What is a Credit Union?

A credit union is a cooperative financial institution that is chartered by the federal government and owned by its individual members. Credit unions remain unique financial institutions with a “not-for-profit but for-service” operating philosophy.

Credit unions, as not-for-profit member-owned financial institutions, don’t answer to stockholders; instead, profits are REINVESTED back into the credit union to directly benefit members.

So credit unions are often more willing and able to work with members having tough financial times.  Credit unions provide a safe and convenient place for members to save money and to get loans at reasonable rates.

Why Should You Join our Credit Union?

• We are Member-owned
• We are a not-for-profit financial cooperative
• Once a Member, ALWAYS a Member
• We have high rates on savings
• We have lower loan rates
• We make borrowing easy!

Who can be a Member of the Evergreen Park Schools Federal Credit Union?

• Employees of Evergreen Park Elementary School District 124
• Employees of Evergreen Park Community High School District 231
• Employees of A.E.R.O. Special Education Cooperative
• Immediate Family Members of any of these Districts’ Employees

Savings and Loan Payments Are Now Easier

The Credit Union is able to accept Direct Deposits from any Employer or Financial Institution.  All you need is the following information:

• Evergreen Park Schools Federal CU Transit/ABA # 271984133
• For Savings Deposits, Your Member Number
• For Loan Payments, Your Member Number along with the Loan Number

Just give this information to your Employer or Financial Institution and we will take care of the rest.

The History of EPSFCU

On October 15, 1957, Marshall Batho, Superintendent of Evergreen Park High School, notified the faculty that there would be a meeting to consider forming a credit union.  About 21 faculty members from the high school and District 124 met with a representative from the Illinois Credit Union League and Evergreen Park Schools Federal Credit Union was born.

The Original Board of Directors:
Vern Orton, Chairman
John Lurquin, Vice Chairman
Dave King, Treasurer
Ardith Inman, Secretary

By the end of 1957, our membership had grown to 28 members and our total assets were $604.12.  Due to the expenses of purchasing a checkbook and other supplies, our balance sheet showed a net loss of $22.88.

Growth was very slow during our first few years.  Since we did not have payroll deductions, the only way to make a deposit was to seek out the treasurer before classes began in the morning, during lunch hour or after school.  We had only enough assets to make signature loans and we were required to set an upper limit on any loans we made.  Our first limit was $200 and the interest rate on that loan was at the rate of 1% per month on the unpaid balance, which is the figure we gave to any borrower, rather than telling them it was 12%.

We were unable to pay any dividends at the end of 1958, so our first dividend was paid on December 31, 1959.  The rate was 2.5% and the total dividends added to all members’ shares was $55.33.

By 1960, our membership zoomed from 55 members at the end of that year to 101 members.  On December 31, 1963 our assets totaled $30,220.  About this time, we were allowed by both districts to have payroll deductions for share deposits and loan payments, which was an incentive to our members.

In December, 1968, after 11 years of operations, our membership had increased to 193 members, and our assets had reached $107,893.  Depending upon our income during each of these years, we paid dividends each year ranging from 4.75% to 6.5%.  In 1971, we began paying dividends semi-annually.

The next major change in our operation occurred in 1974 when all employees of the AERO Special Education District became eligible to join.  This change enhanced our growth significantly.

By the end of 1982, we passed the One Million Dollar mark in total assets ($1,163,355 to be exact) and had 616 members with 184 loans totaling $419,000.

Factors that helped our growth:

• Our policy of “Once a Member, Always a Member” which means that a member can continue to belong to the Credit Union even if he or she left their employment in our district.
• Opened our membership to any relative of a current member, a relative by “blood or marriage.”  When we were chartered, we could only accept spouses as members or unmarried children living at home.
• We increased our dividend rate to as high as 10% during three dividend periods in 1981 and 1982.

However, in 1982, our operations were all still done manually, with handwritten entries in ledgers, and handwritten checks.

Finally, in 1988, when we reached 996 accounts, the Credit Union purchased its first computer! All checks were still handwritten but having the ability to post deposits, payments and withdrawals on a computer and computing dividends certainly improved our operation immensely.

Then, in 2005, Karin Grunow became the Manager of the Credit Union.  During the past 19 years as manager, Karin has ensured that the Credit Union is profitable and our members funds are safe and secure.  She has overseen upgrades to the computer system, the ability to pay loans through automatic payments, the creation of a website and the hiring of two staff employees to assist our members, just to name a few.

In August 2024, after years of accomplishes, Karin Grunow retired.  We wish her well and thank her for the years of service for all of our members.  Judy Ottenfeld and Kelly Carson have now taken over the helm as Co-Managers.  We are confident that the credit union continues to be in good hands.

Today, the Credit Union has close to 1,000 members with total assets in the amount of $11,872,127.00 and loans totaling $3,258,521.00.  We’ve come a long way since that first meeting 67 years ago!

One last interesting fact:  As of March 2022, there are 11 members who have been with the Credit Union for 50 or more years!  Under Karin’s proficient management, we look forward to many more profitable years ahead.

Recently, the Credit Union sent out a Survey to all of the schools in Districts 124, 231 and Aero to find out what is on our members’ minds.  Here’s some of the information members had questions about:

• Boutique-Style Credit Union – We are a small credit union designed to handle a mix of basic savings accounts and consumer loan products such as vehicle and personal loans at competitive rates.  Other products such as checking accounts and debit/credit cards come with a high overhead which is not a good fit for our Credit Union at this time.  While this may be viewed as a negative, we believe that knowing our members personally and being able to help because of that relationship we have built, is a bigger advantage.
• Website – Our website is a great tool.  You will not only find our low loan rate sheet but also Membership Applications and Loan Applications for you to download.  While visiting our website, please check out the articles under both the Articles Tab and Money Matters Tab for helpful financial information.
• Financial Planning – Did you know that we have two Certified Credit Union Financial Counselors on staff to answer your financial questions?  Stop by or give us a call.  We are happy to help!
• Cleaning Up Credit Your Credit– First and foremost, be sure you are making payments on time, every time.  One late payment can set your score back quite a bit.  Another good bit of advice is to pull your credit (it’s free annually) to be sure that there is nothing on your credit report that does not belong to you.  If you find something questionable, you will need to contact the credit bureaus to dispute it.  A word of caution:  beware of the risk of debt-relief companies.  See our article on the Money Matters page for more details.
• Transfer Funds from Your Personal Bank to the Credit Union – Yes!  It is absolutely possible.  You will set up this transfer through your Bank using the Credit Union’s Routing Number which is 271984133 and your Member Number.  It’s that simple!
• Set Up Several Share Accounts (a/k/a Savings Accounts) – Did you know that members are able to set up several share accounts and have deposits go to each of them to save for things such as Vacation, Holidays, New Car or even that “Secret Savings” account just for you?  You may fund them through your payroll deposits or from your personal bank.  If you are interested in doing so, just give us a call and we will walk you through the details.
• Visa Gift Cards – We offer Visa Gift Cards.  No matter the amount you place on the gift card, the fee is a flat $3.00.  Can’t beat that!

Lastly, please reach out to the Credit Union for any other questions you may have.
We are open Monday through Friday from 8:00 a.m. until 4:00 p.m.
And remember, ONCE A MEMBER, ALWAYS A MEMBER…even if you leave the district.
We hope to hear from you soon.

Benefits of Joining the Evergreen Park Schools Federal Credit Union

Share Savings

• $5 is all it takes to become a Member
• General Savings
• Holiday Savings
• Vacation Savings
• Payroll Deductions/ACH Debit

Credit Unions vs. Banks:  What’s the Difference?

Credit Unions and banks are similar in a few ways.  They both offer savings accounts; Credit Union’s refer to them as “Share Accounts”.  Your money is safe and secure in credit unions and banks.  The Federal Deposit Insurance Corporation (“FDIC”) and the National Credit Union Administration (“NCUA”) insure your deposits up to $250,000.

However, the reason for this article, in part, is to toot our own horn about credit unions.

Credit Unions are for people – not for profits.  It is part of what makes us different from other financial institutions.

Members at a credit union are member-owners because their deposit represents a share of ownership; however at a bank, the owners are typically small groups of investors who benefit from the profits.  Credit union members are united by a common bond of membership.

And as you are aware, at Evergreen Park Schools Federal Credit Union, we are small enough to know you and your family personally and therefore, better able to assist you with honest, personalized service to help you reach your financial goals.   You are not just a number; you are a member: once a member, always a member!  Whether you move, switch jobs or experience any other life event, you are still a Member of Evergreen Park Schools Federal Credit Union.

Credit Unions have the philosophy of “People Helping People”.  Who better to support you than your credit union who knows you and can offer tailored suggestions to fit your needs.   Additionally, Evergreen Park Schools Federal Credit Union has two Certified Credit Union Financial Counselors on staff ready to discuss your particular situation.

Here’s the highlights of the difference between Credit Unions and Banks:

Credit Unions help hard working people like you, work, live and prosper.  Their not-for-profit, member-owned structure guarantees that earnings benefit members’ financial well-being.

Credit Unions have an interest in advancing their communities because they are owned by the members they serve every day.  That’s why they work so hard to improve members’ savings; help them invest in their homes, business and education and secure a solid financial future.  No matter what life brings, Credit Unions have been there to help strengthen the financial lives of individuals, families and businesses in their communities.

If a high level of customer service and money-saving products are what you need in a financial institution, call and speak with us at Evergreen Park Schools Federal Credit Union today.  We are happy to help you realize all of your financial goals.

Credit Union Loan Benefits

• New & used vehicles, RVs, motorcycles, & boats
• Shared Secured Loans
• Unsecured Signature Loans
• Payday Alternative Loans
• Continuing Education Loans
• Low Rates on all Loans

Credit Union Gives Back

Each year, Evergreen Park Schools Federal Credit Union sponsors three (3) educational grants up to $1,000 per grant.  One recipient is chosen from each of the following:  Evergreen Park Community High School, District 231, Evergreen Park Elementary, District 124 and A.E.R.O. Special Education Cooperative.   Any employee of these districts may submit a proposal to apply. The proposal must include a project objective, a project description, and an explanation of how the grant money will be used to benefit the students.

Your Accounts are SAFE at EPSFCU

With the recent news about bank closings, we want to assure our members that your money is safe at Evergreen Park Schools Federal Credit Union (EPSFCU).

EPSFCU is federally insured by the National Credit Union Share Insurance Fund (“NCUSIF”).  NCUSIF is operated by the National Credit Union Association (“NCUA”). The NCUA is the federal government agency that charters and supervises federal credit unions.  NCUSIF is backed by the full faith and credit of the U.S. government, NCUSIF insures the accounts of millions of account holders in all federal credit unions.  The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts.

Your money is safe at Evergreen Park Schools Federal Credit Union.  Our NCUA audit was just completed.  EPSFCU received an excellent rating and the credit union is well funded.  Visit https://ncua.gov/files/publications/guides-manuals/NCUAHowYourAcctInsured.pdf  for more information.

Board Members/Staff

Anna Papasideris, Chairperson
Camille Dickey, Vice Chairperson
Debra Wlodarski, Secretary
Sharon Sherman-Clark, Treasurer
Jean Hector, Board Member
Robert McCarthy, Board Member
Margaret Hammer, Board Member

Co-Managers:
Kelly Carson
Judy Ottenfeld