iTHINK Financial (formerly known as IBMSECU) was formed in 1969 to serve the employees of

IBM International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American Multinational corporation, multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is ...

. iTHINK Financial is a state chartered, federally insured

credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...

with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout

Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...

and

Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...

and approximately 380 employees. iTHINK Financial’s headquarters are located in

Delray Beach, Florida Delray Beach is a city in Palm Beach County, Florida, United States. The population of Delray Beach as of April 1, 2020, was 66,846 according to the 2020 United States census, 2020 United States Census. Located in the Miami metropolitan area, De ...

.See NCUA's "Credit Union Data Summary & Reports" http://mapping.ncua.gov/SingleResult.aspx?ID=68663 (retrieved 10/3/2016)

History

iTHINK Financial was formed in 1969 by a group of IBM employees who each deposited 25 cents. On September 17, 1969, the credit union was chartered under the name IBM Boca Raton Employees' Federal Credit Union to serve IBM employees and retirees in South Florida. By year end, the credit union’s assets were $43,675. On November 21, 1972, IBM Boca Raton EFCU expanded its field of membership throughout the state of

and the name was changed to IBM Florida EFCU. By the end of 1972, assets were approaching $2.5 million. On October 31, 1977, IBM Florida EFCU expanded the field of membership again to include

Alabama Alabama ( ) is a U.S. state, state in the Southeastern United States, Southeastern and Deep South, Deep Southern regions of the United States. It borders Tennessee to the north, Georgia (U.S. state), Georgia to the east, Florida and the Gu ...

Mississippi Mississippi ( ) is a U.S. state, state in the Southeastern United States, Southeastern and Deep South regions of the United States. It borders Tennessee to the north, Alabama to the east, the Gulf of Mexico to the south, Louisiana to the s ...

, and

Puerto Rico ; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...

, and became IBM Southeast Employees' Federal Credit Union. By year-end, assets had grown to almost $15 million. Over the years, iTHINK Financial has opened its membership to include the state of

and also employees of many other companies besides IBM. On July 1, 2015, iTHINK Financial converted from a federally chartered credit union to a Florida state-chartered credit union and the name was changed to IBM Southeast Employees' Credit Union (IBMSECU). In 2017, iTHINK Financial acquired Mackinac Savings Bank in Boynton Beach, Florida, which added three more branches in Palm Beach County, and merged it into its own infrastructure. In 2019, iTHINK Financial acquired a second Florida-based bank, Oculina Bank, which had eight branches in the state. On March 2, 2020, the credit union rebranded to iTHINK Financial.See "IBMSECU is now iTHINK Financial Credit Union" https://www.ithinkfi.org/moving-forward (retrieved 3/2/2020) Today (when?), iTHINK Financial offers membership to people who work for or are retired from a member company, live in an approved county, worship or attend school in an approved county, or are immediate family members of/live in the same household as an existing member. iTHINK Financial currently (when?) has more than $1.5 billion in assets, 22 branches, 380 employees, and more than 95,000 members across the country.

Products and services

iTHINK Financial, like all

s, is a not-for-profit

financial institution A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial ins ...

that provides a full range of products and services to its members, including checking accounts, savings accounts, money market accounts, certificates, IRAs, business accounts,

health savings account A health savings account (HSA) is a tax advantage, tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject t ...

s, vehicle loans, first mortgages, second mortgages, credit cards, business loans, online banking, online bill paying, mobile banking, e-statements, business services, insurance, and investment services. As a not-for-profit organization, iTHINK Financial's "profits" are returned to its members in the form of lower fees, better loan rates, and higher dividends than those of other financial institutions.

Safety

iTHINK Financial is insured by the

National Credit Union Administration The National Credit Union Administration (NCUA) is an American government-backed insurer of Credit unions in the United States, credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. deposi ...

(NCUA) and is an equal housing lender. Savings at iTHINK Financial are insured to at least $250,000.See NCUA's "Share Insurance" page https://www.ncua.gov/services/Pages/share-insurance.aspx (retrieved 10/3/16)

References

External links

Official iTHINK Financial Web siteNational Credit Union AdministrationBauerFinancial, Inc. official website
{{DEFAULTSORT:Ibm Southeast Employees' Credit Union Banks established in 1969 Credit unions based in Florida Companies based in Palm Beach County, Florida Delray Beach, Florida 1969 establishments in Florida