SACU HISTORY
On March 7, 1935, 12 federal government workers pooled their money to form one of the first credit unions in San Antonio. With assets of $60, the National Federation of Federal Employees Local #28 Credit Union was organized. H.A. Bardwell, President of Local #28 became the first appointed President of the Board of Directors. Once operations began in March, Dick Henry became the first elected person to the position of President of the Board of Directors.
In its first year of operation, 37 loans were made by the credit union, totaling $1,408.15. After expenses that year, the credit union was left with a $42.84 profit.
The first office of the credit union was located in Room 809 of the Milam Building in downtown San Antonio. The office was open for business on the second and fourth Wednesdays of each month from 4:30 p.m. to 7:00 p.m. Loans were limited to $50, and a borrower was required to have a co-signer to secure the maximum amount.
By the time the first annual meeting was held in 1936, membership had grown to 98, including Hortense Seeds, the first woman to join the credit union. In 1943, Mrs. Seeds would also become the first female to serve on the Board of Directors.
When World War II began in December 1941, the impact was felt immediately on credit union operations. Because of the war, many credit unions were unable to pay their depositors a dividend. Local #28 was the exception, paying members a 3% annual dividend throughout the war years.
In 1942, the credit union changed its name to Federal Employees Credit Union of San Antonio. The field of membership was expanded in 1945 to include other federal workers in San Antonio who were not members of Local #28. As membership expanded, the credit union once again was renamed to reflect the change. Government Employees Credit Union was adopted as the official name on February 7, 1949.
By 1952, membership had grown to more than 1,000 members, and Robert Trevathan was hired as the credit union's first manager. Helen Franck was hired as manager in 1955, succeeding Trevathan. By the end of 1959, GECU had reached the milestone of $1 million in assets. The credit union now had a firm foothold as a financial leader in the community.
During the 1950s, GECU had worked to expand its field of membership to include members of the military. On February 15, 1960, all of the hard work paid off, as the request was granted. A new era of rapid growth and expansion would present exciting challenges for the credit union.
Branches were soon opened at Fort Sam Houston and Kelly Air Force Base to handle the rapid expansion into the military. By 1962, membership had increased to 4,500.
In 1963, GECU hired the first Executive Manager, Jim R. Williams, who would spend most of the next 16 years providing leadership at the credit union. This year also saw GECU move into its first owned building at 400 Brooklyn Avenue.
The installation of the credit union's first computer, replacing a hard copy posting machine, was another important milestone of 1963.
Growth during the 1960s continued at a rapid pace. GECU built a new Main Office at 406 W. Durango in 1965. In 1969, credit union lending powers were broadened, leading to the expansion of the GECU lending department. By the end of the 1960s, GECU had become the 12th largest financial institution in the city with assets of $24 million.
The beginning of the 1970s brought another expansion in the field of membership, this time to include all retired civil service and military personnel living in San Antonio.
In 1972, a fourth GECU branch was opened at the Bexar County Hospital. This branch would provide service to the expanded membership that now included employees of the Bexar County Hospital District. By May, GECU had become the largest credit union in Texas, with assets exceeding $50 million. It took only two years before GECU would pass the $100 million milestone.
The credit union celebrated its 40th birthday in 1975 by introducing draft accounts, direct deposit, and by being the first credit union in San Antonio to install an Automated Teller Machine (ATM). The 1970s was a decade of phenomenal growth for the credit union. Assets grew from $30 million to more than $250 million, while membership increased from less than 30,000 to more than 100,000. With all of the growth and innovations in products and services, GECU became the financial leader in San Antonio by the end of the decade.
In the early 1980s, GECU continued the path of expansion established during the 1970s. New facilities were opened around the city. Branches opened (or upgraded) included Windsor, UTSA, Northwest, Southside, Fort Sam Houston, Las Palmas, Pecan Valley, Ingram, Leon Valley, North Central, Valencia, and Marbach.
As ATMs became more popular with members, GECU began expanding its network of Whizard Money Machines. Other products and services were expanded as well. GECU began offering members Individual Retirement Accounts, All Savers Certificates, Wire Transfers, and a 55 Gold Club for seniors.
Expansion ceased in the mid-1980s, and financial institutions across the state were closing their doors due to a poor economic climate created by a depression in the oil business, a collapse in real estate values, and a statewide recession. While many financial institutions failed during this time, GECU was not only able to keeps its doors open, but continued to offer quality products and service to its members.
The late 1980s marked a new era for the credit union. In 1987, GECU officially changed its name to San Antonio Credit Union (SACU), to reflect the credit union's diverse member base. SACU became federally chartered in 1989, and, subsequently, the name was altered to reflect this change.
The new decade brought hopes of a prosperous future for the credit union. The battle cry of "Returning to Our Roots," gave the board of directors, management, and staff of SACU the direction it needed in 1990. SACU began to refocus its energies to strengthening the credit union's foundation - member relationships.
The simple philosophy of “People Helping People,” and the dedication of SACU employees to provide "Positively Outrageous" customer service to its members, has helped SACU to once again become a financial leader in the community. With the credit union's focus firmly planted in service to its members, SACU is working toward the future by meeting the challenges presented with technological advancements in the financial services industry. And, SACU will continue to lead the way - well into the next century.
