A Brief History ...
In 1931, during the depths of the Great Depression, Georgia B. Parsons, a Los Angeles teacher was asked by the Elementary Teachers’ Club to represent them at the annual winter convention of public school superintendents being held in Atlantic City, New Jersey. When Parsons went to local lenders and asked for money to purchase a wool suit for the trip, she was denied because the institution “didn’t favor teachers’ loans.”
“This latter remark, I am sure I misunderstood at the time, but it had its effect all the same,” noted Georgia Parsons. “The idea was born right then and there. Some day the teachers will have their own credit union.”
Ms. Parsons eventually got her wool suit and made the trip, but only after obtaining funds from a loan shark who charged an exorbitant interest rate. Two years later, on July 10, 1933, Georgia Parsons joined with 10 other teachers and administrators to charter the Los Angeles Teachers Credit Union.
The idea that teachers and other educators could pool their money for mutual benefit quickly took off. By the end of that first year, membership grew to 82, while deposits climbed to $800.
Since that time, California Credit Union has grown into one of the largest federally-insured credit unions in Southern California, with nearly $1.3 billion in assets and more than 70,000 members. Our 14 branch locations, call center, phone banking system and website provide a full range of services to members throughout Los Angeles County. Our success can be traced to a simple philosophy: unlike banks, whose profits benefit a few stockholders, the credit union returns earnings to members in the form of reduced loan rates, higher savings yields and reduced fees.
As a member-owned financial cooperative, California Credit Union deals only with stable and secure products and services. This philosophy has served us well for more than 75 years, and will continue to guide us for many more years to come. All funds deposited with California Credit Union are federally insured by the NCUA up to $250,000. We undergo regular financial reviews by an independent auditor. To see a copy of the most recent report, click here.
Today, we still hold dear our partnership with California educators. We are proud supporters of the Academic Decathlon and Teacher of the Year award. We are also proud sponsors of the annual LAUSD Superintendent's Meeting, as well as a host of conferences and initiatives that benefit schools.
Join us today and discover why thousands of educators have chosen us for their financial services.
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Mission Statement
California Credit Union is a financial cooperative serving the educational community, providing our members with outstanding services and sound financial resources.
Vision Statement
To become the premier credit union in Los Angeles by building strong lasting relationships with the educational community, and providing our members with outstanding services and sound financial resources.
