History of TEFCU

1957  1973

On March 26, 1957, the Grayson County Teachers Federal Credit Union began with 10 charter members and $200. The credit union functioned out of one room of the Grayson County Courthouse. The original membership requirements were as follows:

  • Employees of the Grayson County School System who work in Grayson County 
  • Employees of the Texas Education Agency, Vocational Rehabilitation Division, who work in Sherman 
  • Un-remarried spouses of persons who died while a member of the credit union 
  • Employees of the credit union 
  • Persons retired from the above employment as pensioners and/or annuitants under private pension plans provided for the above employee groups; members of their immediate families and organizations of such persons. 


In 1969, a resolution was passed by the board of directors to allow a member to remain a member and retain all credit union privileges after termination from their job. The Department of Health Education and Welfare was added to the membership field.

In 1970, the credit union had 881 members and $514,369 on deposit, and was beginning to outgrow its one room office. A committee was established to find a suitable location for a building.

In 1973 with the current membership at roughly 1,000 and slightly over $1,000,000 in assets, a building was constructed at 506 W. Lamar, Sherman, Texas. The approximate cost was $38,000.

1974 – 1986

In 1975, we began offering bill consolidation loans, and in 1977, we began offering bank drafts.

In 1978, we started a momentous service: Master Charge credit cards, now known as MasterCard.

We added IRA accounts in 1982 and wire services in 1985.

In 1986, we began automated credit report retrieval and began offering home improvement loans, as well.

1987  1995 

During the summer of 1987, the credit union purchased an online system to handle membership records. The credit union was the only financial institution in the area with instant receipts for its members. 

In 1989, a Denison branch office was opened in the administration office of the Denison Independent School District. The membership had grown to 3,752 members and $15,580,000 in assets.

In September 1990, the board of directors changed its field of membership to include members' parents, grandparents and in-laws.

In 1994, a building was purchased in Denison for the expansion of the Denison branch office. It had previously been in a one-room office with no drive-thru window, and the office was getting busy enough to merit the purchase of a building.

In February 1995, Grayson County Teachers Federal Credit Union merged with Southeastern Teachers Credit Union in Durant, Oklahoma. Southeastern was a small credit union that was struggling financially and would have had to dissolve without the merger. With our institution no longer confined to one county, we changed our name to Texoma Educators Federal Credit Union.

The only services that had been offered by the old Southeastern Teachers credit union were shares and loans. Their new credit union offered everything a bank did, so we opened a branch office in Durant to accommodate these members.

In 1995, interest refund and dividend bonuses were returned to members in excess of $75,000.00.

1996 1999

In 1996, the credit union purchased its first ATM machine. It was installed in the student union building of Grayson County College.

Atoka County of Oklahoma was added to the credit union's field of membership after a long battle with an Oklahoma City credit union. Atoka County had been in the field of membership of the merger partner, but it had been unable to sufficiently serve them due to the distance. People in that area asked to become part of TEFCU.

In 1997, Automated Lending and Check Plus checking accounts were added to our services.

TEFCU assisted Oscar Mayer Credit Union with its plant closing and servicing of its members.

We completed an organization-wide computer conversion on June 1, 1998 to become Y2K compliant.

We reached $40 million in assets by June 1998.

President Clinton signed bill HR1151 which passed the Credit Union Membership Act.

2000 2005

In January 2000, TEFCU merged with the Austin College Federal Credit Union and opened a branch office on site in the Administration Building.

In February 2000, the Oklahoma branch moved into a new facility at 424 N. Washington, Durant. The facility includes safe deposit boxes and an on-site ATM.



We implemented internet access through EDS for members to navigate the TEFCU website and administer their own transactions.

We published our first newsletter, called Member's Link. It is published twice each year.

In May 2002, TEFCU began offering Visa check cards/debit cards to members.

In February 2003, we centralized our lending services to a new technology-based program called Loan Advantage.

In March 2003, we completed a merger with Pillsbury Federal Credit Union.

In July 2003, TEFCU expanded insurance coverage for members with multiple accounts. Members are now insured up to $100,000 for each account.

In September 2003, TEFCU finalized our routing number change.

In November 2003, we installed new roofs on all buildings.

In December 2003, TEFCU finalized our merger with Grayson Federal Credit Union.

In 2004, we added online bill payment services to the TEFCU Home Banking system.

In 2004, TEFCU held its first logo contest for members under age 21. The winning logo was used for an auto loan promotion.

In February 2004, we received our first online loan application!

In April 2004, TEFCU began internal employee workshops to ensure better service for members and a more knowledgeable staff. 

In October 2004, we completed construction of the Denison branch at 530 W. Woodard.

In 2005, we installed an ATM on the Austin College campus.

Also in 2005, TEFCU introduced 72-month auto loans.

In 2005, we also began offering money management seminars to members and the community.

2006 2010

In 2006, TEFCU introduced a new logo featuring a black star encircled by a green lower-case E.

In 2007, we added Gold Plus Checking, which allows members to have free checking accounts with direct deposit.

In 2007, we celebrated our 50th anniversary! The celebration included promotions, a feature article in Lands’ End Magazine, a new website and an anniversary party.

In 2008, the Denison City Employees Credit Union merged with TEFCU.

In 2010, National Credit Union share insurance increased to $250,000.

2011 2015

In 2011, we added e-statements.

In 2011, TEFCU introduced Student Union Accounts to offer free checking, investment options and starter credit cards for teens.

In 2011, TEFCU joined social media! Today, we are on Facebook, Twitter, LinkedIn and Instagram.

In 2014, the National Credit Union Administration approved a new community charter for TEFCU, which designated service for all who live, work, attend school or worship in Grayson, Bryan, Atoka or Marshall Counties.

2016  2022

In 2016, we added document scanning and web signatures, as well as electronic signature pads and the ability to sign loans by phone and online.

In 2017, we added self-service online forms to our website to make communication even easier. In addition, this website was updated and relaunched in 2018.

In 2020, all four ATMs were updated.

Also in 2020, we responded to the COVID pandemic by offering Skip A Pay and waiving certain fees. We also closed our lobbies to appointments only, while continuing to serve members via our drive-thru lanes.

We later reopened our lobbies with masks, hand sanitizer and plexiglass screens at each teller window.

In 2022, we discontinued the mask requirement as COVID cases plunged in the counties we serve.

 

TEFCU will continue our commitment into the future by offering best-of-breed services, while utilizing the latest technology and most importantly, maintaining the highest member satisfaction.

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