York Educational Federal Credit Union

 

 

Pictured from left to right:  Udelle Albright, Richard Kolody, James Smith, David Hoffman, Ray Schmidt, David Baker, Carol Pritchett, and Anne Meanor.

In 1968, a group of teachers in York Suburban School District, with the help of the Pennsylvania Credit Union League, laid plans to start a credit union.  On April 28, 1969, ten faculty and staff members each paid in one share ($5.00), and signed the charter establishing York Suburban Federal Credit Union.  These charter members were:  Robert M. Wetzel, Jean G. Gulden, Karen L. (Grantham) Miller, Toni E. (Horn) Arnold, Pamela A. Jackson, Betty A. Silverman,  James E. Smith,  Elwood G. Witmer,  Ronald H. Provard, and David M. Hoffman.

The first Treasurer/Manager was Philip E. Lehr, and the credit union was headquartered in his classroom at York Suburban High School.  Beginning with the new school year in September of 1969, many teachers joined the CU and began payroll deductions to build their savings.  The rate paid on shares was 3.5%.  Loans were limited to available funds, which often meant a wait of several weeks before they could be granted.  Loan amounts usually were $200.00 or less, and the rate was 1% per month, or 12% APR. 

In January of 1971, Phil Lehr turned over the job of Treasurer/Manager to David P. Baker, a new teacher at York Suburban High, and a graduate of Suburban as well.  Credit Union assets were $23,373.54, and there were 134 members. 

The credit union thrived and grew over the next few years, and with this growth, the necessity to add services.  In July of 1978, York Suburban FCU started offering Share Certificates - 2 year paying 6.75% and 4-year paying  7.50%.  In January of 1980, the CU began offering Travelers Checks to members free of charge.  Loan limits were increased to a maximum of $1,000 unsecured and $10,000 secured. 

By March of 1983, the credit union had reached assets of $1,000,000.  The Board of Directors was approached by the Board of York Teachers Credit Union, which served employees of York City Schools and York College of Pennsylvania.  Their manager was resigning and they wanted to add services for their members.  In June of 1983 the merger was approved, resulting in a credit union with over $2,000,000 in assets and 1222 members.  At the June Board Meeting the credit union name was officially changed to York Educational Federal Credit Union, to more accurately reflect the broader field of membership, while retaining our primary roots serving educators.  This merger also permitted the credit union to finally move into our own office. (Previously the two CU's were run from either the manager's home or a room in the school).  We leased for 6 months, then purchased a building at 1203 South Queen Street in York.  The CU hired Dave Baker and Beverly Rittenhouse as full-time staff, and Linda Baker part-time.

In June of 1984, YEFCU introduce "Share Draft" accounts.  This was the credit union version of a checking account, and its popularity contributed to steady CU growth.  It gave members an alternative to bank checking, and the convenience of easy access to their money.  Many members increased their payroll deductions, and even started direct deposit of net pay into their checking. 

Also in June of 1984, in conjunction with NCUA guidelines allowing credit unions to add Select Employer Groups (SEG's) to their field of membership, YEFCU added employees of York Calculator Co. and Custom-Bilt Machinery, Inc.  In April of 1985, we merged another credit union into YEFCU - Thonet FCU, which served employees of Thonet Industries and York Machinery & Supply (now IDG).  In December of 1985 employees of Harry Ness & Sons were added, and in November of 1986 Red Lion School Employees CU was merged.  In June of 1993, Maple Press FCU merged and in January of 1995, Dover School Employees FCU was merged into YEFCU.

Over the years, our CU family has grown to include employees of 38 different businesses and school districts, and members of other associations and groups.  Recent additions include members of three local church congregations, and students of York Suburban School District.

In an effort to meet our credit union's mission - providing financial services, education and information which create long term investment value and improve the quality of life for each member - York Educational FCU has added a long list of financial services.  Here are just a few of the most significant.

YEFCU has reached a membership of over 3900 persons, expanded our field of membership to over 10,000 persons, and reached $20 million in assets by the end of the first quarter 2004.  We proudly offer members a wide range of financial services, including traditional savings and loan plans, as well as technologically advanced services including website, home banking, ATM's, and 24 hour phone access.