PSECU

Harrisburg, United States

2.7

Closed now

11 reviews

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Description

Specialties

We are a not-​for-​profit credit union providing a full array of convenient, electronically delivered services at no or low cost.

PSECU is federally insured by the National Credit Union Administration. PSECU is an Equal Opportunity and Housing Lender.

History

Established in 1934.

Back in 1933, state workers could barely manage to make ends meet on a daily basis during the Great Depression. A low salary combined with a high cost of living was the common, yet unfortunate way of life for many. A death in the family, a birth, dentistry that could not be postponed, any unavoidable large expense, was enough to plunge the average state employee deep into debt.

Illegal loan sharks and money lenders charging 42% interest were some of the only choices available to these state workers. Bankers viewed state workers with little or no collateral as a credit risk. As a matter of necessity, PSECU was born.

PSECU founder, H. Andrew Hanemann, aided in the passage of the State Credit Union Act. Mr. Hanemann was also instrumental in the development of the Pennsylvania Credit Union League (the trade organization that represents the political, legal and economic interests of Pennsylvania credit unions).