The mission of Metropolitan Teachers Credit Union is to operate as a sound, community-oriented financial institution that provides individualized, high-quality services to meet and exceed the needs of its members.
The Metropolitan Teachers Credit Union as we know it today began with a small group of eight educators, who jointed together to form a Teachers Benefit Association. In the early fifties it was very difficult for African Americans to receive loans. The goal of the Association was to serve the financial needs of African American Teachers in the Nashville area.
In 1957, under the leadership of Mr. W. J. Officer and the Board of Directors, the Teachers Benefit Association was granted a State Charter and the name was changed to the Nashville Teachers Credit Union. The State Charter was received on May17, 1957. In order to service a wider clientele and become broader in scope, the charter was amended on June 17, 1967 and the name was changed to the Metropolitan Teachers Credit Union.
The membership and the assets grew under the leadership of Mr. Joseph Martin. Metropolitan Teachers Credit Union became a million dollar institution. The credit union purchased the present building located at 1605 Jefferson Street. A printer and two work stations were purchased. The credit union became a strong, growing family and was led into many new innovations.
Dr. Eunice P. Grisby, our third president was a president with a vision, she updated all the equipment in the building, increased the number of work stations, started The Report Card, the credit union newsletter, and purchased the property surrounding the credit union.
Mr. Alfred Coleman served as president of the Board following Dr. Eunice Grisby. Mr. Coleman helped to increase the assets of the credit union and to increase the membership.
The current president, Mr. James Sawyers is dedicated to increasing member services.
What Is A Credit Union, Anyway?
Source: CUNewsletter Reference
One day, as a large number of bank customers are being herded through the velvet ropes in a lobby, one of the fed up customers shouts, “Hey, why are we all going along with this? Why don’t we just do this ourselves?”
As the other customers look up, drawn from their own worries over how much the bank fees will be this month, the customer who now has their full attention continues. “I have a great idea! Let’s take all of our savings and put it in a pot. If anyone needs a loan, they can borrow from the pot.”
Fascinated and caught up in his excitement, the other customers all start talking at once.
“We’ll pay ourselves interest on our savings according to what we earn from those loans!”
“We can invest the money we don’t lend out in something safe, so it will grow!” ”
“Let’s split the cost of hiring someone to oversee our money!”
“Awesome! Instead of just a few rich people owning everything, we’ll all be owners!”
“We’ll form a board of directors to run the fund! If we can get volunteers, it won’t cost us anything.”
“Let’s hold elections for anyone who has money in the pot . . .it doesn’t matter how much!”
“We’ll all be equal!”
“We’ll all be owners!”
With that the bank customers happily withdrew their money and set up shop on their own, making everyone an owner and paying themselves more interest on deposits and charging less on loans than banks because they didn’t have to make sure big profits would go to a select few.
What have these bank customers done? They’ve formed a union among themselves to extend credit to one another. In other words, they’ve created a credit union.
©Copyright 2015 Metropolitan Teachers Credit Union. All rights reserved.
1605 Jefferson St., Nashville, TN 37208
Phone: (615) 321-4622, Fax: (615) 321-4632
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