The Teacher's Federal Credit Union came to life on April 8, 1937 in Room 122 of the Wichita Falls High School. Membership was open to the employees of the Wichita Falls Board of Education, with an original cost of $5.25. Five dollars went to the member's share account and twenty-five cents was to offset expenses of the Credit Union. Early in 1949, the Credit Union officially changed its name to Wichita Falls Teachers Federal Credit Union.
In 1972 the first permanent office away from the WFISD administration building opened on Jacksboro Highway, with office hours from 2-6, Monday through Friday, and 8 till noon on Saturday. In 1974 the total Credit Union assets exceeded $1,000,000. In 1975 the spouses of WFTFCU members became eligible for membership.
In 1979 WFTFCU brought another change of location from Jacksboro Highway to 2207 Brook. In 1979, WFTFCU opened the 3,000th member account, started offering certificates of deposits, and reached assets over $4,000,000. On October 1, 1980, the Wichita Valley Educators Credit Union of Iowa Park merged with WFTFCU, becoming the first expansion beyond the original field of membership.
In 1981 WFTFCU began building its first complete facility designed specifically for a financial institution. Land was purchases next to Barwise Junior High School, and architect Joe B. Roberts designed the 3,200 square foot building, which included a vault, loan offices, a drive through teller window, lobby tellers and a member service area. Construction was completed on November 14, 1982. This same year the Credit Union began offering Individual Retirement Accounts, and total assets grew to over $6,000,000. In 1983 we opened our field of membership to spouses and other family members, a move that would spur the growth of the WFTFCU.
Share Draft accounts were started in 1984, and membership requirements rose from $5.00 to $50.00 per account. The computer system was enhanced to provide on-line, real time posting of member accounts. To accompany these new events at the Credit Union, a new logo was introduced, showing the "WFTFCU" initials supported a bell tower of a school building. This demonstrated the primary purpose of WFTFCU, to support the financial needs of school district employees and their families. Although we have since added other SEGS, our logo remains the same, and is an effective communication of our Credit Union mission.
The Planning and Building Committees got serious in 2000, hiring an architectural firm for site building, planning, and property access negotiations with neighbouring business. August 2000 brought the long waited NCUA approval of our request for a waiver of the 5% limitation on investment in fixed assets. The architectural firm of Bundy, Young, Sims and Potter was hired to begin work drawing the new building. The plot of land for the new facility was named in honor of Lena Umbarger, the first Credit Union Manager. The year 2002 opened with excitement for the Grand Opening of the new branch facility on Barnett Road, scheduled for May 10, 2002. Not a mere store-front operation, this is a two story, 15,000 square foot building, with eight drive through lanes, in-wall exterior ATM, lobby kiosk, 180 safe deposit boxes, board room, and a large, member friendly lobby. Throughout all the expansion and added SEGS to our membership, WFTFCU is consistent with our Credit Union philosophy of "People Helping People".
"To Consistently Provide Quality Financial Services for Our Family of Credit Union Members While Maintaining a High Level of Personalized Services."
A credit union is a not-for-profit financial institution, designed to meet the needs of each member with top quality, low cost financial products and services. Credit union members make deposits, which are used to make loans to other members. The profit from these loans is invested back into the credit union, making it possible for members to enjoy lower loan rates, higher dividends paid and savings on additional financial services.
The difference between a credit union and a bank is credit unions are owned and operated by and for the members and a bank is owned by stockholders that are looking to make money.
Scholarship - Since 2005, the WFTFCU Board of Directors have awarded scholarships to area high school seniors. The scholarship program has grown in both number of scholarships given and the dollar amount awarded. The Board is now awarding scholarships, each worth $1,000, to 7 high school seniors! Students must be eligible to apply for a credit union membership and be a member in good standing.
Children's Miracle Network - WFTFCU is also involved with raising money for the local Children's Miracle Network Foundation. Every June four credit union employees attend a CMN telethon to raise money and also present a check to the foundation on behalf of WFTFCU. Money is raised by credit union members during our Christmas Skip-A-Payment promotion and by employees who pay $3.00 to wear jeans during the work week.
Susan G Komen Race for the Cure - WFTFCU sponsors employees to walk/run for the local Susan G. Komen Race for the Cure. 75% of the proceeds from this cause funds education, screening and treatment programs in the Wichita Falls area. The other 25% is used to support the Komen Foundation's National Grant Program for research dedicated to breast cancer.