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About Us

The History of Educators Credit Union

In 1938, ten teachers pooled $60 to form Educators Credit Union. In the beginning, the credit union was named McLennan County Teachers Federal Credit Union, but was later changed to Educators Credit Union.

ECU membership is open to anyone who lives, works, worships or attends school in McLennan, Bosque, Falls, Hill, Coryell, Lampasas, Bell, Hamilton or Limestone counties. The education community is the foundation of our membership, but in 2005 we expanded our membership to include everyone in the community, no matter their profession.

Today, ECU is the largest credit union in Central Texas, with more than 28,000 members and over $500 million in assets. It is our goal to meet the financial needs of our members. We offer a wide variety of services at competitive rates and have seven convenient locations to serve you.

Balance Sheet

September 2021 balance sheet

Community Involvement

Educators Credit Union employees contribute their time and energy to many community organizations.

Our staff volunteers and/or raises funds for the following organizations:

American Cancer Society’s Relay for Life
Children’s Miracle Network
ARC of McLennan County
McLennan County Pack of Hope

Notice of Availability of Documents

ECU will provide information on the following documents upon *request:

  • A summary of the most recent annual audit;
  • The most recent statement of financial condition;
  • IRS Form 990 report; Articles of Incorporation; and
  • ECU Bylaws and Rules

*Request must be made in person, by a member of legal age, at ECU’s main office located at 501 W State Hwy 6, Waco TX.

Educators Credit Union Senior Management Staff

William Palasota – CEO
Sharon Schroeder – VP of Accounting
Monica Krenek – VP of Lending

Educators Credit Union Board of Directors

Name Term
Jo Ann Brown, Board Chairman 3-2024
Al Pollard, Board Vice Chairman 3-2022
Hazel Rowe, Board Secretary 3-2024
Stan Mitchell 3-2022
Ben Selman 3-2022
Angelo Ochoa 3-2022
Connie Wedemeyer 3-2022

Complaint Notice

If you have a problem with the services provided by this credit union, please contact us at:

Educators Credit Union
PO Box 20728
Waco, TX 76702

The credit union is incorporated under the laws of the State of Texas and under state law is subject to regulatory oversight by the Texas Credit Union Department. If any dispute is not resolved to your satisfaction, you may file a complaint against the credit union by contacting the Texas Credit Union Department through one of the means indicated below:

In person or by US mail:

Texas Credit Union Department
914 East Anderson Ln
Austin, TX 78752-1699

Telephone:  (512) 837-9236
Fax:            (512) 832-0278
Email: complaints@cud.texas.gov
Website: www.cud.texas.gov