Educators Credit Union: A Wisconsin History of Service and Growth

Educators Credit Union (ECU) has a rich history rooted in serving its members and the community. From its humble beginnings as a small credit union for teachers to its current status as a major financial institution in southeastern Wisconsin and beyond, ECU's story is one of dedication, innovation, and commitment to its core values.

The Founding and Early Years

In 1937, a group of teachers in Racine, Wisconsin, recognized the need for a financial institution that would offer fair and reasonable interest rates to borrowers and savers. Thus, the Racine Teachers Credit Union was born. This marked the beginning of Educators Credit Union, a not-for-profit, member-owned financial cooperative, where each member has an equal stake. The joining fee to become a member was $5, and it still remains $5 to this day. This $5 serves as the ticket to becoming a member-owner of Educators Credit Union. The first "branch" was Erwin Wall's home kitchen table where transactions and services were completed.

Expansion and Evolution

Over the decades, Educators Credit Union grew steadily, expanding its services and its reach. Originally serving only teachers in Racine, the credit union eventually broadened its membership to include government workers and healthcare professionals. Today, membership is open to anyone who lives or works in 11 counties in southeastern Wisconsin and four counties in Illinois. This expansion enabled the CU to grow to over 220,000 members serviced by 24 offices (all in Wisconsin).

Core Values and The Mark of Excellence

Since its inception, Educators Credit Union has been guided by a clear mission: to passionately help people by educating, advising, and earning loyalty. This mission is reflected in the credit union's core values: honesty, integrity, fairness, respect, and excellence. These values are visually represented by the Mark of Excellence, a distinctive flower-shaped logo where each petal symbolizes one of the core values.

Commitment to Members and Community

Educators Credit Union is deeply committed to investing in future leaders. One way they live out this commitment is through their award-winning program, Reality Check Day. During this real-world immersive experience, students are first given the option of selecting their occupation, while other areas of their life are randomly assigned such as their credit score, marital status, and if they need to pay child support. Then, they use their income to pay bills, purchase food, buy a house and car, pay off credit card debt and budget for retirement.

Educators Credit Union is truly a family. They take pride in building relationships with their members, and they couldn’t be more honored to help them buy their first home or car, finance the cost of college, open their small business, plan for retirement and so much more.

As a member-owned cooperative, Educators Credit Union prioritizes the needs of its members. Decisions are made with the members in mind, and the credit union strives to provide sincere, personal service in every interaction, whether it's on the phone, over the computer, or in person. Member deposits are insured up to $250,000 by the National Credit Union Administration (NCUA).

Beyond financial services, Educators Credit Union is an active participant in the local community. The credit union supports numerous fundraising and volunteering initiatives and gives back 12% of its income to charitable and civic groups every year. ECU also participates in various community activities, such as holding annual shred days, partnering with Milwaukee Public Schools on an annual back-to-school backpack drive and sponsoring local semi-pro sports teams. "We like to be there for the community because the community has been there for us," says CEO Linda Hoover.

Leadership and Innovation

Educators Credit Union has benefited from strong and empathetic leadership throughout its history. Linda Hoover, the current CEO, exemplifies this leadership style. Hoover's first experience with Educators came not as a teller but as the child of an educator. “My dad was a high school history teacher and a member of the credit union, so my parents opened up a bank account for me when I was just three years old,” Hoover says. “I’m one of the few four-digit account numbers still at the credit union."

Hoover emphasizes a hands-on approach, allowing her to identify efficiencies and improve processes throughout the organization. She also encourages staff education and development, implementing programs like the leadership education program, a nine-month curriculum covering various business and leadership topics.

Read also: Innovative Financial Services

Under Hoover's leadership, Educators Credit Union has embraced innovation to better serve its members. One major enhancement was the implementation of a video banking platform called Educators Connect Cam, allowing members to access services online or through a mobile app.

Adapting to Challenges: The COVID-19 Pandemic

The COVID-19 pandemic presented unprecedented challenges for financial institutions, but Educators Credit Union rose to the occasion. Hoover notes, "I think my team and I did an excellent job of thriving through COVID. We were able to have some of our best financial years during COVID. We had real teamwork, and we’re very proud of the fact that no one was laid off. We continued to give our members the best possible service."

Hoover even stepped in to help with frontline tasks, such as tellering and answering phones, demonstrating her commitment to supporting staff and serving members during a difficult time.

Financial Education Initiatives

With a name like Educators Credit Union, it is no surprise that the institution has made financial education a priority. “We’re dedicated to financial literacy and giving back to our communities,” Hoover says. The CU focuses much of its financial education around area schools. “We have high school branches that teach students about financial literacy,” Hoover says. “We sponsor Reality Check Days to help students understand how to manage their finances when they get out into the real world. A new initiative that is in the works is a youth apprenticeship program, which will give young people an additional opportunity to build their financial literacy.

Member Loyalty and Satisfaction

Educators Credit Union places a high priority on member loyalty and satisfaction. The credit union closely monitors Net Promoter Scores and actively seeks feedback from members and front-line staff to understand their needs and preferences. Educators also has a program called Member Loyalty that has helped strengthen bonds with members. “Last year, we paid out about $5 million,” Hoover reports.

Read also: Cultivating Meaningful Learning

Merger with Empower Credit Union

In a significant development, Educators Credit Union merged with Empower Credit Union as of January 1, 2025. This merger brought two new branches and all the Empower staff into the Educators Credit Union family. Empower members can continue to see the same faces and experience the same service. Additionally, they can explore the 23 new locations they now have access to. Plus, Educators members have two new conveniently located branches in the Milwaukee area.

Recognition and Awards

Educators Credit Union's commitment to excellence has been recognized through various awards and accolades. The Wisconsin Credit Union Foundation's Legends of The Movement recognizes trailblazers, visionaries, and dedicated individuals who have made extraordinary and lasting contributions to The Credit Union Movement in Wisconsin and beyond.

Services and Technology

Educators Credit Union offers a wide range of financial services, including:

Checking and Savings Accounts: Including Prime Share Savings accounts.
Loans: For various purposes, such as home buying, car financing, and education.
Credit Cards: With options for different needs and preferences.
Online and Mobile Banking: Providing convenient access to accounts and services.
Credit Report Widget: Powered by SavvyMoney®, this tool allows members to monitor their credit in Online and Mobile Banking.
FlashCash: A service that allows members to deposit checks from their mobile device.
Zelle®: A digital payment service for sending and receiving money.
eStatements: Electronic statements for convenient and secure access to account information.

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