ucu-history

Setting forth their goals and objectives of the Credit Union, they received Charter #84 on February 2, 1931, from the Department of Financial Institutions, State of Illinois, to be known as Union Teachers Credit Union.  The next six years brought about amalgamation of the Men’s High School Teachers Union, Women’s High School Teachers Union and Elementary School Teachers Union into the present Chicago Teachers Union, Local 1, which was the original common bond of our organization.

By 1940, membership had grown by 34 times that of 1931, borrowers increased by 250 times, loans by 345 times, and shares were 358 times as great as 1931.  During the World War II years, government Regulation “W” restricted the purchase of many listed articles and resulted in a decrease in loans to members.  The Board of Directors believed that the safest and most desirable investment for their idle funds was U.S. Savings Bonds.  During the 1950’s, the Union Teachers Credit Union continued to grow in members and the period of 1952 to 1961 witnessed a 100% increase in membership.  Many significant improvements and changes marked the decades of the 1960’s and 70’s.  We implemented the 1st Automatic On-Line Data Processing System, which is the forerunner of our present Electronic Data Processing System.

Our By-Laws were amended in 1977 to include all locals of the Illinois Federation of Teachers, AFT, AFL-CIO, who requested affiliation with Union Teachers Credit Union for services.  Since 1980, we affiliated or merged-in a number of credit unions and select employee groups to avail themselves of the quality services we provide to our members.

Currently, your UNITED CREDIT UNION has in excess of 20,000 members and assets, well over $300 million. During our history we have served thousands of members and their families. Our services have grown with time, along with our convenient locations in the Metropolitan Chicagoland area.

Membership in United Credit Union is your road to financial independence.  As you review our myriad of services, you will be proud to be a member of the Best Teachers, defined Community and Select Employee Group, Credit Union in Chicago.

REGISTERED AGENT: United Credit Union’s registered agent for receipt of service of legal process is Susan Taloff.  This appointment was authorized by action of the board of directors.  The registered agent’s address is the same as the address of our principal place of business: 4444 S. Pulaski Road, Chicago, Illinois 60632.