688
|-
| 12/31/2004 || $698,353,480 || 75,534
|-
| 12/31/2005 || $750,379,223 || 78,570
|-
| 12/31/2006 || $803,284,898 || 82,454
|-
| 12/31/2007 || $897,353,529 || 85,970
|-
| 12/31/2008 || $1,009,743,714 || 91,507
|-
| 12/31/2009 || $1,170,079,495 || 98,585
|-
| 12/31/2010 || $1,284,620,908 || 100,956
|-
| 12/31/2011 || $1,318,274,794 ||
|-
| 12/31/2012 || $1,410,120,898 ||
|-
| 12/31/2013 || $1,436,639,856 ||
|-
| 12/31/2014 || $1,478,928,304 ||
|-
| 12/31/2015 || $1,566,269,014 ||
|-
| 12/31/2016 || $1,676,971,962 ||
|-
| 12/31/2017 || $1,965,117,670 ||
|-
| 12/31/2018 || $1,988,299,375 ||
|-
| 12/31/2019 || $2,168,633,186 ||
|}
| |||