Gulf Coast Educators FCU History & Mission Statement

Credit Union History

Your credit union’s story began on February 25, 1948 when Federal Charter #5648 was granted to the first 11 members of Pasadena School FCU. The following month, on March 11, the first five Board Members, John Peachey, Ernesteen Milstead, Carroll Teague, Mrs. Haydon Sypert and Marjorie Reeder, conducted the credit union’s first Board Meeting. The Directors set the hours as 12:00 pm to 5:00 pm on the 2nd and 3rd working days following paydays to accept deposits and book loans.

In October 1950, the credit union began adding other school districts to its field of membership by including Deer Park ISD and Clear Creek ISD. The early 1950’s saw the addition of La Marque ISD, Dickinson ISD and La Porte ISD. This expansion helped the credit union grow to $326,591 in assets by December 31, 1952. In January 1953 the credit union hired its first full time manager which helped the credit union almost reach the $1 million asset mark by the end of the decade.

The credit union reached the $1 million asset mark early in 1960. During the 1960’s, the credit union would double its asset size, finishing 1969 with $2,496,070 in assets.

The 1970’s saw the credit union more than triple its assets to over $10 million. In July of 1979, the credit union hired Dan L. Cervenka as Manager. Later that year, the credit union began offering Certificates of Deposits and would finish the year with over $12 million in assets.

The 80’s brought sweeping changes and explosive growth to the credit union. One of the biggest changes was the name. In February of 1980, your credit union’s changed to Gulf Coast Educators Federal Credit Union, which more accurately described the credit union’s membership. In 1982, the credit union added checking accounts, IRA’s, MasterCards, ATMs, and Direct Deposit to the list of services it provided members. This along with the League City office opening in 1983 fueled the credit union’s explosive growth. By the end of 1985, credit union assets grew to over $44 million. In May 1986, the Pasadena office relocated to its present location which allowed for Drive-In lanes, safe deposit boxes, and an on-premise ATM. The credit union ended the 80’s with over $64 million in assets and 18,000 members.

The 90’s represents the credit union’s fastest and probably most intriguing growth period. In 1990, the credit union added Santa Fe ISD and Pearland ISD and built the current League City office with Drive-In lanes, safe deposit boxes, and an on-premise ATM. During the 90’s, the credit union added some private schools, Texas Chiropractic College, and the San Jacinto College District. In January 1995, the 10 lane Drive-In was opened at the Pasadena Office. By the end of 1996, the credit union had grown to over $109 million in assets and over 30,000 members.

The credit union entered the year 2000 with over 28,000 members and $135 million in assets. The credit union continues to be a leader in its field and is highly rated by NCUA. With the continued guidance of the Board of Directors and the proven leadership of the Management team, your credit union will continue to offer innovative products and exceptional service to the membership.

The credit union reached the $150 million asset mark in 2001 and finished the year with over $169 million in assets. We continue to grow and are looking forward to serving our members with innovative products and exceptional service.

Despite tough economic conditions in 2002, the credit union did finish the year having grown to over $189 million in assets. The coming year promises to be an exciting one with many new e-services coming to the credit union.

The credit union saw strong asset growth through deposits in 2003. The credit union would pass the $200 million mark and end the year at $209 million. We remain to this day a credit union dedicated to serving area educators and their families and are one of the few area credit unions not to adopt a community charter.

In February 2005, the credit union announced Linda Lukaszewski as new CEO after Dan Cervenka retired. The credit union continues to be very strong financially and continues to offer members convenient and competitive services. In the third quarter of 2006, the credit union opened a Pearland office. In conjunction with the credit union's third location, the credit union was approved for a TIP (Trade, Industry & Profession) Charter. This allows the credit union to serve all educators within Harris, Galveston and Brazoria counties. It was important to the Board of Directors that the credit union remain the Teachers' credit union while maintaining our ability to compete in today's competitive market.

Mission Statement

To improve the quality of services we provide our membership while maintaining a secure financial position. We will continue to strengthen our financial soundness and at the same time strive to retain the credit union philosophy of Members First.

The Credit Union is guided by the members who elect a Board of Directors at the annual membership meeting. The Directors select from among themselves a Chairman, Vice Chairman, Secretary and Treasurer of the Board. The Board sets the policies and directs the affairs of the Credit Union. They must hold a meeting each month. They appoint an outside CPA firm to conduct an internal audit on an annual basis. The National Credit Union Administration, an agency of the federal government, also examines the Credit Union on an annual basis to insure that the Credit Union is operating in a financially prudent manner.