About Sascu Credit Union

Sascu History — From Classroom to Credit Union

Sascu began with seventeen educators who believed working people deserved a financial institution that answered to them, not to distant shareholders.

In the fall of 1954, a group of teachers and school administrators in a mid-sized district pooled $425 in combined savings to charter a member-owned credit union. They named it Sascu — an acronym rooted in the original sponsoring school association — and opened their first office in a converted classroom after school hours. For the first decade, Sascu operated entirely with volunteer staff: teachers who processed deposits, reviewed loan applications, and balanced the books between grading papers and preparing lesson plans. The credit union's early loans helped fellow educators purchase homes, repair vehicles, and cover emergency expenses at rates far below what commercial banks offered at the time.

By the 1970s, Sascu had outgrown its single-room operation. The membership base expanded beyond educators to include municipal workers, healthcare staff, and their families. Sascu opened a second branch, hired its first full-time employees, and introduced the share draft checking account — a product that eliminated the monthly fees that larger banks routinely charged. The credit union's loan portfolio grew to include first mortgages, and Sascu became an early adopter of computerized record-keeping, upgrading from handwritten ledgers to digital member accounting years ahead of many peers.

The 1990s and 2000s brought continued growth as Sascu extended its field of membership to cover entire communities, not just select employee groups. online banking launched in 2001, giving members 24-hour access to account balances, transfers, and bill payment. Mobile banking followed in 2010, with remote deposit capture arriving three years later. Through every expansion, Sascu maintained its original cooperative structure — one member, one vote — and its commitment to returning earnings to members through better rates and lower fees.

Today Sascu serves over 85,000 members across 48 states through a network of 12 branch locations, a full digital banking suite, and partnerships with surcharge-free ATM networks nationwide. The credit union manages more than $2.4 billion in assets while remaining true to the principles its educator-founders established: democratic member control, financial inclusion, and service to the communities it calls home.

Sascu by the Numbers

Key metrics that show the reach and stability of Sascu Credit Union.

Sascu Membership — Who Can Join

Sascu membership is open to a broad range of individuals through community, employment, and family connections.

Membership at Sascu is available to anyone who lives, works, worships, or attends school within the geographic communities the credit union serves. Additionally, family members of existing members — including spouses, children, parents, siblings, grandparents, and household members — are eligible for membership regardless of where they reside. This family eligibility extends across generations, meaning children of members can open their own accounts and remain members for life even if they move outside the primary service area.

Unlike a customer at a commercial bank, a Sascu member is a part-owner of the institution. Each Sascu member holds one share in the credit union and receives one vote in annual board of directors elections, regardless of how many accounts they hold or how large their balances are. This democratic structure means Sascu remains accountable to the people it serves — not to institutional investors or Wall Street analysts. The board of directors is composed entirely of member-volunteers who are elected by the membership and serve without compensation.

Opening a Sascu membership requires a minimum deposit of $25 into a share savings account. This deposit represents your ownership share and remains in your account as long as you are a Sascu member. Once you establish membership, you can open checking accounts, apply for loans, add certificates of deposit, and access all services — including the full suite of online and mobile banking tools.

Sascu Community Impact

Sascu directs a meaningful portion of its annual earnings back into the neighborhoods where members live and work.

The Sascu Financial Literacy Program delivers free workshops at public libraries, community centers, and partner schools on topics ranging from household budgeting and credit repair to mortgage readiness and retirement planning. In the past year, financial educators conducted over 200 sessions reaching more than 4,000 participants. These workshops are open to the public — Sascu membership is not required to attend, reflecting the credit union's commitment to strengthening financial capability across entire communities.

Through the Sascu Community Impact Fund, the credit union awards grants to local nonprofits working in affordable housing, workforce development, and small business incubation. Recent Sascu grants have supported a first-time homebuyer counseling program, a culinary workforce training kitchen for unemployed adults, a microloan fund for women-owned startups, and a credit-building program for previously incarcerated individuals reentering the workforce. employees also contribute volunteer hours through a program that provides each team member with 16 hours of paid volunteer time per year.

Student-run branches operate in partnership with local school districts, giving high school students hands-on experience with financial operations while providing a convenient place for students and staff to make deposits. The scholarship program awards $25,000 annually to graduating high school seniors who are members, with selection based on academic achievement and community service.