A Credit Union that Works for You
In today’s financial landscape, choosing the right financial institution is crucial to achieving long-term stability and success. CEFCU is a trusted, member-owned financial institution that puts people first, offering competitive rates, comprehensive services, and a strong commitment to the community.
Member-Owned, People-Focused
Unlike other financial institutions that operate for profit, CEFCU is a not-for-profit Credit Union. That means earnings are returned to members through lower loan rates, higher savings yields, and fewer fees. When you are a CEFCU member, you’re not just a customer — you’re an owner with a say in how the Credit Union operates.
And when CEFCU does well, it gives back to its member/owners. While it’s not guaranteed every year, CEFCU in 2024 authorized a $55 million Extraordinary Dividend to member/owners — a new record as the largest Extraordinary Dividend in CEFCU’s history. That brings the total to over $500 million returned since 2000. That’s money back into the pockets of borrowers, savers — and now CEFCU Debit Mastercard® transactors! — who helped CEFCU stay strong and vibrant even through challenging times.
The Beginning. A cigar box?
To put it simply, CEFCU started in 1937 with an idea and a cigar box. Yes, that’s right — a cigar box. It was the Great Depression, and many people at that time struggled to secure affordable bank loans. So, a group of Caterpillar, Inc. coworkers hatched a plan to pool together what money they had in a cigar box to lend to other employees.
The coworkers established a credit union on May 11, 1937, called the Caterpillar Employees Credit Union. They operated out of the Caterpillar East Peoria cafeteria using the cigar box. For a $5 deposit, CAT workers could become members of the new credit union. The concept: one member’s savings would be used to help another member who needed a loan. At that time, maximum share balance was $150 and loan limits were $150 secured and $50 unsecured.
Yet the idea was simple — members helping members — and helping one another grow. This concept is still alive and thriving today.
Evolution
CEFCU has come a long way from its humble roots. The Credit Union eventually separated from Caterpillar and adopted the name “Citizens Equity First Credit Union” — which is what it is known as today — to more accurately reflect membership eligibility.
Over the years, CEFCU has expanded and grown to become one of the leading full-service credit unions in Illinois and nationwide, recently earning top credit union in Illinois accolades from Forbes and a 5-Star Rating from BauerFinancial.
Currently, the Credit Union has approximately $7.9 billion in total assets, over 400,000 members, and operates Member Centers throughout 32 counties in Illinois, as well as seven Member Center locations in the California Bay Area.
CEFCU’s Mission, Community Involvement
So, what is the CEFCU difference? It’s simple:
- Members come first.
- There are no outside investors — those who borrow and save with CEFCU are the owners.
- CEFCU invests in the communities it serves, supporting thousands of charitable, civic, and non-profit organizations that make a positive impact in the community.
CEFCU’s mission statement is to “Understand members’ individual needs and provide quality service and products to improve their financial well-being.” No matter where you are in your life or financial journey, CEFCU can meet all of your financial needs.
Products and Services
CEFCU offers a full range of financial products and services, including:
And did you know? They also offer insurance! CEFCU Insurance Services, Inc., was created in 2024 to help members receive the savings they deserve on insurance. Members can save on home, auto, renters, business/commercial, pet insurance, and more! Learn more by visiting cefcu.com/insurance.
Their Members Say it Best…
With over 88 years of service and a reputation for financial stability, CEFCU has earned the trust of hundreds of thousands of members. Let’s hear it from them…
Looking ahead
As technology rapidly evolves, CEFCU continues to respond, to help members enjoy an even better experience and value as their needs continue to grow and change.
Here’s what to expect:
- Product Expansion: they are constantly exploring new products and services to meet members’ evolving financial needs.
- Continued Innovation: the Credit Union invests in technology that empowers members to manage their finances with ease.
- Member Education: Financial literacy remains a top priority. CEFCU offers educational resources and workshops, such as the SeniorCents Fraud Education and Prevention seminars, and other financial educational tools, to empower members to make informed financial decisions.
People helping people. CEFCU is a community where people from all walks of life come together, as borrowers and savers, to help each other.
In the last eight decades, their focus of putting member/owners first, to grow their financial well-being, has shaped it into what it is today — Not a Bank. Better®.
Want to become a member?
Join the CEFCU family today and start experiencing the rewards of membership! Just visit cefcu.com/join. To learn more, visit cefcu.com.
Insured by NCUA
