About FAA Credit Union
FAA Credit Union is a not-for-profit financial institution, serving the needs of those who live, work, worship or attend school in the eight counties surrounding the Oklahoma City metro area.
We have seven convenient locations in the metro area including branches in Mustang, Capitol Hill, Norman, Edmond, Moore, Northwest Oklahoma City and an office at the Mike Monroney Aeronautical Center.
Membership is open to anyone who lives, works, worships or attends school in Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma and Pottawatomie counties. Visit any branch to open an account, send us an email for more information or call (405) 682-1990.
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FAA Credit Union was founded in 1946 and at the time was called CAA Employees Credit Union (Department of Commerce Civil Aeronautics Administration). It was formed after a group of CAA employees met and discussed starting a credit union so that CAA employees could help each other with their financial needs. On November 27, 1946, they filed an application for a state charter to start the credit union. The credit union was formed and a Certification of Incorporation was issued dated December 16, 1946.
The Credit Union started with 8 members and on January 22, 1947, the first election was held for volunteer representatives to serve on the board of directors, the supervisory committee and the credit committee.
In the 1950’s, the credit union had grown enough to hire its first full time manager. At the time, the federal government had also voted to consolidate the CAA department with the Federal Aviation Agency. CAA then changed its name to FAA Employees Credit Union to reflect the change.
The name stayed the same until fifty years later when the credit union adopted a community charter, allowing those individuals who live, work, worship or attend school in the six county area that surrounds the Oklahoma City Metro to join. The name was then changed to FAA Credit Union. Around the same time a new main office was also built to better serve the needs of the membership. In 2009, the credit union added two more counties to its field of membership.
FAA Credit Union has seven branches in the Oklahoma City area, including a fully bilingual location, which was the first one located in the city’s Hispanic Capitol Hill district. We also opened Oklahoma’s first student run branch inside Westmoore High School, known as JagMoney. This branch is run by students, for students.
Currently, FAA Credit Union has nearly 50,000 members and $500 million in assets.
For press information, please contact Marketing, at (405) 682-1990 or marketing@faaecu.org.
We have so much to celebrate!
On December 16 FAA Credit Union celebrated our 65th Anniversary. Many of our members came by to share in the festivities of this momentous occasion and all those who visited received a commemorative holiday ornament. Some photos from the day are on the back page of this newsletter. We are thrilled to have reached such an important time and I’d like to take this opportunity to thank everyone who stopped by to partake in the celebration. We have an exciting year ahead of us and hope you will continue to be a part of it.
As 2012 has reached us, I want to make you aware of some great changes that are coming your way. You probably already noticed that the look of the MemberLink newsletter has changed. This cleaner design will make it easier for you to find the information you are looking for within its pages. We have also launched an online edition of the newsletter, called eNews. You will want to sign up for eNews because it will feature a number of special offers that you won’t find anywhere else. Scan the code inside of this newsletter to sign up.
We are also launching new and improved iPhone, Android and iPad apps. All three of these are free and are now available in your mobile marketplace. Simply search for “FAACU 2.0” and you’ll find it. The new apps feature a new branch/ATM finder, cleaner home display and more detailed rates pages. If there is anything else you’d like to see in these apps, please let us know. We are always looking for ways to make it better for you.
Finally, I saved the best news for last. Once again, the board of directors has approved to award members with a year-end bonus dividend and interest rebate. This is the 11th year for this reward and FAA Credit Union continues to remain one of the country’s only credit unions offering this program to our members. The bonus will be reflected on your year-end statements (details below). The year end rebate/bonus is very important to us because it’s our way of saying “thank you” for your business. As a not for profit financial cooperative, we feel it’s important to pay you back for your loyalty. In addition to keeping fees at a minimum, this rebate demonstrates the credit union difference.
As we turn sixty-five, we are not gearing up for retirement as many sixty-five year olds might be doing. Instead we are preparing for a fantastic year and as we do that, we find that we have so much to celebrate. Here’s to another great year of serving you!
Sincerely,
Steve Rasmussen
President/CEO
(rebate offer excludes IRAs, mortgage loans and optimum checking accounts)
Because we are a not-for-profit financial institution, our Board of Directors is a group of members who are elected by the membership. The Board of Directors sets the direction of the credit union with your input in mind.
Click to View Current Board Members
Supervisory Committee
Comprised of elected volunteers, the Supervisory Committee is a major player in the credit union’s success. Committee members ensure all required audits are accomplished for the membership. The committee also procures an outside auditor to perform an annual credit union audit. Another important committee function is verifying all member accounts. This is accomplished every 18 months. Our internal auditor, a credit union employee, works closely with the Supervisory Committee and reports to it at monthly meetings. Contact this individual should you be unable to resolve account discrepancies through other means. You can contact our internal auditor at (405) 682-1990.
Click to View Current Supervisory Committee Board Members
For information on any credit union products, or for additional information call us at 405-682-1990, or 800-448-1990, or e-mail us at info@faaecu.org.