With an on-going commitment to highly competitive compensation and benefits, SchoolsFirst FCU announced salary increases, focused on contributing to the financial well-being of their teammembers.
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Bill Cheney, President and CEO of SchoolsFirst FCU (Photo: Business Wire)
The Credit Union increased its entry-level starting salaries for all hourly positions this month. For frontline teammembers, base salaries will now start at $18 an hour and increase up to $27 an hour, depending on a teammember’s position and experience. This is well above the California minimum wage of $15 per hour (for employers of 26 or more employees). For branch teammembers, the starting hourly salary will begin at $20, with opportunities to earn up to $31 an hour.
The Credit Union will adjust salaries for current teammembers whose base salary is below the new minimums, as well as provide an opportunity for all non-executive teammembers to earn more by increasing salary ranges by 5.5%.
“It’s important to us to recognize and compensate our teammembers for the important role they play in serving our Members, and for their dedication to providing the World-Class Personal Service our Members expect and deserve,” said SchoolsFirst FCU President/CEO Bill Cheney. “As an employer of choice, we want to ensure we are compensating our team for the incredible work they do, every day, to help countless Members live better financial lives and plan for tomorrow.”
“It is an exciting time for SchoolsFirst FCU. Our Credit Union has grown and continues to grow. Thanks to our loyal Members, we experienced over 9% Membership growth last year. It is part of our Mission to help our Members thrive financially, and this investment in our team will help us ensure our teammembers thrive as well,” Cheney added.
For more information about SchoolsFirst Federal Credit Union, visit schoolsfirstfcu.org
About Schools First Federal Credit Union
SchoolsFirst FCU is the fifth largest credit union in the country. Serving school employees and their families, the organization is dedicated to providing World-Class Member Service and improving the financial lives of its Members. Today they serve more than 1.2 million Members with a full range of financial products and services — from savings and loans to investment, retirement and insurance products. SchoolsFirst FCU was founded in 1934, when 126 school employees pooled $1,200 and established a member-owned cooperative to help improve each other's lives. In 2021, the company reported nearly $27 billion in assets and remains the largest credit union in California. For more information about SchoolsFirst Federal Credit Union, visit schoolsfirstfcu.org,
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