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About the Credit Union
Formally, New Castle County School Employees FCU, edU Federal Credit Union’s mission is to provide and promote to our field of membership financial services which may be more competitive than those generally available from other sources.
More than 60 Years of Service
The newly reinvented edU Federal Credit Union, which still carries the same methods and concepts, was chartered in Wilmington, Delaware on April 22, 1953, and today serves nearly 10,000 members with upwards of $45 million in assets. The concept behind our cooperative is a logical one: school employees and their family are able to pool their money and make mutually beneficial loans to each other. That’s the credit union way — people helping people.
edUFCU operates with a CEO, dedicated staff, Board of Directors and other board committees. The management philosophy has not changed over the years — we are a non-profit and member-owned financial institution with strategy in place to provide excellent service to satisfy the financial needs of our members.
Board of Directors
An annual meeting of members is held during March of each year in New Castle County, Delaware. edUFCU meetings required a quorum of at least 15 members to conduct the business of designating seven members to the Board of Directors.
Regular meetings of the Board of Directors are held during the third week of each month. The edU Federal Credit Union Board of Directors provides the following leadership including but not limited to:
- determining the interest rates of loans;
- authorizing and supervising investments of the credit union other than loans to members;
- authorizing borrowings and discounting operations within the limitations prescribed by the Federal Credit Union Act;
- and supervising the collection of loans to members.
Offices of the credit union include the president, vice president, treasurer and a secretary who are elected by the board of directors. The treasurer is the general manager of the credit union under the control and direction of the Board of Directors. A five-member Credit Committee and three-member Supervisory Committee are also in place to help oversee credit union activities.
Current Board of Directors:
Dave Taylor, President
Nancy M. Smith, Vice President
Bob Evancho, Treasurer
Denise Schwartz, Secretary
Syd Goldberg
Veronica Marine
Yulonda Murray
Jerry Rouser
Mike Trego
Chief Executive Officer:
Terri L. Keene
Regulation and Supervisory Affliations
edU Federal Credit Union is chartered under federal law. Federally chartered credit unions are regulated by the
National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA’s three board members are nominated by the President and confirmed by the Senate.NCUA administers the
National Credit Union Share Insurance Fund (NCUSIF), which covers all federal 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.The History of Membership
edU Federal Credit Union was chartered in Wilmington, Delaware on April 22, 1953. The field of membership was originally limited to those having the following common bond of association and occupation: Employees of the public schools in New Castle County, Delaware (except employees in the City of Wilmington); employees of this credit union; members of their immediate families.
The edUFCU Charter was amended on March 12, 1984 to expand the field of membership to those having the following common bond: Employees of all public, private, and parochial schools and colleges in New Castle County, Delaware, except employees of the public schools in the City of Wilmington, Delaware, or other persons eligible for local credit union service due to their occupation; Spouses of persons who died while within the field of membership of this credit union; Employees of this credit union; Persons retired as pensioners or annuitants from the above employment; and Members of their immediate families. “Members of their immediate families” was more clearly defined to include a person related to the existing member by blood, marriage, adoption or guardianship: parent, parent-in-law, child, sister, sister-in-law, brother, brother-in-law, grandparent, grandparent-in-law, and/or grandchild of the existing member.
edU Federal Credit Union later merged with Wilmington Teachers Federal Credit Union on January 1, 1998. As a result of the merger, the field of membership of edUFCU was expanded to include employees of the City of Wilmington public schools and members of their immediate families.
The Charter was amended January 28, 2011 to expand the field of membership to include the students attending Christina School District and again in 2013 to include students attending Appoquinimink, Brandywine, Colonial, New Castle County VoTech, & Red Clay Consolidated School Districts as well.
Today, edUFCU Membership is available to employees of public and private schools in New Castle County as well as students of New Castle County public schools. We also extend membership eligibility to the immediate families of all of our existing members and retirees, including people living within your household.