News Releases | May 6, 2016

UFCU Celebrates Serving The Austin and Galveston Communities for 80 Years

Austin, TEXAS, May 6, 2016 – The largest credit union based in Austin, University Federal Credit Union (UFCU), will celebrate the 80th anniversary of its formation this month after growing to more than $2 billion in total assets and 204,000 member-owners of the cooperative.

UFCU: 1936-2016

On May 6, 1936, twelve University of Texas at Austin faculty and staff members gathered at an organizational meeting to sign the charter for a new credit union, known then and today as University Federal Credit Union to serve the interests of them and other faculty and staff members. Eight days later, an organizational certificate was issued establishing UFCU, and the cooperative opened for business from a director’s office desk with 30 members and $855 in deposits. Ten years later, UFCU moved to its first permanent location in M Hall on UT’s campus.

By 1954, membership exceeded 1,000 and a first paid manager was employed. Assets first reached $1 million in 1961, UFCU relocated off campus in late 1966, and long-time president E. Burton Eubanks was hired as general manager in 1975.  In 1982, UFCU merged with Medical Branch Credit Union in Galveston, thereby providing service to UT faculty, staff and students at the medical school on the island.

Current UFCU President/CEO Tony Budet was appointed in 2000; he has led the organization as it has steadily grown to more than 600 staff members, total asset exceeding $2 billion, and member-owners numbering more than 204,000. Additionally, UFCU expanded its financial center network (branches) throughout the Austin and Galveston areas, while also developing a broad array of ATM, online, mobile, phone and shared branch resources.

Through all the growth, the focus of leadership has been on providing first-class responsive services to members, whatever their needs.

As Budet has noted, “We want to align our resources with the growing educational community and support people with excellent care and quality services for all the years to come.”

About UFCU

Exceeding $2 billion in assets, UFCU serves over 204,000 members in Central Texas and Galveston County. UFCU provides a variety of products, services and education programs to meet your needs through all phases of your life. To learn more about UFCU’s products and services, including low rate auto loans, visit www.ufcu.org.