BOISE, Idaho – TruGrocer FCU, formerly known as Alberstons Employees FCU, was granted a TIP charter to serve all of the nation’s supermarket employees, NCUA said Friday.
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The $210 million credit union was chartered in 1965 with a $5,000 equity loan from Albertsons founder Joe Albertson. It changed its name to TruGrocer FCU when Albertson sold the company to private equity giant Cerberus Capital Management in October 2006.
As a result, the credit union’s new TIP (trade, industry or profession) charter covers not only all supermarket employees in the U.S., but employees of other Cerberus-owned companies, including Chrysler, GMAC and Air Canada.
This is the first TIP charter awarded by NCUA or any regulator for the supermarket industry.
