IBM Southeast Employees' Federal Credit Union

Infobox Company
name = IBM Southeast Employees' Federal Credit Union
company_
type = Cooperative
foundation = IBM Boca Raton Employees' Federal Credit Union Boca Raton, Florida, (1969)
location = Boca Raton, Florida, U.S.

key_people =
industry = Banking/Financial Institution
products = Financial Services
assets = $700 million
revenue =
operating_income =
net_income =
num_employees =
homepage = [http://www.ibmsecu.org www.ibmsecu.org]

IBM Southeast Employees’ Federal Credit Union (also known as IBM Southeast EFCU) was formed in 1969 to serve the employees of IBM. IBM Southeast EFCU is a federally chartered Credit Union with more than $700 million in assets and almost 70,000 Members. IBM Southeast EFCU currently has 15 branches located throughout Florida, Georgia, and Alabama and approximately 235 employees. IBM Southeast EFCU’s headquarters are located in Boca Raton, Florida.See NCUA's "Credit Union Data Summary & Reports" http://webapps.ncua.gov/cgi-bin/cudataexpanded.exe?Charter=19659&CFServer=reports.ncua.gov (retrieved 8/12/2008)]

History

IBM Southeast EFCU was formed in 1969 by a group of IBM employees who each deposited 25 cents. On September 17, 1969, the Credit Union was chartered under the name IBM Boca Raton Employees' Federal Credit Union to serve IBM employees and retirees in South Florida. By year end, the Credit Union’s assets were $43,675.

On November 21, 1972, IBM Boca Raton EFCU expanded its field of membership throughout the state of Florida and the name was changed to IBM Florida EFCU. By the end of 1972, assets were approaching $2.5 million.

On October 31, 1977, IBM Florida EFCU expanded the field of membership again to include Alabama, Mississippi, and Puerto Rico, and became IBM Southeast Employees' Federal Credit Union. By year-end, assets had grown to almost $15 million.

Over the years, IBM Southeast EFCU has opened its Membership to include the state of Georgia and also employees of many other companies besides IBM.

Today IBM Southeast EFCU has more than $700 million in assets, 15 branches, 235 employees, and almost 70,000 Members across the country.

Products and Services

IBM Southeast EFCU, like all Credit Unions, is a not-for-profit financial institution that provides a full range of products and services to its Members, including: Checking Accounts, Savings Accounts, Money Market Accounts, Certificates, IRAs, Business Accounts, Health Savings Accounts, Vehicle Loans, First Mortgages, Credit Cards, Business Loans, Online Banking, Online Bill Paying, Mobile Banking, eStatements, Business Services, Insurance, Investment Services, and more.

As a not-for-profit organization, IBM Southeast EFCU's "profits" are returned to its Members in the form of lower fees, better loan rates, and higher dividends than those of other financial institutions. [See CUNA's "What is a Credit Union" http://www.creditunion.coop/what_is_a_cu.html (retrieved 8/15/2008)]

afety

IBM Southeast EFCU has recently received its 42nd consecutive 5-Star quarterly rating by BauerFinancial Inc., the nation’s leading independent Credit Union rating and research firm. The 5-star "Superior" rating is the highest rating by the company, meaning the Credit Union is safe and operating well above its regulatory capital requirements. By achieving this rating for 10 years or more, IBM Southeast EFCU has been named an "Exceptional Performance Credit Union". [ See BauerFinancial's "Credit Union Lookup Ratings" http://www.bauerfinancial.com/btc_ratings.asp?q=cu (retrieved 8/12/08)]

IBM Southeast EFCU is insured by the National Credit Union Administration (NCUA) [See NCUA's "Share Insurance" page http://www.ncua.gov/ShareInsurance/index.htm (retrieved 8/15/08)] and is an equal housing lender.

References

External links

* [http://www.ibmsecu.org Official IBM Southeast Employees' Federal Credit Union Web site]
* [http://www.ncua.gov/ National Credit Union Administration]
* [http://www.bauerfinancial.com/btc_ratings.asp BauerFinancial, Inc. official website]