In 1937, the aerospace industry was looking to protect its workers from skyrocketing interest rates. So eight North American Aviation employees pooled their money to start a credit union called North American Aviation Employees Federal Credit Union. There were no paid employees, limited loan and deposit accounts, and little capital. Nonetheless, the idea took root and membership grew by about 200 people a month and assets grew from $5,000 in 1937 to over $20,000 by 1940.
North American Aviation employees were able to join the credit union with 25-cents and a $5 savings deposit. In 1942, the credit union hired its first full-time employee for $200 a month. Daily deposit boxes were set up at each of North American Aviation’s plants. Members deposited their money in the box in the morning, and picked up their change and receipts in the evening. The credit union opened branches in Inglewood, Long Beach, Altadena, Canoga Park and Downey.
As a result of the merger of Rockwell-Standard and North American Aviation, the credit union changed its name to NR Employees Federal Credit Union and then to Rockwell Federal Credit Union in response to additional mergers in the aerospace industry.
A credit card program was launched in 1978, and the credit union was the first in the country to offer its own Visa cards picturing Rockwell’s space shuttle and the B-17 bomber. Visa liked the idea and featured the credit union in its publications.
Today, what has become Financial Partners Credit Union, is now one of the largest credit unions in the Los Angeles area with over $800 million in assets and serves over 50,000 members. Headquartered in Downey, the credit union has full-service branches in Brea, Downey, Huntington Beach, Orange and Woodland Hills.
Hear It Here First
Read the latest news and media coverage about FPCU here. We update this page regularly, so check back often.
4 Things You May Not Know About Loans, NerdWallet.com, August 2013
5 Questions: Nader Moghaddam, Downey Patriot, August 2013
Saving Money for Your Own Royal Baby, NerdWallet.com, July 2013
Banks Evolve Away from Teller, Vaults, Orange County Register, July 2013
Financial Partners Recently Donated More Than $12,000 to Local Hospitals, July 2013
Why One Consumer Chose Financial Partners CU Over Another Financial Institution, May 2013
1st 'Smart' Branch So Successful, 2nd One Is Planned, May 2013
The Branch That Knows Your Name, CreditUnions.com, April 2013
Investment in Mortgage Production Pays Off at 1 CU, Credit Union Journal, January 2011
After Treading Rough Waters, Calif. CEO Voices Optimism, Credit Union Times, October 2010
California’s Financial Partners Merges Santa Fe Springs CU, Credit Union Times, October 2010
Financial Partners Credit Union: Executing the Plan, American Executive, January 2010
$5,000 Presented in Scholarships to Five Local Students, June 2013
Grand Opening of the New Med. Plaza "Paperless" Branch, April 26, 2013
FPCU Celebrates 75th Year, Remembers S.T. McCloy, February 18, 2013
FPCU Donates $5,000 to BALC, November 8, 2012
Back-to-School for Financial Partners Reloadable Debit Cards, August 28, 2012
Special Blood Machine donation deepens its commitment to helping the community, August 28, 2012
Celebration At the Columbia Memorial Space Center, August 24, 2012
Financial Partners CU Announces Innovation Scholarship at Columbia Memorial Space Center Reception, August 10, 2012
‘Great Balls of Fire’ Exhibit at Columbia Memorial Space Center, June 22, 2012