In 1939, a group of employees at Los Angeles City School District, now known as Los Angeles Unified School District (LAUSD), decided to form a financial cooperative to assist those within its community. Their main objective, which remains true to the present day, is to provide its members with options geared to help them save and earn money. During this period, the country was recovering from what was known as the great depression. The trust that many had towards traditional banks and financial institutions was lost. By forming a financial cooperative with a common bond (trust) amongst each other ensured safety and soundness.
The group of classified employees collectively formed Los Angeles Classified School Employees Federal Credit Union, which is now known to our present name of Schools Federal Credit Union. Throughout the years, there have been many challenges in the economy. But despite the many challenges, the credit union continues to strive. Our commitment to providing discounted financial services to our members remains the same. Every action/decision is made for the benefit of our members, -not for profit.
Today, Schools Federal Credit Union now serves over 14,000 members with over $120 million dollars in assets. We continue to have an exclusive field of membership primarily serving the communities around LAUSD and Los Angeles Community College District (LACCD). The credit union is financially strong and well capitalized.
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Who We Serve
- Los Angeles Unified School District
- Los Angeles Community College District
- California State University Dominguez Hills
- Lynwood Unified School District
- Torrance Unified School District
- Compton Unified School District
- Westmark School
- KLCS, Channel 58
- American College of Medical Technology