IBM Southeast Employees' Credit Union

IBM Southeast Employees’ Credit Union (also known as IBMSECU) was formed in 1969 to serve the employees of IBM. IBMSECU is a state chartered, federally insured credit union with more than $1.09 billion in assets and more than 75,000 Members. IBMSECU has 19 branches located throughout Florida and Georgia and approximately 240 employees. IBMSECU’s headquarters are located in Delray Beach, Florida.[1]

IBM Southeast Employees' Credit Union
Credit union
IndustryFinancial services
FoundedIBM Boca Raton Employees' Federal Credit Union Boca Raton, Florida, (1969)
HeadquartersDelray Beach, Florida, United States
ProductsSavings; checking; consumer loans; mortgages; credit cards; online banking
Total assets$1.09 billion USD
Websiteibmsecu.org

History

IBMSECU was formed in 1969 by a group of IBM employees who each deposited 25 cents. On September 17, 1969, the Credit Union was chartered under the name IBM Boca Raton Employees' Federal Credit Union to serve IBM employees and retirees in South Florida. By year end, the credit union’s assets were $43,675.

On November 21, 1972, IBM Boca Raton EFCU expanded its field of membership throughout the state of Florida and the name was changed to IBM Florida EFCU. By the end of 1972, assets were approaching $2.5 million.

On October 31, 1977, IBM Florida EFCU expanded the field of membership again to include Alabama, Mississippi, and Puerto Rico, and became IBM Southeast Employees' Federal Credit Union. By year-end, assets had grown to almost $15 million.

Over the years, IBMSECU has opened its membership to include the state of Georgia and also employees of many other companies besides IBM.

On July 1, 2015, IBMSECU converted from a federally-chartered credit union to a Florida state-chartered credit union and the name was changed to IBM Southeast Employees' Credit Union (IBMSECU).

In 2017, IBMSECU acquired Mackinac Savings Bank in Boynton Beach, Florida, which added 3 more branches in Palm Beach County, and merged it within its own infrastructure.[2] In 2019, IBMSECU acquired a second Florida-based bank, Oculina Bank, which had 8 branches in the state.[3]

Today, IBMSECU offers membership to people who work for or are retired from a member company, live in an approved county, worship or attend school in an approved county, or are immediate family members of/live in the same household as an existing member.

IBMSECU currently has more than $1.09 billion in assets, 19 branches, 240 employees, and more than 75,000 members across the country.[1]

On March 2, 2020, IBMSECU rebranded to iTHINK Financial.[4]

Products and services

IBMSECU, like all credit unions, is a not-for-profit financial institution that provides a full range of products and services to its members, including checking accounts, savings accounts, money market accounts, certificates, IRAs, business accounts, health savings accounts, vehicle loans, first mortgages, second mortgages, credit cards, business loans, online banking, online bill paying, mobile banking, e-statements, business services, insurance, and investment services.

As a not-for-profit organization, IBMSECU's "profits" are returned to its members in the form of lower fees, better loan rates, and higher dividends than those of other financial institutions.[5]

Safety

IBMSECU is insured by the National Credit Union Administration (NCUA) and is an equal housing lender. Savings at IBMSECU are insured to at least $250,000.[6]

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References
  1. See NCUA's "Credit Union Data Summary & Reports" http://mapping.ncua.gov/SingleResult.aspx?ID=68663 (retrieved 10/3/2016)
  2. "IBMSECU completes Mackinac Savings Bank merger". Cuinsight.com. 31 July 2017. Retrieved 24 June 2020.
  3. Palash Ghosh (3 April 2019). "IBMSECU completes acquisition of second Florida bank". Cujournal.com. Retrieved 24 June 2020.
  4. See "IBMSECU is now iTHINK Financial Credit Union" https://www.ithinkfi.org/moving-forward (retrieved 3/2/2020)
  5. See MyCreditUnion.gov's "Credit Union & Bank Interest Rate Comparison" http://www.mycreditunion.gov/about-credit-unions/Pages/interest-rate-comparison.aspx (retrieved 10/3/2016)
  6. See NCUA's "Share Insurance" page https://www.ncua.gov/services/Pages/share-insurance.aspx (retrieved 10/3/16)
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