All locations will be closed Monday, July 4th, for Independence Day. You can still access your accounts anytime, anywhere through our secure Online Banking and Mobile Banking App.
For a list of our shared services branches that will be open, CLICK HERE.
In 1946, eight employees from the Civil Aeronautics Administration (CAA) joined together to form a credit union to serve the employees in Oklahoma City. The Civil Aeronautics Administration Employees Credit Union was primarily formed, as many credit unions are, to help the group with their financial needs.
In the 1950s, the CAA underwent a name change to the Federal Aviation Agency (FAA), which caused the credit union to follow suit and change its name to Federal Aviation Agency Employees Credit Union (FAAECU). The credit union's first full-time employee was hired.
In the 1960s, the FAA changed its name to Federal Aviation Administration. The credit union followed suit, replacing "Agency" with "Administration." The credit union saw growth in the sixties, and two more full-time employees were hired. During this time, the membership field was expanded to include immediate family members.
In the 1970s, credit union regulations changed, allowing credit unions to offer shared draft accounts (checking accounts) to members. This regulatory change boosted AAECU’s growth dramatically. In addition, FAAECU began offering real estate loans. High demand for real estate loans led to a credit union loan/share ratio of 90%.
The "oil bust" in the 1980s proved to be a rough decade for the Oklahoma economy. Many financial institutions were forced to consolidate and close. FAAECU was no exception, as two branches closed during the 80s. With the offering of credit cards, lines of credit, and the installation of ATMs, FAAECU grew during this tough economic time. The field of membership continued to expand, but this time it would include FAA students.
In 1995 the Alfred P. Murrah federal building in Oklahoma City was attacked and destroyed. The tragic event increased security at many federal agencies, including the FAA at the Mike Monroney Aeronautical Center (MMAC). The credit union's main building, located at MMAC, was subject to extremely high-security measures. This placed increased pressure on the surrounding branches to serve the membership. Banking technology became more prevalent, and debit cards and online banking were implemented. In addition, the credit union celebrated its 50th anniversary and reached $200 million in assets.
In 2001 FAAECU expands membership by changing to a community field of membership charter. This allowed anyone qualified in the six-county radius around the Oklahoma City metro to become a member, which furthered credit union growth. In 2004 the Credit Union changed its name from FAA Employees Credit Union to FAA Credit Union “FAACU”. In 2005, the credit union opened its fourth branch in Mustang, Oklahoma and business lending was introduced, resulting in more than $20 million in business loans in the first five years. FAACU continued growing and reached $300 million in assets and 30,000 members.
Two counties were added to the field of membership, bringing our service area to eight counties. In 2006, the credit union opened three additional branches, including one in the Capitol Hill area, to serve the Hispanic community. Branches also opened in Norman and Edmond. In 2008, the market crashed, which strained credit markets throughout the nation. Oklahoma was somewhat insulated because home prices were not as inflated as in the rest of the country. The credit union reached $400 million in assets and 40,000 members.
The mortgage crisis still affected the local and national economies, causing rates to be extremely low. This was a great lending market and led to consumer loan growth of almost 103% and real estate loan growth exceeding 25%. At this time, the credit union focused on helping members improve their credit scores. The credit union adopted a new mantra: Serve. Empower. Enrich. This mantra was put to the test when the federal government had budget cuts which caused thousands of federal employees to be furloughed for as long as six weeks. The credit union introduced a furlough loan to help members affected by the furlough, including thousands at MMAC. Lending slowly returned to previous production levels to help aid growth. The credit union implemented a new customer relationship management system. Staff could follow up on leads more effectively, which helped the credit union experience more positive loan growth. FAACU also introduced a completely new online banking platform. Assets reached $580 million, and membership grew to 50,000.
In 2019, two additional branches opened, and in late 2019, the credit union expanded further by adding an operations center to better serve its members. In 2020 during the heart of the pandemic, True Sky funded more PPP loans than any other financial institution in Oklahoma from a quantity metric, made outbound wellness calls to our membership, offered services when needed, and even donated toilet paper to other needs to surrounding businesses within the community.
In 2021 two additional branches opened in the OKC metro area, and the ground was broken on three more branches. One branch is on the east side of Oklahoma City, one branch is in Newcastle, and the other branch is in the heart of Midwest City. In November of 2021, True Sky Credit Union became federally chartered and was able to expand its membership beyond the Oklahoma City metropolitan area. With nearly 1 billion in total assets, True Sky is opening commercial lending products, a shared workspace for members at our operations center, and further growing the True Sky foundation in its first full year of operation.