In 1957, a group of seven SRI Researchers came together to establish this credit union. They pooled their money ($5.00 each), and the credit union was born. For the first several years, it was run out of a closet. From this first $35, SRI Federal Credit Union (SRIFCU) has grown to more than 3,500 members strong, with ten employees and assets surpassing $83 million.
As we celebrate our 60th anniversary this year, we do so knowing that we have made a real difference in the financial lives of our members and in the lives of their families over the decades. Here’s a look back at our last 60 years:
- In the 60’s,ten years after the credit union started, as SRI International was inventing the mouse, Shakey the Robot, and the Internet, SRIFCU had grown to $2.3 million in assets and the members records were on a computer system at a service bureau.
- By 1977, the credit union doubled again to $5.2 million, while SRI International designed and built the first fax machine and established the operational parameters for the international wire system (SWIFT). Interest rates were close to 6% on savings accounts then!
- In the 80’s, the credit union grew to $16 million, saving rates were 9% and used auto loans were at 16%. Member’s records were moved to an in-house computer system.
- The 90’s were a period of declining rates and growth in financial products. ATM and Credit Cards were introduced, an automatic phone teller system, and real estate lending started accelerating.
- In 2000, when the real estate crisis occurred, we worked with our members to help keep their homes and their vehicles and by 2007, the credit union had grown to $47 million in assets.
- In 2017, as we celebrate 60 years in service, the credit union is $83 million in assets, over $7.2 million in capital and 3,600 members! Members enjoy a wide variety of services and products including 307 real estate loans, 407 auto loans, 1,629 Visa accounts, and 17 student loans.
- What will financial services over the next 60 years look like? Will we have credit cards? Or will all transactions be done on your cell phone? Will there be cell phones? Or will you just blink your passcode through your wireless internet glasses? Will we have passcodes anymore or just rely on thumbprints? Find out at the 60th annual meeting, which will be held at noon on Wednesday, March 15th in the International Building. Be sure to come and find out what “banking” will be like in the year 2077.
Our members are our first priority. The Board of Directors, Supervisory committee, and our staff are driven to make this year, our 60th, even better as we gear up for the next sixty years!
