The History of First Financial

Credit Unions first began during the 1800's in a small German town. Looking for a solution to the exorbitant interest rates charged by local moneylenders, Friedrich Raiffeisen, the town's mayor, persuaded the farmers and tradespeople of the area to pool their resources in order to enable themselves to borrow money back at reduced cost.

Since then, the growth of the credit union movement has been substantial. The first North American credit union was organized in 1900, and throughout the twentieth century, a variety of laws have been passed, such as the Federal Credit Union Act of 1934, to make it possible to organize credit unions throughout the U.S. Agencies such as the Credit Union National Association (CUNA) and the National Credit Union Association (NCUA) were established to aid and regulate the growing number of credit unions in this country.

Our credit union began in 1953 as TABCO Federal Credit Union. At that time, our assets were only $5.00 (contained in a cigar box). And the credit union base of operation was the home of our first president, Matthew Tress. However, TABCO soon began to grow and by the end of the first year the $5.00 had grown to $2,300. TABCO was originally created to serve Baltimore County School System employees, and the Baltimore County schools provide a substantial portion of our membership to this day.

Many changes and much expansion have occurred since 1953. Our name has changed twice, the location of our main office has been moved repeatedly, we have opened new branches and expanded the services we offer to our members. Through all these changes, our goal remains the same - to offer our membership the best financial services available. As a non-profit organization, a high level of service, rather than profits, is what we aim for. This is not to say we do not make a profit; rather, the profit that we make is given back to the credit union members (the owners of the credit union) in the form of higher dividends on savings, lower cost loans, and/or increased services. In fact, it is the credit union members themselves who determine where our profits go. As the owners of the credit union, members have an equal voice in how the credit union is run (unlike for-profit organizations such as banks where the degree of stock owned determines the owner's amount of influence in company decisions).

Since 1953, we have been able to offer many increased benefits to our membership due to our excellent financial health and growth rate. Listed below are some important milestones in our history which illustrate how we have grown in both size and level of service over the years.

1958 - By this time, our assets had grown to more than $95,000 and we needed a permanent home. An office was established at 1217 1/2 York Road, and TABCO hired its first employee. The payroll deduction service, in which members save by having money deposited directly from their paycheck to their account at the credit union, also started at this time.

1959 - TABCO membership reached 1,000 and quarterly statement mailings were instituted.

1960 - Once again, we moved to larger quarters at TABCO's Teachers Headquarters.

1962 - We reached $1,000,000 in assets and moved our location once more, this time an entire building devoted to TABCO at 211 East Joppa Road.

1964 - The Chatterbox quarterly newsletter was created.

1967 - TABCO Federal Credit Union changed its name to School Employees of Baltimore County (SEBCO) Federal Credit Union to better reflect the nature of our membership.

1969 - Our assets were over $5 million, and we had more than 6,000 members. We began paying dividends on a quarterly basis.

1972 - Our assets reached $10 million, and we moved to our current building at 1215 York Road.

1974 - We opened our first branch in Eastpoint.

1975 - We received the Thrift Award from NCUA, an award given to the top 12% of credit unions in the nation for growth.

1976 - Share draft accounts were started. We opened our second branch office in Catonsville.

1978 - Our 25th Anniversary. To celebrate, we opened two more branch offices: Catonsville Community College and Essex Community College. Our assets at this time were over $32 million.

1979 - In-house computer facilities were installed, and we began issuing VISA credit cards and offering Maryland Higher Education student loans. Our Owings Mills office was opened.

1980 - We began offering membership to retired Baltimore County School employees who had not previously become members.

1981 - Our Loyola College branch was opened. IRA accounts were made available to our members.

1982 - We merged with Londontown Federal Credit Union and opened our Eldersburg branch to serve London Fog employees.

1983 - 30th Anniversary. By this time we had nearly 21,000 members and over $48 million in assets. We started our Touch-A-Teller Audio Response system, enabling members to check balances and perform transactions from their home with the use of a touch-tone phone. Redefined family membership to include relatives no matter how distantly related. SEBCO Dimensions formed to offer insurance programs.

1984 - We began offering MOST cards to members and began work on our Lutherville office addition. Our membership base further expanded to include Franklin Square Hospital employees, the first non-educational group to join SEBCO through direct negotiations (London Fog employees having become members as the result of a merger).

1985 - Several more employee groups, including C.M. Kemp Manufacturing, Overhead Door, and George Transfer joined the credit union. Because our membership was changing to include not only employees of the Baltimore County School System but also employees of other area schools and individuals not affiliated with any educational group, we changed our name to First Financial Federal Credit Union of Maryland to better reflect the diverse composition of our current membership. At the end of 1985, we had assets of nearly $90 million and close to 26,000 members.

1986 - Owings Mills office moves to St. Thomas shopping Center. Mastercard is added. Financial planning and tax preparation workshops are added. Assets reached the 100 million mark.

1987 - We opened an office in Westminister and expanded our membership in Carroll County with new member groups Random House and City of Westminister employees. We merged with VA credit union and opened an office in the VA hospital. Golden Opportunity package and bill payer service was initiated. Share draft processing is brought in-house.

1988 - 35th Anniversary. Began new first mortgage program. Sinai Hospital, Villa Julie College and Teledyne Corporation join First Financial membership. We merged with Baltimore Federal Employees credit union opening the door for federal employees in the Baltimore metro area to join. First Financial voted "Outstanding Credit Union of the Year" by the National Association of Federal Credit Unions.

1989 - Through First Financial's support, About Time Child Care program is initiated for before and after school care for Baltimore County students. Downtown office is opened in the Fallon Federal Building and the Perry Hall office is opened in the Northview Shopping Center. New member groups include Nova Pharmaceuticals, McDonogh School, Western Maryland College and Baltimore Medical Systems.

1990 - MOST ATM enhancements allow members immediate access to their funds. An AutoDraft program is developed so that members can receive a pre-approved line of credit. New travel service added to Financial Dimensions. About Time Community Service Program expanded to include an entrepreneurial loan program. Combined VISA and Mastercard programs into one great new VISA and VISA Gold program. Welcomed two new member groups - Joseph A. Bank Clothiers and Chaselle, Inc.

1991 - Brought our VISA program in-house and developed FirstLine Visa account - one master line of credit accessed through VISA, writing a check, or using your MOST card. Installed ATM machines into each of our offices and brought card processing in-house. Relocated Eastpoint, Catonsville, and Westminister offices. Welcomed Carroll County Board of Education and Carroll County Teachers Association Federal Credit Union.

1992 - Created a new staff incentive program designed to promote individual competition as well as team goals with staff being awarded cash prizes. Conducted the "Great Go For The Gold Giveaway" promotion centered around the 1992 Olympics which ended with three lucky members being awarded trips or a cash equivalent. Developed a new VISA product with a 9.9% introductory rate for the first year, no annual fee, and a one month grace period. Joined national ATM network, Cirrus.

1993 - First Financial commemorates 40th Anniversary with celebrations and give-aways at each office. A new enhancement added to VISA credit card program whereby 1% of all purchases are donated to area child care programs. Milford Mill Academy is first recipient of this charitable program with a $66,000 grant for the initiation of an infant day care center. New phone system installed to allow members 24-hour access to interest rate information, special loan programs and direct access to specific departments and staff members.

1994 - We opened our 7th branch office located at Sinai Hospital. Through further computer enhancements, Touch-Tone-Teller Audio Response system is now menu-driven allowing no more need for service codes. The incorporation of a "Silver Dollars Club" offering various free benefits to members age 65 or older. The "cashless policy" takes effect promoting cash withdrawals through the MOST/CIRRUS ATM network and eliminating over-the-counter cash withdrawals. Increase in MOST ATM usage by membership due to promotions, incentives, policy changes, and the ability to use their ATM cards for POS (Point-of-Sale) direct debit purchases. Assets reached the $200 million mark.

1995 - Our computer mainframe receives major upgrade which means faster processing, increased availability of account information and virtually no down time. The Money Manager account was introduced for members needing higher yields on higher balances. Members received a 10% bonus dividend at year-end.

1996 - Introduced LoanLine, 24 hour loan application by phone system. For greater member convenience, we added six new lines to Touch Tone Teller. For our borrowers, an Adjustable Rate Mortgage and a PC loan program were introduced. To help children in need of health care services, First Financial donated $50,000 to Carroll County Public Schools and $206,000 to Baltimore County Public Schools. For the second consecutive year, a 10% bonus dividend was paid to our members.

1997 - The Visa Debit Card was introduced as an additional benefit to our already free checking account. For added member access and convenience, PC Teller, our PC Home Banking product was introduced. For our younger members, we began offering our Looney Tunes Savings Club for kids age 5 and over. The Owings Mills office received a 24-hour ATM. In October we awarded three trip give-aways in our Discovered Treasure Membership Campaign. Chairman J. Wesley Bone wins the NAFCU 1997 Volunteer of the Year award. First Financial donated $25,000 to Baltimore County Public Schools for a Dental Sealant Program for second and third graders. Once again, members were paid 10% bonus dividend at year end.

1998 - The new Roth and Education IRA products were added to our saving program. A new 24 Hour ATM was installed at the Lutherville office. New in lending was the implementation of a Risk Adjusted Lending Program and the introduction of a Prime Minus 1/2% Home Equity Loan product. H.R. 1151, The Credit Union Membership Access Act was signed into law. Credit unions could once again add Select Employer Groups to our fields of membership. First Financial wins Dora Maxwell Community Service award for commitment and service to community. A College Scholarship Program was introduced granting three high school seniors a $5,000 one year award. The Credit Union continued financial support of the Dental Sealant Program for Baltimore County Public Schools with another $25,000 donation. Members received year-end 10% bonus dividend for fourth consecutive year.

1999 - First Financial launched our Web Site, www.firstfinancial.org. For greater membership convenience, a partnership was formed with local car dealerships and Enterprise Used Car Sales to provide Credit Union financing on-site at these locations. The Payment First, lease-like financing alternative was introduced. The Deduct A Buck program was initiated enabling members to support the credit union cause with an annual $1 donation to Political Action Committees. First Financial developed a three year Technology Grant Program to assist Baltimore County Public Schools in placing computer equipment in the schools. An initial $100,000 commitment was made for the first year with $50,000 donations set for each of the following two years. The College Scholarship Program increased the number of awards granted from three to five for a total of $25,000 in scholarships given.

2000 - OnLine Teller, First Financial's home banking service was launched. We introduced an ATM Surcharge Rebate program to help members defray the cost of ATM usage at non-FFFCU owned machines. In an effort to enhance member service, Call Centers were implemented in our Loan and Member Services departments. To promote personal finance skills among our youth, we introduced the "You're First" student newsletter for high school students within our field of membership. The second phase of the $200,000 Technology Grant, in the amount of $50,000, was donated to 21 Baltimore County Public Schools. Lion Brothers Manufacturing, Schaefer & Strohminger Management Group and Hannah More School were added to our field of membership.

2001 - EZ-Pay, First Financial's new Internet bill payer service was introduced in February. The Credit Union gave away three personal computers in the "Get Connected" Membership Campaign. For increased member convenience, the Loan Call Center hours were expanded to 24-hours a day, 7 days a week. Our website was redesigned, in-house, to increase the speed and ease of navigation. The final phase of the $200,000 Technology Grant, in the amount of $50,000, was donated to 21 Baltimore County Public Schools. Practice Dynamics and Carroll Lutheran Village were added to our field of membership.

2002 - First Financial joined the STARsf network to increase member access to surcharge free ATMs. A cash dispenser was installed at Loyola College to improve service to our members at this select employer group. Assets reached $430 million and membership increased to 49,000. Hendersen Webb, Inc., Lifebridge Health & Fitness and Wallace Montgomery & Associates were added to our field of membership.

2003 - First Financial celebrates 50th anniversary with various promotional campaigns featuring discounted loan rates, including a 0% loan offer, cash rebates and special product offerings. The step-up share certificate is introduced. For member convenience and safety, eStatements and online check copies are made available. First Financial sponsors the American Red Cross Crime Avoidance Program for high school students and awards $30,000 in college scholarships. Cambrex Bio Science, Glen Meadows Senior Living Services, Margate, Inc. and MedStar Health affiliate with the Credit Union. Membership tops 50,000 and assets reach $500 million.

2004 - 5-Star Membership program is launched, rewarding members for multiple relationships with First Financial FCU. The credit union introduces a new logo representing the next half century of service to our membership. Members signing up for OnLine Teller and eStatements have a chance to win a new Dell Dimension 2400 Desktop computer. The first Young Adult Personal Finance seminar is held in May and an online tool, Guides to Independence, is added to our website for 24/7 access to financial information for teens and young adults. A new branch in Eldersburg is opened with a 24-hour ATM. For the convenience of the membership, First Financial affiliates with the national Allpoint Network of surcharge-free ATMs. First Financial continues our support of the community with a number of charitable donations including a $20,000 grant to the Students Sharing Coalition, $30,000 in college scholarships, $10,000 to Baltimore County Health Department's Dental Sealant Program and $42,000 to Carroll County Public Schools for health care services for children in need.

2005 – New services introduced during this year included Small Business Account and Loan services as well as College Solutions Network, a comprehensive college planning and financing tool. First Financial also added 6 month share certificates and Accel Member Financial Counseling services to our product offering. The credit union's field of membership was expanded to include Butler Medical Transport and St. Martins' Little Sisters of the Poor. Our commitment to community continued with a grant to Baltimore County Public Schools' Home & Hospital Program for the purchase of computers for students who are unable to attend school due to medical reasons and Baltimore County Public Schools for health care services for children in need. Carroll Community College also received a financial grant to support a variety of programs including First Financial FCU Child Care Fee Assistance Endowment, First Financial FCU Equipment Fund Endowment and the development of two full need-based scholarships for AAT students (Associate Arts of Teaching) for five years. During this year our financial commitment to the children in our community, including our Scholarship Program, totaled over $125,000.

2006 – A number of First Financial branches were remodeled or relocated this year to increase member privacy and provide better service. The remodeled branches included the Catonsville location, which received remote teller stations and the Westminster branch. The Dundalk branch was relocated to the Golden Ring area to better serve the membership in this region. First Financial auto loans became more convenient with the introduction of a new and improved AutoDraft. Members received greater cash access through the Coop Network providing surcharge-free ATMs at all Maryland 7-Eleven stores. A student-run branch of the Credit Union was opened at Dundalk High School. The 'Owl Branch' as it is called, was the first credit union branch to open in a Baltimore area high school, staffed by students and designed to serve the financial needs of the school's staff and student body. First Financial partnered with Calvert Hall College High School to introduce a new Cardinal Campus Card debit card program. This debit card program enables the Calvert Hall faculty, staff, and students to make purchases in their dining hall and bookstore with the purchase amount automatically debited from their First Financial checking account. Special promotions held during the year included the 'Hike' 10% APY Certificate offer for members taking advantage of credit union checking with direct deposit. First Financial participated in the Adopt-A-Classroom program by 'adopting' 10 classrooms each receiving a $500 donation. Other charitable contributions included $30,000 in college scholarships and $30,000 to the Baltimore County Department of Health for dental sealants for children in need.