IBM Southeast Employees' Federal Credit Union
Encyclopedia
IBM Southeast Employees’ Federal Credit Union (also known as IBM Southeast EFCU) was formed in 1969 to serve the employees of IBM
. IBM Southeast EFCU is a federally chartered credit union
with more than $800 million in assets and more than 85,000 Members. IBM Southeast EFCU has 20 branches located throughout Florida
, Georgia
, and Alabama
and approximately 275 employees. IBM Southeast EFCU’s headquarters are located in Boca Raton, Florida
.
On November 21, 1972, IBM Boca Raton EFCU expanded its field of membership throughout the state of Florida and the name was changed to IBM Florida EFCU. By the end of 1972, assets were approaching $2.5 million.
On October 31, 1977, IBM Florida EFCU expanded the field of membership again to include Alabama
, Mississippi
, and Puerto Rico
, and became IBM Southeast Employees' Federal Credit Union. By year-end, assets had grown to almost $15 million.
Over the years, IBM Southeast EFCU has opened its membership to include the state of Georgia
and also employees of many other companies besides IBM.
Today IBM Southeast EFCU has more than $800 million in assets, 20 branches, 275 employees, and more than 85,000 members across the country.
s, is a not-for-profit financial institution
that provides a full range of products and services to its members, including checking accounts, savings accounts, money market accounts, certificates, IRAs, business accounts, health savings account
s, vehicle loans, first mortgages, credit cards, business loans, online banking, online bill Paying, mobile banking, e-statements, business services, insurance, and investment services.
As a not-for-profit organization, IBM Southeast EFCU's "profits" are returned to its members in the form of lower fees, better loan rates, and higher dividends than those of other financial institutions.
(NCUA) and is an equal housing lender. Savings at IBM Southeast EFCU are insured to at least $250,000.
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
. IBM Southeast EFCU is a federally chartered credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
with more than $800 million in assets and more than 85,000 Members. IBM Southeast EFCU has 20 branches located throughout Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, and Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
and approximately 275 employees. IBM Southeast EFCU’s headquarters are located in Boca Raton, Florida
Boca Raton, Florida
Boca Raton is a city in Palm Beach County, Florida, USA, incorporated in May 1925. In the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address of Boca Raton, about...
.
History
IBM Southeast EFCU was formed in 1969 by a group of IBM employees who each deposited 25 cents. On September 17, 1969, the Credit Union was chartered under the name IBM Boca Raton Employees' Federal Credit Union to serve IBM employees and retirees in South Florida. By year end, the credit union’s assets were $43,675.On November 21, 1972, IBM Boca Raton EFCU expanded its field of membership throughout the state of Florida and the name was changed to IBM Florida EFCU. By the end of 1972, assets were approaching $2.5 million.
On October 31, 1977, IBM Florida EFCU expanded the field of membership again to include Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, Mississippi
Mississippi
Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
, and Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
, and became IBM Southeast Employees' Federal Credit Union. By year-end, assets had grown to almost $15 million.
Over the years, IBM Southeast EFCU has opened its membership to include the state of Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
and also employees of many other companies besides IBM.
Today IBM Southeast EFCU has more than $800 million in assets, 20 branches, 275 employees, and more than 85,000 members across the country.
Products and services
IBM Southeast EFCU, like all credit unionCredit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
s, is a not-for-profit financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
that provides a full range of products and services to its members, including checking accounts, savings accounts, money market accounts, certificates, IRAs, business accounts, health savings account
Health savings account
A health savings account is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan . The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account...
s, vehicle loans, first mortgages, credit cards, business loans, online banking, online bill Paying, mobile banking, e-statements, business services, insurance, and investment services.
As a not-for-profit organization, IBM Southeast EFCU's "profits" are returned to its members in the form of lower fees, better loan rates, and higher dividends than those of other financial institutions.
Safety
IBM Southeast EFCU is insured by the National Credit Union AdministrationNational Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) and is an equal housing lender. Savings at IBM Southeast EFCU are insured to at least $250,000.