Our History

The credit union idea began in 1849 as an answer to the famine and poverty that gripped the residents of Southern Germany.  Friedrich Whilhem Raiffeisen incorporated the first credit union society and is considered the father of the credit union movement.

Raiffeisen urged the people to save together, and to make loans from their savings at low interest rates.  Each member had one vote in this organization.  Only members could save and borrow.  Character was the most important security for loans.  This idea spread to other countries.

In 1907, Edward Filene, a Boston Merchant, encountered the credit union movement in India.  He returned home to spread the idea in America.

The first credit union in the United States was established in 1909.  From this point on legislature and laws have been passed to regulate this type of institution.

In 1934 the Credit Union National Association (CUNA) was formed.  The purpose of this non-profit self-supporting organization was to promote credit unions nation wide.  In 1958 CUNA became a worldwide association, open to leagues of credit unions anywhere in the world.

Today a credit union may be defined as a cooperative organized under state or federal law by and for people who belong to a common group.  An example of this would be people working for the same employer, people belonging to the same church, military post or living in the community.  This basic grouping is generally referred to as a “common bond”.

Once a common bond is established, permission by the group must be obtained to incorporate from the National Credit Union Administration (NCUA) or the state regulatory agency.  This permission to incorporate is known as a "charter".

A credit union, once chartered, agrees to operate under rules and regulations established by the regulating agency.

This unique organization is owned and operated by its members for the benefit of its members.  Any excess earnings must be returned to the members in the form of dividends on shares, refund of interest paid on loans or expanded services.

Corpus Christi Area Teachers Credit Union was organized under Federal Charter Number 826, December 9, 1935.  Members voted to convert to State Charter in 1965.  In 1993, the credit union returned to a Federal Charter and changed its name to Corpus Christi Area Teachers Federal Credit Union.

CORPUS CHRISTI AREA TEACHERS CREDIT UNION HISTORY

In December 1935, eight employees of Corpus Christi Public Schools pooled total assets of less than $50 to form Corpus Christi Teachers Credit Union (Charter #826).  This Credit Union, originally housed in offices of the school administration building and later in the basement of Northside Junior High School, continued to grow in the 1940's.  By the late 1950’s, membership had increased to almost 1,500 and assets had reached a half million dollars. 

The Credit Union’s field of membership expanded in the 1960s to include the Del Mar College District and public school employees throughout Nueces County.  In 1964, the Credit Union’s growth made new offices a necessity, and the Credit Union moved to 4110 Kostoryz.  Later the same year, the Credit Union merged with Nueces County Teachers Federal Credit Union and amended the name to include the designation “Area”.  Assets were then in excess of $1 million.  On February 19, 1965, the Credit Union was granted State Charter No. 595 and changed its name to Corpus Christi Area Teachers Credit Union.  A few years later, public school employees in Aransas County and those from the Corpus Christi State School were included in the field of membership.

Growth continued in the 1970s.  Assets reached $10 million and membership topped 10,000.  In May 1976, the Credit Union broke ground for a new office building at 2000 South Padre Island Drive.  Seventeen months later, the Credit Union moved into the new facility.  In 1978, Thomas Spann Federal Credit Union and P & S Hospital Credit Union merged with Corpus Christi Area Teachers Credit Union.

In the 1980s, facilities at the Credit Union’s main office expanded to include the installation of an Automatic Teller Machine (ATM) and nine new drive-up lanes.  When the Credit Union turned 50 in 1985, assets were in excess of $45 million and membership was over 23,000.  A new ATM was installed at Corpus Christ State University (now Texas A & M-CC) in early 1985, expanding service to members.  In the first quarter of 1988, with assets over $53 million, the Credit Union opened a limited-service branch office in the Five Points area of Corpus Christi.  Member response to the new office was so great, the branch location moved to larger offices with expanded service less than 10 months later.  In the summer of 1989, the Credit Union expanded service to members needing ready access to cash by installing ten new ATMs in Corpus Christi area Maverick Market locations.

The service decade of the 1990s finds the Credit Union continuing to grow and expand service to over 27,000 members.  In April 1991, the VISA Department was established in the main office, giving members more personalized credit card service.  In November 1991, the Credit Union obtained federal deposit insurance (deposits insured to $100,000) from the National Credit Union Administration, an independent agency of the United States Government, to replace private deposit insurance (also insured to $100,000) from the Texas Share Guaranty Credit Union.  Late in 1992, Credit Union membership voted to obtain a Federal Credit Union Charter to replace the State Charter, and on January 12, 1993, the Credit Union received Federal Charter No. 24456, and became Corpus Christi Area Teachers Federal Credit Union.

CCATFCU continued to provide quality financial service to residents in an expanding area of South Texas, with the April 9, 1993 purchase of Freer Federal Credit Union and installation of an ATM to provide service to the Duval County area members.  Residents in Duval County join  over 27,000 members able to enjoy the services of a full-service financial institution.

With continuous feedback from our members requesting a Southside office, in the latter part of 1997, with assets topping $95 million and over 28,000 members, CCATFCU  Board of Directors decided to purchase property at 6810 Saratoga, Corpus Christi, Texas to build a new credit union main office.  The building is a 22,000 square foot building with 12 drive-up lanes and yet another ATM, making a total of 14 ATMs.  This new location has allowed the credit union to provide service to the members on the southside of town.  June 8, 1999, CCATFCU opened for service in this new location, while still maintaining a branch office at the 2000 SPID location.

In March 2001, assets of the credit union exceeded $100,000,000 with deposits exceeding $90,000,000.  The growth of our credit union continues to become stronger with the support and strength of our credit union members. 

In August 2001, CCATCU membership voted to approve the credit union’s conversion from a Federally Chartered Credit Union to a State Chartered Credit Union.  The vote from the membership was an overwhelming 778 approvals and 146 denials.   The approval of the membership was forwarded to the Credit Union Department and in October 2001, the Credit Union officially became Corpus Christi Area Teachers Credit Union.

In September 2001, Coastal Mart cancelled our ATM agreements.  Therefore, the  Credit Union was required to remove 11 ATMs - leaving 3 ATMs available to the membership.

To remain committed to providing excellent member service and build upon our strong financial base, the Board of Directors and Management of CCATCU chose to pursue a community charter.  This community charter, if approved, would allow anyone living or working in Nueces, Kleberg, Jim Wells, San Patricio and Aransas Counties to join the credit union.  These counties would join the already eligible Duval County.  In January 2002, the Credit Union received approval for the Community Charter.

Along with these changes, we also had to change our name to depict the membership potential, the Board of Directors and Management elected to change the name of the Credit Union.  This was a change chosen by the Credit Union and not mandated by a sale after sale, etc.  The name submitted to the Credit Union Department was Coastal Community And Teachers Credit Union.  In May 2002, the name change was approved.

The name change was officially announced in the Corpus Christi Caller Times on May 12, 2002.  As the article reads:

WE'VE CHANGED OUR NAME BUT NOT OUR SERVICE.

Our new name reflects the teachers and industry that have supported us and have been our foundation throughout the years, so we can continue to proudly serve them and our new members.

As members, be proud of the strength and stability of your Credit Union.  You have made it what it is today!