History of the Southern Middlesex County Teachers Federal Credit Union
The organization meeting of the credit union was held on March 28, 1939 at the Junior High School in New Brunswick, NJ. Fifty members were approved for membership at that meeting. Two of those original members are still members.
At the April 5th meeting of the Board of Directors, an additional 35 members joined and so the credit union began to grow.
By June 1939, the credit union had grown to 163 members and assets of $5,228. That included loans of $4,052.00 and $1,176.00 cash in the bank.
A note to members during March 1940 indicated that during the first year, the credit union had made 121 loans totaling $30,585.00, of which $15,935.00 had already been paid. The assets at the end of February 1940 were $19,649.
At the fifth annual meeting on January 20, 1944, the Treasurer, Harold Strauss was still overseas with US Army. The acting Treasurer, William Ellwood, reported that the assets of the credit union had grown to $60,346 and that loans to members were $13,590.
By December 1958, after 20 years, the credit union had grown to 596 members with $360,648 in share accounts and $191,053 in loans. Five years later in December 1963, Share deposits had increased to $518,319.00 and loans to members had increased to $247,066.00.
In September 1977, the position of Manager changed from Harold Strauss to George Towne. The office of the credit union moved from the home of Harold Strauss to the home of George Towne, where it remained until July 1994. There were 750 members and assets of $1,200,000. All the credit union records were on paper. It was not until January 1980 that the first computer system was used.
From 1980 to 1988, the credit union grew as summer savings accounts and payroll deduction were introduced. By 1988 there were 1,926 members and assets of $3,040,800. There was $624,443. in loans to members. It was time for a new computer system.
From 1988 to 1994, the activity of members grew too great for the office to remain in the manager’s home. In July 1994, the credit union moved to it’s current location in East Brunswick. There were 2400 members with $8,347,149 in assets and $2,506,732. in loans to members.
In October 1999 Lynne Fritz replaced George Towne as the Manager.
The field of membership of the credit union remains today the same as in 1939, employees of public school districts in southern Middlesex County, and members of their immediate family.