history

CREDIT UNION HISTORY

The Tangipahoa Parish Teachers’ Credit Union was organized August 27, 1946. The Credit Union was established to provide financial services to employees of the Tangipahoa Parish School System, Southeastern Louisiana University and their family members. Its main goal was to promote thrift among its members and to provide a source of credit.

The Credit Union at its time of organization consisted of approximately 25 members and had assets in the amount of $256.50. Little did those first few members know how prominent their Credit Union would grow to be. With assets in excess of $24 million as of February 2001, the Credit Union has become a vital part of life to our 4,000 or so active members.

BENEFITS OF MEMBERSHIP

Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, nearly 80 million Americans trust that their credit union will provide the services to improve their financial well being. Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit unions strive to deliver the best possible service to their most important asset -- their members.

REGULATION & SUPERVISION

Tangi. Teachers' Credit Union was chartered under state law. State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund,NCUSIF, which covers all federal credit unions, and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.