Tarrant County's Credit Union

History

In 1955, thirteen Tarrant County employees came together with a shared vision for positive change, in response to the prevalent predatory lending conducted by loan sharks in the downtown area that was financially draining the working-class county employees of the time. They sought to create a credit union that would offer a more affordable and cooperative alternative for saving and borrowing. After securing a state charter in Texas, Credit Union #467 began operations in a modest office in the uppermost section of the historic 1895 Tarrant County Courthouse. On December 6, 1955, founding member W. B. Gurley opened the first share account, with a par share value of $5 and a membership fee of twenty-five cents.

Over the following decades, the credit union remained dedicated to maintaining affordable interest rates and offering savings rates at or above market levels, ensuring maximum value for its members. The Department of Banking conducted its first official examination in October 1956, revealing assets of $14,908.35, net income of $261.31, and 131 members. By 1960, the credit union had hired its first office manager with a starting salary of $100 per month. For over a decade, the operation was run by a single person, until 1972, when a part-time employee was added. Manual entries continued until January 1972, when the credit union purchased an LC5000 Burroughs computer. In 1979, the credit union expanded its membership base by adding its first Separate Employee Group (SEG), the employees of the Tarrant County Water Control District. In 1983, the credit union acquired its first in-house computer system. Three years later, in 1986, credit union relocated from the old courthouse to the third floor of the new County Administration Building. By 1989, our financials showed $14 million in assets and over 3,400 members. In the early 1990s, the credit union employed 8 staff members and moved its office to new quarters on the second floor of the County Admin. Building. Over time, the credit union enhanced its services by introducing checking accounts, credit cards, holiday and vacation club accounts, certificates of deposit, a scholarship program, a full suite of electronic services, shared branching and ATMs, and various new loan options. In 2002 and again in 2014, we updated our name to better reflect our broadened field of membership, which now includes all individuals who live, work, worship, attend school, or own a business in Tarrant County, as well as multiple SEG groups added over time. In 2009, we merged with Workforce Credit Union, welcoming their members into our fold. Despite challenges such as Y2K, the sub-prime mortgage crisis, and COVID-19, we have continued to demonstrate resilience and progress. Investing in our staff has been central to our success, with initiatives like CUNA Management School and other staff development programs playing a key role in our growth.

Today, we serve over 11,000 members and manage assets totaling $120 million. Our services are available through four branch locations across the Metroplex, in addition to a robust digital platform, supported by a dedicated team of 41 staff members and guided by a supportive and engaged Board of Directors. Lily Newfarmer has served as President & CEO since 2001, following
the leadership of 3 predecessors. As we plan for the future, we recognize that the need for an affordable and safe place to borrow and save is as crucial now as it was in 1955. We are inspired by a renewed commitment to support those in Tarrant County who are underserved and financially disadvantaged, just as we care for our current members. Additionally, we are exploring ways to better serve individuals who, in addition to facing financial challenges, struggle with English as a second language. We will also continue to seek to elevate, empower and enrich our staff and members, and to set and fulfill goals to keep Tarrant County’s Credit Union alive and well into the next century.