We Are Schools Financial, a division of SchoolsFirst Federal Credit Union
Schools Financial is a nonprofit, Member-owned financial cooperative. Unlike a bank, we don’t work for profit. We work for our Members, and return earnings in the form of lower loan rates and low or no fees.
We exist to offer low-cost banking to school employees and their immediate family members throughout the state of California. Once you join Schools Financial, you’re a Member for life. You can change careers, retire, or move out of our service area, it doesn’t matter. As long as your Membership is active and in good standing, just maintain a $5 minimum balance in your Membership account, and we’ll be here to serve you.
Our History & Philosophy
Schools Financial, a division of SchoolsFirst Federal Credit Union, was chartered in 1933 by a group of seven teachers who pooled their funds for the purpose of creating a savings cooperative from which low-cost loans could be made to Members. Depositors, in return, would earn dividends from the income generated by the interest paid on the loans.
On January 1, 2020, Schools Financial merged with SchoolsFirst FCU, the largest Credit Union in the state and the fifth largest Credit Union in the nation.
Schools Financial continues to uphold the foundation and philosophy of the Credit Union Movement of "For Service, Not for Profit, Not for Charity" and "People Helping People."
Each individual who opens a savings account at the Credit Union becomes a Member-owner, with each Member owning one share of the Credit Union. Our Credit Union's policies are established by SchoolsFirst FCU's volunteer Board of Directors, in which Schools Financial has representation. Since the Credit Union has no stockholders or other investors, the Board of Directors can focus solely on serving the best interests of our Member-owners.
Our Board of Directors believes that Member interests can best be served by offering products and services that meet Member needs while providing an economic advantage when compared with other major financial institutions in our market.
Schools Financial, a Division of SchoolsFirst FCU, Diversity, Equity & Inclusion Promise
We are committed to fostering and preserving a culture that celebrates our differences in an environment that promotes belonging and well-being. We believe embracing our unique experiences, perspectives, characteristics, affiliations, intellect and capabilities makes us stronger, more innovative, and better able to serve every Member with care and empathy. We advocate for this belief by:
- Creating work environments that are welcoming and safe, where we treat each other with respect and courtesy, value each other's contributions and thrive on collaboration
- Cultivating a team that reflects the diversity of both our Membership and the communities we serve
- Providing our Members trusted financial guidance with respect and compassion, free from judgment
- Participating, as an organization, on a variety of committees, councils and boards that help us continually advance diversity, equity and inclusivity
We hold ourselves accountable to living by these principles each and every day.
SchoolsFirst Federal Credit Union Board of Directors
The credit union difference begins with our Board of Directors.
Our Credit Union is governed by a volunteer Board of Directors, elected by the Membership, that provides leadership and oversight. The Board of Directors is responsible for setting the strategic direction of the Credit Union, ensuring we stay in compliance with regulatory and financial requirements and are serving the best interests of each Member and the Membership as a whole.
To contact the Board of Directors, email email@example.com.
Schools Financial, a division of SchoolsFirst Federal Credit Union, connects with and supports schools, school employees and their families with a series of events and programs throughout the year, including:
Bite of Reality
This fun, hands-on program, offered throughout the year for high school students, teachers real-world money management skills as students navigate the complex task of balancing their needs and wants within a budget.
Teacher of the Month and Year Programs
We collaborate with ABC10 and Sacramento State University to sponsor two programs recognizing the outstanding work teachers do to prepare the next generation of leaders for success. Each month, we present $1,000 to the selected Teacher of the Month, and in June, we present $5,000 to the Teacher of the Year.
Tools for Schools
We know that teachers personally purchase supplies for their classrooms. Because we understand this critical need, each year we collect or purchase supplies and distribute them to schools with the greatest need.