Like many credit unions, TCU has a rich, yet humble history. It all started in February 1931 when a credit union committee determined a teachers organization in South Bend, Indiana could pool the savings of its members and lend money to those in need of credit. Four months later, a charter application was signed by eight teachers led by Mr. Harold Blanchard, mathematics teacher at South Bend Central High School. In July, a state charter was granted and “South Bend Teachers Federation Credit Union” was born.
The credit union opened for business on October 13, 1931 with ten dollars paid in shares. At the close of the month shares amounted to $67 with two $50 loan applications on file. The money was kept in a small tin cash box located in Mr. Blanchard’s home.
Today, TCU has become the largest credit union in Indiana serving just under 250,000 members. Unlike a bank, whose primary function is to earn profits for their shareholders, TCU uses these assets to benefit our members with lower fees, lower loan rates and expanded services.
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