by Pamela Way
During the Great Depression, banks were failing and people were losing money. There was virtually no lending, and putting money into uninsured savings was a risky venture. On March 23, 1938 a small group of dedicated Utica teachers banded together to form an alternative to the banks, as a way to help serve their peers’ basic savings and loan needs. Utica Teachers Federal Credit Union was born.
Over the years, the credit union grew and expanded to include all school districts in Oneida and Herkimer counties, in addition to all the local colleges and universities. Eventually we changed our name to First Source Federal Credit Union and expanded our charter to include a wider membership.
Founded as Utica Teachers Federal Credit Union, we certainly understand the value of education to the success of any community. In serving more than 25 school districts and 6 local colleges, we contribute to education in many ways. We have funded projects including a new state-of-the-art trading room and a nursing lab, given thousands of dollars in scholarships to local students, provided financial literacy materials and on-site seminars, participated in career fairs, supported music and sports boosters, sponsored events to raise money for classroom materials, and most recently partnered with CORE™ on an anti-bullying campaign.
Teachers are an extremely important part of our society and we plan to continue being their major financial institution (and yours!) This year marks our 75th Anniversary and we couldn’t be prouder of our heritage and our journey!