Signal Financial Federal Credit Union — It’s a name that symbolizes our commitment to connect you with great service, outstanding rates, convenience, accessibility and forward-thinking planning for many years to come.
In 1945, shortly after the end of World War II, a small group of telephone company employees from the Washington DC area began talking about forming a credit union to provide a safe place to save and borrow money. By the summer of 1947, they had formally organized and applied for a federal charter. On September 18, 1947, the Washington Telephone Federal Credit Union (now Signal Financial FCU) was officially chartered and insured by the Federal Deposit Insurance Fund (FDIC). We are a federally-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. The NCUA insures each member savings account for $250,000 and an additional $250,000 for Individual Retirement Accounts (IRAs).
As a credit union, Signal Financial is a financial cooperative, democratically owned and operated by its members. This is what distinguishes us from other financial institutions. Members deposit their money in a variety of savings accounts, and that money, in turn, is loaned to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services. We are governed by a Board of Directors that establishes and reviews policy. The Directors are credit union members who are elected by the membership and serve without pay. Every member has one vote, regardless of how much is on deposit. At Signal, no group of shareholders profits more than anyone else. All members profit—both individually and collectively. At Signal Financial, we strive to provide quality and fairly-priced financial services for our membership.
Throughout the years, the types of financial services offered and the number of full-service branch offices have changed to keep pace with the ever-changing financial needs of our membership. To that end, on April 12, 2007, the Washington Telephone Federal Credit Union officially became "Signal Financial Federal Credit Union” to be more inclusive of the more than 150 small to medium-sized businesses who comprise our field of membership, in addition to our telephone company groups. We are proud to provide many positive benefits, including a new business services division, as a result of our name change.
Board of Directors
- Andrew Mekelburg, Chairperson
- Mary McCormick, Vice Chairperson
- Dennis Fike, Treasurer
- Deborah Cullen, Secretary
- Carl Tebell, PMP, Director
- Donna J. Hauprich, Director
- M. Eileen Booker, Director
- Michael Harris, Director
- Jonathan Morrison, Director
- Loretta Boyd, Chairperson
For Frequently Asked Questions about serving as a volunteer on the Board of Directors, click here.