Corporate America Family Credit Union (CAFCU) serves tens of thousands of members across the nation, but we didn’t start out that way. Our story began when 15 employees of Automatic Electric Co. made a deposit of $5 each into the newly founded Automatic Credit Union back in 1939. Since then, the credit union has evolved in name, membership base and charter to bring us to where we are today.
Growth of Your Credit Union
The first change came when Automatic Electric Co. was purchased by GTE Corporation and the credit union changed its name to GTE Employees Federal Credit Union. The 1980s brought deregulation of financial institutions, which meant GTE Employees FCU had greater independence and new responsibilities. Determined to preserve the long-term security of the credit union, the GTE Employees FCU Board of Directors decided to diversify and, thereby, grow credit union membership. To better reflect this broader membership, the credit union changed its name again in 1986, to CAFCU.
Continuing to Progress
In order to continue serving a diverse membership, the credit union altered its charter from a federal charter to a state of Illinois charter in 1997. A name change soon followed and the credit union came to have the name you know today, CAFCU.
At CAFCU, we’re proud of how far we’ve come, and we’re committed to continuing to empower your success – no matter where life takes you.
Learn more about the history of credit unions.