Illinois Educators Credit Union

What Illinois Educators Credit Union does

Illinois Educators Credit Union (IECU) is a member-owned, not-for-profit financial cooperative founded in February 1938 in Springfield, Illinois, originally as Springfield Teachers Credit Union by thirteen local teachers. The institution serves educators, school staff, students, and alumni across Sangamon County and nine surrounding counties in central Illinois, with membership also extended to employees of Horace Mann Companies and the Illinois Education Association, and to immediate family members of current members. Its core business is community banking: it accepts deposits (savings, checking, certificates of deposit), originates consumer loans (auto, personal, lines of credit, VISA credit cards), and distributes mortgages via a partnership with Member First Mortgage; HELOC products are offered to Illinois residents only. The cooperative returns profits to members through lower loan rates, higher savings rates, and no monthly checking fees, and supports its mission through community programs including Education Grants and the Teacher of the Month award.

IECU's operating model relies on a hybrid physical-and-digital delivery architecture. The single headquarters branch at 3101 Montvale Drive, Springfield, IL is supplemented by a 24-hour telephone banking line, a nationwide Co-Op shared branching and ATM network, and a digital banking platform powered by Fiserv that supports web banking, iOS/Android mobile apps with mobile check deposit, digital wallets (Apple Pay, Google Pay, Samsung Pay), Zelle for peer-to-peer payments, CardValet for card management, and Credit Sense for credit monitoring via TransUnion's VantageScore 3.0. Technology and distribution partnerships, including Member First Mortgage (mortgage origination), TruStage and CMFG Life (insurance), Federal Home Loan Bank of Chicago (down payment assistance), and Fiserv (core banking), extend the institution's product surface well beyond its internal 11-50 person headcount.

Revenue is generated primarily through interest income on loans and deposits, transaction-based fees (overdraft fees, Skip-a-Pay fees of $25 per loan per month, and account service charges), and commission revenue from TruStage insurance referrals. The credit union is federally insured by the NCUA up to $250,000 per account holder, is registered with NMLS (#807421), and operates under a charter administered by the Illinois Department of Financial and Professional Regulation. Marketing is community-led: word-of-mouth via a $25 Refer-a-Friend bonus, content marketing through financial literacy blogs and social channels, and direct engagement with schools through grants and teacher recognition.

Name

Illinois Educators Credit Union

Legal name

Illinois Educators Credit Union

Website

https://iecumember.org

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

11–50 employees

Short description

Illinois Educators Credit Union is a member-owned, not-for-profit financial cooperative founded in 1938 that provides savings, checking, loans, and mortgages to educators, school staff, students, and alumni across central Illinois.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213)

SIC

Savings Institutions, Not Federally Chartered (6036), Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Credit & Debt Management (Credit Scores, Loans, Repayment) (EDAAAJAC), Education Line of Credit (Education LOC) (FSAKAEAH)

Keywords

• Credit union services
• Consumer lending
• Savings accounts
• Mortgage lending
• Retail banking

Headquarters

HQ city

Springfield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Loan Interest Income: Interest earned on various loan products including auto loans, mortgages, personal loans, lines of credit, VISA credit cards, and home equity lines of credit. As a not-for-profit credit union, interest income is returned to members through better rates.
2. Fee Income: Various fees including overdraft fees, Skip-a-Pay processing fees ($25 per loan per month), and other service charges. Fee schedule available in disclosures.
3. TruStage Insurance Products: Commission revenue from TruStage AD&D insurance and Auto & Home insurance products offered to members through partnership with TruStage Insurance Agency and CMFG Life Insurance Company

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Illinois Educators Credit Union is a member-owned, not-for-profit financial cooperative that provides educators and school staff in Illinois with retail banking products including savings and checking accounts, certificates of deposit, auto loans, mortgages, home equity lines of credit, personal loans, lines of credit, and VISA credit cards. The credit union also offers digital banking via a Fiserv-powered web platform and mobile app, TruStage insurance products through partnership, and community programs such as Education Grants and Teacher of the Month awards.

Product overview

Illinois Educators Credit Union offers a comprehensive suite of financial products and services through a unified banking platform. Core offerings include savings and checking accounts, with investment products like the Birthday CD; loan products spanning auto loans, mortgages (via Member First Mortgage partnership), Home Equity Lines of Credit, VISA credit cards, personal loans, and lines of credit; and business accounts. Digital services are delivered through Online Banking, Mobile Banking/Mobile App, Digital Wallet (Apple Pay, Google Pay, Samsung Pay), Online Bill Pay, Direct Deposit/ACH, Telephone Banking, and Message Pay. Member resources include Credit Sense (credit monitoring), Financial Calculators, Fraud Protection, and membership benefits like Silver Dollar Seniors for members 67+. Community programs include Education Grants and Teacher of the Month awards. The credit union also offers TruStage insurance products through partnership.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Account Basic savings account with competitive rates for accumulating funds; $5 minimum deposit to establish IECU membership.
• Checking Account No-monthly-fee checking account with MasterCard debit card access, overdraft protection options, and E-statements.
• Investments (Certificates of Deposit) Certificate of Deposit products including a Birthday CD with special promotional rates.
• Auto Loans Competitive financing for new and used vehicles, motorcycles, RVs, and other automotive purchases.
• Mortgages Home purchase and refinancing loans offered through Member First Mortgage partnership, including the Downpayment Plus program with up to $6,000 in assistance.
• Home Equity Line of Credit (HELOC) Revolving credit line using home equity with a 5-year draw period and 15-year repayment period, available to Illinois residents only.
• VISA Credit Cards Credit card with cash back rewards on groceries, gas, and dining; no annual fees and includes purchase protection.
• Personal Loans Unsecured loans for various purposes including vacations and unexpected expenses, with flexible terms and fixed rates.
• Lines of Credit Revolving credit line functioning like a credit card without the physical card, also used for overdraft protection.
• Business Accounts Checking and savings accounts designed for business members with business forms and documentation support.
• Member Direct Financing Financing programs for educational and professional needs of members.
• TruStage Insurance Partner insurance products including Accidental Death & Dismemberment (AD&D) coverage ($1,000 no-cost) and Auto & Home insurance program.
• Online Banking Web-based account access for viewing balances, transactions, transfers, and bill payment; powered by Fiserv.
• Mobile Banking App (IECU Mobile App) Smartphone application for account access, mobile check deposit via photo, ATM finder, and account management; available on iOS and Android.
• Online Bill Pay Electronic bill payment service for scheduling and managing recurring payments.
• Telephone Banking 24-hour audio response system for account access via phone at 800-310-9396.

Quantifiable outcome

• Members receive lower loan rates and higher savings rates than typical bank offerings due to not-for-profit structure
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Member First MortgagecoreChannel Partner/ Reseller/ DistributorPartnership with Member First Mortgage for mortgage origination services. NMLS ID #807421. Provides home purchase, refinancing, and mortgage solutions to IECU members through the credit union's platform.
• TruStage InsurancecoreGTM or Marketing PartnerTruStage Insurance Agency and CMFG Life Insurance Company provide AD&D insurance and Auto & Home insurance products exclusively for credit union members. $1,000 no-cost AD&D coverage offered to members.
• FiservcoreTechnology or IntegrationTechnology partner powering the mobile banking app and online banking platform. Provides digital banking infrastructure including account access, transfers, bill pay, and mobile check deposits.
• Co-Op Credit UnionscoreTechnology or IntegrationCo-Op Network partnership providing access to shared branches and free ATMs nationwide. Enables members to conduct transactions at thousands of locations across the country.
• Federal Home Loan Bank of ChicagominorStrategic or Co-development PartnerProvides Downpayment Plus Program offering up to $6,000 in down payment and closing cost assistance to eligible home buyers through IECU.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Alliant Credit Union: Large US digital-first credit union serving educators and other affinity groups nationwide with competitive deposit and loan rates — a scaled version of IECU's value proposition targeting the same member archetype.
• Digital Federal Credit Union (DCU): Digital-forward credit union with strong ties to the education and technology workforce, offering deposit, lending, and digital banking — comparable to IECU in member-centric model and digital channel emphasis.
• SchoolsFirst Federal Credit Union: One of the largest US credit unions serving school employees and educators, with similar mission-driven positioning, education-focused community programs, and full banking services — a larger but functionally analogous peer.
• MidAmerica Federal Credit Union: Federal credit union serving central Illinois with consumer and mortgage products, providing a regional comparable for IECU's geographic and product footprint.
• CEFCU (Citizens Equity First Credit Union): Illinois-headquartered credit union offering a comparable full suite of consumer deposit, loan, and mortgage products to a defined membership field — overlapping geography and product mix with IECU.
• University of Illinois Community Credit Union (UICU): Illinois-based credit union serving the University of Illinois community with deposit and loan products — overlaps directly with IECU's student and educator segments in the same state.
• Educators Credit Union: Wisconsin-based credit union serving educators and school employees with a similar member-owned cooperative model, deposit and loan products, and education-focused community programs — a direct functional and segmental analog to IECU.

Broad incumbents

• Discover Financial Services: Major US credit card issuer and direct bank offering rewards credit cards and cash-back products — overlaps with IECU's VISA credit card offering and competes for the same educator household wallet.
• JPMorgan Chase: National bank with deep presence in Illinois offering consumer deposits, mortgages, credit cards, and digital banking — competes with IECU for educator household banking relationships at scale.

Others

• TruStage (CMFG Life Insurance Company): Insurance partner serving credit unions and their members — already a distribution partner to IECU and comparable ecosystem participant aligned with the credit union channel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IECUCREDITUNION
• YouTubeyoutube.com/channel/UCXOnQYj4HwvWlSJNMOla4Cg
• Facebookfacebook.com/IllinoisEducatorsCU
• LinkedInlinkedin.com/company/18347446
• Instagraminstagram.com/illinoiseducatorscu

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois Educators Credit Union