Community, News

ETFCU to Change Its Name in September

Evansville Teachers Federal Credit Union has announced plans to change its name in September. The credit union, founded in 1936 by local educators, now serves more than 265,000 members with 28 branches in Indiana, Kentucky, and Tennessee. ETFCU will change its name to Liberty Federal Credit Union.

“We are changing our name to better represent our entire membership. However, you can rest assured that we remain the same nationally recognized credit union focused on providing superior value for all your financial needs,” said Bill Schirmer, ETFCU President and CEO.

After reaching $1 billion in assets in 2014, ETFCU surpassed $3 billion in assets on April 30. As it has grown, the credit union has increasingly supported local schools and organizations. In 2021, the credit union returned more than $900,000 through sponsorships, scholarships, and donations.

Similarly, ETFCU has become one of the tristate’s largest employers. Since 2012, the credit union has expanded from a workforce of 160 to 738 employees. More than two-thirds of these jobs are in Evansville.

Schirmer credits the credit union’s success to its commitment to returning superior value to its members. According to Schirmer, this commitment is exemplified in the credit union’s free checking products. In 2021, the credit union returned more than $13 million to members through checking accounts alone. This primarily represents interest, but also includes reward points and the reimbursement of other banks’ ATM fees. This rapidly increasing total is 58% higher than the $8.2 million returned in 2020. In comparison, this total was less than $750,000 as recently as 2014.

The increasing payout is due to ETFCU’s free, high-interest Vertical Checking account. This product, which offers an interest rate of 3.30% APY on balances up to $20,000, has drawn significant attention, both locally and within the banking industry. First available in 2015, ETFCU opened its fifty-thousandth Vertical Checking account in April 2022. The account has received national acclaim from Kiplinger’s Personal Finance, Investopedia, and Newsweek, which named it America’s Best High-Yield Checking Account for 2022.

As it grows to serve members throughout the region, ETFCU continues to add branches throughout the tristate as well. Its new office in Jasper, Indiana, is scheduled to open in summer 2023.

The credit union plans to officially change its name to Liberty Federal Credit Union in mid-September.