Educational Systems Federal Credit Union is the latest credit union to hit the $1 billion-asset mark.
The Greenbeld, Md.-based CU serves more than 87,000 members across seven school systems and three community colleges within several Maryland counties.
"We are proud to be among the largest credit unions in our region achieving $1 billion in assets," Educational Systems FCU President Chris Conway said in a statement. “We are grateful for the commitment of our volunteers and members from the education community who have helped our Credit Union grow and thrive since our founding in 1955."
Started by a small group of teachers, the credit union now has 12 branches and continues to grow as it aids school employees, parents and students. Members of Educational Systems receive access to education-related products and services, including loans and the CU’s skip-a-payment program, which is aimed at helping school employees who do not receive a paycheck during summer months.
In 2017, the credit union founded the Support Education Foundation, Inc., a 501c3 nonprofit that offers scholarships, professional development awards, and additional support geared towards those working in education as well as students.
"We are unique in that our mission is to grow by helping the members of the education community achieve their financial goals and dreams," said Alonia Sharps, chair of the credit union’s board.
Through the first quarter of 2018, Educational Systems FCU had a net income of nearly $374,000, and it earned more than $3.9 million in 2017. It currently has more than $592 million in loans and leases on the books, concentrated primarily in real estate and auto lending.
ESFCU is the latest credit union to hit a major asset milestone. Earlier this year, Michigan State University FCU marked $4 billion in assets.