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Suncoast Schools Federal Credit Union

Suncoast Schools Federal Credit Union is headquartered in Tampa, Florida. It was chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the United States federal government. Suncoast Schools Federal is the largest credit union in the state of Florida. As of 2008, Suncoast had $5.9 billion in total assets and approximately 470,000 members, and 50 branches.

History Of Suncoast Schools Federal Credit Union

The Hillsborough County Teachers Credit Union (HCTCU) was chartered on January 31st 1934, to meet the needs of teachers working in Hillsborough County.

HCTU amended their charter in 1953 to open membership to teachers in DeSoto, Citrus, Hardee, Hernando and Pasco counties. By 1960, membership had been opened to Charlotte, Levy, Sumter and Manatee counties as well as to all school employees in the counties their charter extended to. To reflect the changed field of membership, the HCTCU changed its name to Suncoast Schools Credit Union in 1975.

By 1978, Suncoast Schools had converted itself into a federal charter and changed its name again to Suncoast Schools Federal Credit Union. Suncoast Schools continued to grow in the decades that follwed and now serves employees of schools in a total of 15 counties and even employees of over 1,000 select employee groups.

Suncoast Schools’ Financial Services

Suncoast Schools Federal Credit Union offers a full range of deposit, investment and lending products and services with access through its branch locations, ATM network, Members Contact Center, and even the Internet.

Suncoast Schools Federal Credit Union Motivation

The driving force behind the SSFCU’s success is its status as a not-for-profit, financial cooperative that exists because of and for its members. As will all credit unions, Suncoast’s members are the co-owners of the Credit Union itself, having the right to elect a volunteer Board of Directors that makes policies implemented by the union’s management and staff.

This structure of ownership is one of the two major factors in Suncoast’s ability to offer favorable services. Without a separate group of private owners or stockholders demanding a return for their investments, all net income is returned back to the membership directly or set aside for reserve purposes.

The second major reason for the Suncoast Schools Federal CU’s success is the efficiency of its operation. Suncoast’s expense ratios are at least 50 per cent below those of many other major financial companies and institutions in the Tampa Bay area. This means that a greater percentage of overall income can be returned back to the members in the form of higher dividends and lower interest rates on loans and other fees.

Suncoast remains committed in providing low-cost and convenient services while meeting the financial needs of its members.

SSFCU And Community

SSFCU created the Suncoast for Kids Foundation some time in 1998. This has enabled Suncoast Schools Federal Credit Union to donate more than $4.8 million worth of projects for children, including the Braille Institute of America.