Our story
The history of STCU
A bell, a shoebox, $4,000 in assets. It might not sound like much, but for Ernie McElvain, a Lewis & Clark High School English teacher, it was enough to launch Spokane Teachers Credit Union and a remarkable story of financial service.
"We opened for business in October of '34," remembered Ernie, "with a shoebox for cash deposits and a tiny cubby hole of a classroom at Lewis & Clark High School.
"Access to the credit union was difficult in those days, but we'd hang a bell outside the second story window with a rope attached and running down to the front door. When members wanted to transact business, they'd pull on the rope and let us know they were waiting."
From these humble beginnings, STCU has grown to more than 450 employees, serving 100,000 members at 15 branch locations. Although STCU has become the Inland Northwest's largest and most successful credit union, we've never forgotten that our most valuable assets are our members.
| STCU since 1934 | |
|---|---|
| 1934 | 120 members and $4,000 in assets. Services were limited to simple savings accounts and personal loans. |
| 1940 | 440 members and $52,000 in assets. Services were extended to include loan protection, life and term insurance, budgeting assistance, and income tax return preparation. |
| 1964 | 2,078 members and $1.5 million in assets. STCU moved to its current main office location (106 West Nora, Spokane) and expanded its field of membership to include employees at area colleges and high schools countywide. |
| 1974 | 5,018 members and $8.4 million in assets. Membership grew to include school employees of seven Eastern Washington counties and alumni of area colleges. |
| 1984 | 15,608 members and $55 million in assets. Remodeling at STCU's main office doubled the available space to serve members with more sophisticated savings, checking, and consumer loan programs. |
| 1990 | After 10 years at STCU, Steve Dahlstrom becomes president/CEO. He is the third president in our history, succeeding Clare Chapman and Ernie McElvain. |
| 2003 | Growing to $550 million in assets, Spokane Teachers is ranked as the fourth largest credit union in the state by Washington CEO magazine. |
| 2011 | Tom Johnson becomes president/CEO of STCU, which now has 100,000 members and over $1.5 billion in assets. Operating at 15 locations, STCU is a full-service financial institution, with investment accounts, business services, and an abundance of STCU member services to save you time and money. |
And what's happened to that rope with the bell attached? It's been traded in for conveniences that give members access to accounts and product information 24 hours a day, from anywhere in the world. Conveniences that Ernie McElvain couldn't have imagined in 1934.
Commitment to our members
Our vision, mission and core values say a lot about STCU. We're committed to building the best possible relationship with every member. Our vision: "To be the most loved and valued financial relationship on earth!"Our mission: "STCU is committed to maximizing the value of every financial relationship through cost-effective financial services consistent with cooperative principles, applicable legislation, and prudent management."
Our core values: A passion for...
- Integrity
- People
- Service
- Innovation
- Education
- Celebration
- 15 branch locations
- 100,000 members
- 450 employees
- $1.5 billion in assets
- Since 1934
- Voted best credit union in 2011 - Spokane CdA Living Magazine.
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Ranked No. 1 among peers - Raddon Financial Group.
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Voted best credit union, 2006-2011 - PNW Inlander.
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Accredited at all branch locations - Better Business Bureau.
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Business Excellence Award - Alfred Sloan Foundation.
 Equal Opportunity LenderWorried about foreclosure? Low-cost assistance may be available. |
© 1995-2012 Spokane Teachers Credit Union |
This credit union is federally insured by the National Credit Union Administration. Unlimited protection on non-interest checking. |