Our History

Education Credit Union’s History

On January 19, 1935, with the Great Depression as their backdrop, ten Amarillo teachers gathered together and formed Amarillo School Employees Credit Union (ASECU). Each founder contributed five dollars to the fledgling organization bringing initial capitalization to fifty dollars. By March 7th of the same year, the State of Texas Department of Banking issued the credit union charter #80.

Today, Education Credit Union serves over 40,000 members across 18 counties as a full-service, not-for-profit financial institution. ECU reinvests its earnings back into the credit union, offering members great dividends, competitive rates, outstanding financial products with low or no fees. Remaining true to its founding mission, ECU continues to promote financial responsibility and accessibility, supported by a legacy of dedicated board members who have passionately upheld the credit union movement.

Founders of the Credit Union

The ten founding members served as the initial Board of Directors. They were:

  1. Wayne Middleton–President
  2. R. F. Williams–Secretary-Treasurer and Manager
  3. Hugh Underwood
  4. C.C. Walden
  5. J.E. Speer
  6. T.G. Hull
  7. Mary Vivian Cecil
  8. T.H. McDonald
  9. Elizabeth Nixson
  10. I.D. Mahuron.

In 1983, the number of directors was reduced to nine to avoid voting ties. Then, in 1986, elective terms were restructured to revolving three-year terms, and ASECU adopted the Texas Standard By-Laws for state-chartered credit unions.

ECU Leadership

ECU’s early growth was shaped by its first two managers, R.F. Williams (1935-1949) and S.G. Anthony (1949-1958). Both served as part-time employees, serving members before or after school hours, conducting a “hip-pocket, shoebox” operation. Williams and Anthony breathed life into the youthful organization, and their dedication helped lay the foundation for what ECU would become.

Significant growth began in the early 1970s, when it became possible to employ full-time management. E. M. Savage (1958-1982) became ECU’s first full-time manager. Then, in 1982, Patricia M. Tomberlin (1982-1997) stepped into the role of President/Manager. Her leadership over the next 15 years helped shape ECU into the thriving, full-service financial institution it is today.

Following Tomberlin’s retirement, the board appointed Larry D. Cooper (1997-2003) as President/CEO in June 1997. Cooper brought with him 28 years of credit union experience, including 15 years as Executive Vice President. That same year, Cooper restructured the leadership team to better serve ECU’s growing membership. The new team included roles such as Vice President of Management Information Systems, Chief Financial Officer, Vice President of Marketing; Vice President of Lending; Vice President of Member Services; Collection Manager; and Teller Supervisor.

In September 1997, Gregg R. Bynum (2003-2019) joined ECU as Senior Vice President and employee training in compliance practices began in earnest.

In September 2003, Bynum was appointed President/CEO. That October, Claudia Burkett was appointed Senior Vice President. With 15 years of experience at ECU, Burkett had previously served in several roles such as Chief Technology Officer, Vice President of Information Systems, IT Manager, ACH Coordinator, Title/Vault Clerk, and Loan Receptionist.

In July 2019, the board appointed Eric L. Jenkins (2019-2022), as President/CEO. Prior to joining ECU, Jenkins was the Vice President of Operations of Georgia United Credit Union in Duluth, Georgia since 2014.

Most recently, in December 2022, Marcus Smith (2022-Present) was named President/CEO. Smith had been with ECU for 10 years prior to his promotion, serving as CFO and interim CEO. Before joining ECU, Smith was a Senior Controls Specialist where he was involved in financial audits, internal control testing, regulatory training, and compliance. Raised in Amarillo, Smith and his wife have chosen to raise their family in the community. Marcus received his bachelor’s degree in business from West Texas A&M University.

Office Space

Education Credit Union’s journey began in humble space – ASECU’s first office operated out of R.F. Williams’ Amarillo High School classroom. As membership grew, the credit union expanded to Central Junior High School (subsequently renamed Nixson Junior High School) and Wolflin Elementary School. At that time, hours of operation were limited to before and after school hours.

In 1975, the credit union purchased its first dedicated building at 119 West 15th Street, Amarillo, Texas, and extended hours of operation. At first, the credit union occupied only half of the building. The leadership at the time doubted the operation would ever need more space. However, by 1986, the building was bursting at the seams. The growth in membership, employees, and services had outpaced the space. That November, the board approved plans to build a new headquarters.

In 1987, land was acquired at 4400 W. Interstate 40, Amarillo, Texas. Construction of the new building was completed in October 1988, with a portion of the basement reserved for future expansion. ECU officially opened the I-40 branch for its first day of business on October 3, 1988. The former 15th Street building was sold shortly after in 1990.

Facility expansion continued in the 2000s. In June 2002, the I-40 drive-up was expanded to serve more members.

That October, the credit union purchased and renovated an old beauty salon in Canyon off 4th Street and turned it into a full-service branch.

In 2003, the credit union purchased land located at 6201 Hillside, Amarillo, Texas, and opened another new branch. Just three years later, in 2006, the credit union expanded the lot and constructed the Operations Center at 6203 Hillside, Amarillo, Texas. The Operations Center became home to the President/CEO, EVP, and CFO, as well as departments like Accounting, Marketing, Human Resources, and the Call Center.

The credit union continued its regional growth with the 2007 construction of a new branch in Bushland, Texas at 1801 S. FM 2381. Then, in the fall of 2012, the credit union purchased land at 5500 Plum Creek Drive, Amarillo, Texas, with the branch opening its doors on December 1, 2013. Just weeks later, the credit union purchased land at 3615 SW 45th, Amarillo, Texas. The 45th branch, drive-up included, opened for business in January 2015 and housed IS, Call Center, DSS, and Collections. Each of these branches were strategically placed to serve vital areas of our community.

Innovation took center stage in August 2022, when ECU opened the doors to the first-of-its-kind student-run branch within AISD’s AmTech Career Academy at 3601 Plains Blvd., Amarillo, Texas. Aside from a few ECU Management positions, this full-service branch is run by AISD student interns who receive extensive training, great pay, and first-hand career experience.

In October 2022, ECU opened a second Canyon branch, located at 1900 FM 2590 (near the corner of VFW Road and Hunsley Road), designed to serve the growing population in that area.

In March 2023, the original 4th Street Canyon Branch re-opened as the newly re-branded ECU Buff $mart Branch. ECU partnered with West Texas A&M University and the WT ECU Buff $mart Program to accomplish this WT student-led, full-service branch. Staffed by WTAMU student interns working alongside ECU management, the branch helps students gain hands-on banking experience and community engagement opportunities.

In May 2023, ECU officially expanded services to our friends and neighbors in Borger and Stinnett, Texas. As a result of a partnership between H&H Federal Credit Union and ECU, we combined efforts, talents, and visions to serve an even greater portion of our beloved Panhandle. Both branches serve as full-service branches and are conveniently located within the communities. The Borger Branch is located at 500 W. Grand St., Borger, Texas and the Stinnett Branch is located at 102 N. Main St., Stinnett, Texas.

Finally, in August 2024, the credit union opened the Badger $mart Branch located at 512 SW 22nd Ave. on the Amarillo College Washington Street Campus – our easternmost branch in Amarillo. Inspired by the success of the Buff $mart Branch in Canyon, this location combines full-service financial support with student-focused hiring. Amarillo College students are hired each semester to work alongside ECU management, offering member service, product knowledge, and even free financial coaching.

Field of Membership

Education Credit Union began with a simple mission: to serve employees of Amarillo College and the Amarillo and Canyon Public School Districts. Over the years, that mission has grown, along with the credit union itself.

Shortly after opening, children of current members were welcomed into the field of membership. Before the renewal of its fifty-year charter on March 7, 1985, ECU had already extended its membership to include employees of all public, private, and parochial schools, colleges, and universities. That same year, retired teachers and spouses of deceased members were also included.

In December 1986, the board further expanded eligibility to include blood and legal relatives of members. The following year, employees from Opportunity Plan Inc. and Texas Tech University Health Science Center were added. Then, in 1988, the board of directors adopted Option Four of the bylaws, giving ECU the ability to include small employee groups within ten miles of the credit union’s headquarters. High Plains Dermatology Center and Panhandle Alcoholic Recovery Center joined under this option in 1989.

A major milestone came in 1997, when the credit union changed its name from Amarillo School Employees Credit Union to The Education Credit Union (ECU) to reflect a broader, more inclusive field of membership. In July of that same year, ECU’s expanded eligibility to include currently enrolled students of higher learning.

In 2001, ECU’s membership base grew again to include:

  • All employees of all public, private, and parochial schools, colleges, and universities
  • Homeschoolers and certified daycare workers
  • All currently enrolled students of higher learning in Potter, Randall, Armstrong, Carson, Donley, and Oldham counties
  • Blood and legal relatives of those employees and students

In January 2004, the merger with THD District 4 Credit Union welcomed 404 new members to ECU. Then, just a year later, ECU expanded its field of membership to include the AISD PTA Council, the WTAMU Alumni Association, and school employees in Dallam, Deaf Smith, Donley, Gray, Hansford, Hartley, Hemphill, Hutchison, Lipscomb, Moore, Ochiltree, Roberts, and Sherman counties in the Texas Panhandle.

In 2010, the board expanded its charter to serve any person living, working, or attending church, or school within 10 miles of the Canyon or Bushland branches. Eligibility was also extended to any student enrolled in school within the top sixteen counties where ECU served. In April 2012, the field of membership broadened again to serve any person living, working, or attending church or school within 10 miles of the Hillside and I-40 branches.

The final branding update came on July 1st, 2013, when “The” was officially dropped from the name – changing from The Education Credit Union to simply Education Credit Union.

From the original membership of ten members, ECU has grown to proudly serve over 40,000+ members across the Texas Panhandle. Today, any person who lives, works, worships, or attends schools within 10 miles of any of ECU’s 11 locations is eligible to join. To learn more about becoming a member, click here.

Assets

The credit union has grown steadily throughout its history. From original assets of fifty dollars, the credit union grew to $1 million by 1968. Take a look at ECU’s asset growth in the last 20 years:

  • 2003 $95,600,000.00
  • 2008 $132,500,000.00
  • 2013 $206,784,000.00
  • 2018 $258,385,000.00
  • 2023 $477,792,600.00

Services

In the beginning, the credit union offered traditional saving accounts and loans. As the credit union progressed, so did related services. ECU products now include checking accounts, health savings accounts, youth savings accounts, debit and credit cards, personal loans, auto loans, mortgage and home equity loans IRAs, CDs, and money market accounts. ECU cares deeply about the financial wellness of its membership, too. ECU offers free financial counseling in English and Spanish to help members navigate budgeting, debt management, and long-term planning. Plus, our financial education podcast, The Core, delivers expert insights to support members at every stage of their financial journey.

With ECU, members can enjoy convenient and secure access to their money through our free mobile app. Members also have access to over 67,000 surcharge-free ATMs nationwide, as well as the peace of mind that comes with deposits insured by both the NCUA and ESI.

Technology

For the better part of its first four decades, the credit union processed data manually, first with ledger cards, and then a posting machine and calculators. ECU currently utilizes Fiserv’s XP2 processing platform.

Over time ECUs technology has continued to evolve. Technology offered to our members includes:

  • Website
  • Touchtone Teller
  • Online Banking
  • Bill Payment
  • Mobile Banking
  • Text Banking
  • iPhone & iPad Application
  • Android Application
  • Tablet Application
  • Realtime Mobile Deposit Capture
  • Electronic Loan Applications
  • Electronic Account Opening
  • eSignature Loan Documents

Conclusion

Education Credit Union has remained resilient through changing times, thanks to the steady leadership of its management, staff and board. Their dedication has shaped ECU into a strong, trusted financial institution committed to its members, building a legacy of trust, service, and financial empowerment. As we move forward, ECU remains devoted to its core mission: delivering exceptional service guided by the philosophy of “People Helping People”. Being an ECU member means more than just banking – it means joining a community that puts people over profits. From great rates to personalized service, ECU is here to help you thrive.