SPOKANE, Wash. — STCU closed out the year with the news that it hit the $2 billion-asset mark in November.
"We've grown because of our members and their love for STCU," President and CEO Tom Johnson said in a statement. "We've reached this height by standing on the shoulders of hundreds of employees and more than 100 board and supervisory committee members who have served STCU since 1934 — all of whom have kept the heart of the members at the forefront of every decision."
Though it is known today as STCU, the credit union began life as Spokane Teachers Credit Union.
The CU earned a net income of $15.6 million during the first three quarters of 2014, following earnings of just over $17.8 million in net income last year. This year it was also named "Best Credit Union" in surveys by local newspapers and increased its mobile banking efforts, including working to be one of the first CUs to offer Apple Pay.
That's a long way from the CU's modest beginnings, when it held members' cash deposits in a shoebox and wrapped up its inaugural year with just over $4,000 in assets. Johnson quipped that if longtime STCU president Ernie McElvain was around today, "he'd probably say that we're going to need a bigger shoebox!"
The original version of this story included inaccurate Call Report data. The story has been corrected to include STCU's correct earnings.
