Credit Union History

It all Began with a Group of Teachers

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 introduced “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.

  • Established the “Stork Club” which allows parents or grandparents to open a CU account for a “new arrival” with no membership fee, and a “gift” of $5 deposited to the new account by the credit union;
  • Began special lower loan rates for members financing 85% or less on vehicle loans;
  • began offering 100% financing for vehicle loans
  • offered unsecured loans for up to 25% of member’s gross annual income
  • began offering Home Equity Line-of-Credit Loans
  • began VISA credit card program
  • began VISA check (debit) card program
  • introduced TellerLine – toll free phone access to your account information
  • offered first mortgages for purchase or refinance through CUNA Mutual Mortgage Corporation

A Brief Timeline

  • 2000 – moved to our new office at 1601 South Queen Street
  • 2000 – installed ATM’s in 3 locations, and joined the CU$ network of ATM’s statewide that are surcharge free for members;
  • 2002 – began offering financial counseling
  • 2002 – began offering Western Union QuickCash service;
  • 2003 – began providing educational opportunities for students; classes visit office for brief tour and to learn what CU employees do; high school students visit office for “Job Shadowing Day”
  • 2003 – introduced our website:
  • 2004 – introduced CU@Home, our home banking product
  • 2007 – Introduced VISA TravelMoneyCard and VISA Gift Cards
  • 2008 – Merged with YAC Federal Credit Union and participated in the Enterprise Car Sale events at YorkExpo Center
  • 2009 – Opened our first branch at 2550 Kingston Road, Suite 215 in East York on October 26th and began offering e-statments via HomeBanking
  • 2010 – started “Shred-It Day”, began offering electronic Bill Payer, moved the first mortgage program to First Heritage Financial, added the CU Student Choice Program, and opened the Red Lion Area Schools Student Branch on December 21st
  • 2011 – held a ribbon cutting ceremony at the Red Lion Area Schools Student Branch on May 6th, and hired two student interns from Red Lion
  • 2012 – President/CEO Dave Baker retired on June 1st, the Board of Directors began looking for his replacement, a scholarship was established in Dave Baker’s name, Vice President Nicholas Spangler was selected as the President/CEO on June 1st, YEFCU supported Red Lion High School’s “Mini-Thon”, Dave Baker was awarded the William W. Pratt Professional of the Year Award by the Pennsylvania Credit Union Association, and the CU continued to add new Select Employer Groups to the membership field
  • 2013 – the first two Dave Baker York Educational Federal Credit Union Scholarships were awarded and a former student intern assisted in the creation of a Facebook page for the Credit Union
  • 2014 – YEFCU Began sending E-mail blasts to members providing promotional information, rate changes, holiday closings, and newsworthy items to members, Provided a first-time homebuyers program in May, presented by First Heritage Financial, our mortgage provider, a Credit Union Student Choice college loan program seminar was held for graduating high school students and their parents, This year’s two Dave Baker York Educational Federal Credit Union Scholarship were awarded to Taylor Akins, a Central York HS graduate, and Thurman Fogleman from William Penn HS, and Joined Liberty Mutual Insurance in providing a Shredding Event and Identity Protection Seminars
  • 2015 -Created “Duel Concurrent Enrollment Loans” for York Suburban High School seniors to earn college credits when they enroll in courses at Penn State York, York College, or HACC, YEFCU President Spangler presented a 60 second spot on WHTM – Channel 27 titled The Credit Union Difference to help tell the credit union story in our area, created a “Credit Builder Loan” to help establish credit for a young individual (the loan maximum is $1,000 at 5% APR for a maximum of 18 months), Recipients of the Dave Baker York Educational Federal Credit Union Scholarships were Camille Hoover of West York and Gabriel Tyson of York Suburban HS,
    added students attending William Penn Senior High School in the York City School District to membership field, foreign currency is now available to members traveling overseas. Members can order currency on line or at our office by 2:00pm and pick it up at our office next day. There is a fee of $12 for shipping, with no additional fee or commission, and Sherpa Identity Protection program adopted to offer members a low cost way to protect their identity and secure their credit and debit cards.
  • 2016 -Cathy S. Henry was hired as the fourth President/CEO of York Educational Federal Credit Union, Board Chairman Kreiger attended the York College Career Expo & Internship Fair and had positive interest from 23 students and recent graduates; interviews were scheduled with the Personnel Committee, and five interviewees were selected to serve internships at the credit union between summer 2016 and summer 2017, the Credit Union’s ATM at main office was upgraded to current guidelines, including accepting the more secure EMV chip technology cards, Member Loyalty Reduction in Interest Rate loan program initiated which will provide members with loan rate reductions for new loans based on the years that the member has been a member, Recipients of the 4th Annual Dave Bake York Educational Federal Credit Union Scholarships were Madison Miller of West York High School and Gabriel Fryar of York Suburban High School, and the Credit Union opened Student Credit Union Branch at William Penn Senior High School in the York City School District.

Community Involvement

Over the years, YEFCU has supported many community projects and provided opportunities for members to do the same. Some of these projects and fundraisers include

  • Childrens’ Miracle Network
  • Toys for Tots Annual Campaign by the U.S. Marines
  • Volunteer Income Tax Assistance Program
  • School Supplies for Ghana
  • York County Food Bank
  • Habitat for Humanity
  • Cell Phones for Soldiers


YEFCU has reached a membership of nearly 3,600 persons, expanded our field of membership to over 22,800 persons, and had $34.2 million in assets by the end of second quarter 2016. 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, ATMs, electronic bill payer, and mobile banking.