iTHINK Financial (formerly known as IBMSECU) was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

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 state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, a ...

and

Georgia Georgia most commonly refers to: * Georgia (country), a country in the Caucasus region of Eurasia * Georgia (U.S. state), a state in the Southeast United States Georgia may also refer to: Places Historical states and entities * Related to t ...

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. Located 52 miles (83 kilometers) north of Miami, Delray Beach is in the ...

.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 (We dare defend our rights) , anthem = " Alabama" , image_map = Alabama in United States.svg , seat = Montgomery , LargestCity = Huntsville , LargestCounty = Baldwin County , LargestMetro = Greater Birmingham , area_total_km2 = 135,7 ...

Mississippi Mississippi () is a state in the Southeastern region of the United States, bordered to the north by Tennessee; to the east by Alabama; to the south by the Gulf of Mexico; to the southwest by Louisiana; and to the northwest by Arkansas. Mis ...

, and

Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated ...

, 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 Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...

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-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 to federal in ...

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 a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal ...

(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