About MIT Federal Credit Union
Our purpose: "To fulfill dreams and enrich the lives of others."
Our mission: "The MIT Federal Credit Union is a member-owned cooperative financial institution whose primary mission is to provide quality financial services that meet the needs of our members while ensuring the financial well-being of the organization."
We got our start back in 1940, when Frank Conant (Member #1) and eleven other MIT employees established the MIT Employees Federal Credit Union in the basement of Building 3. They started with the basics:
- Thrift opportunities
- For employees at MIT
This small beginning is usually how all successful credit unions get their start. A few people come together and decide to create a way for others to pool resources and work towards a common goal of financial benefit for the group.
Our growth over the years
By 1949, the credit union was an active part of the MIT community. Members were allowed up to $2,000 in savings and $200 in loans. But oh, how things changed:
- Lincoln Lab branch opened in the 1950s (coincidentally, also in a basement like that first location)
- 1964 - Our MIT campus branch moved to Building E19, where we stayed until 2007.
- 2007 - Tech Square and Student Center branches were opened.
- 2019 - Our corporate headquarters in Lexington, with room to grow!
Over the years, we've made decisions on new product and service offerings based on the needs and expectations of our community.
In 2020, with the Coronavirus Pandemic impact, and the changing needs in our community, we added SBA loans, and a variety of other support options to our product portfolio, as well as considering ours a virtual credit union as well as the brick and mortar locations to which our members have become accustomed. As we move into the future, we know that comfort with technology and the expectation of our members for multi-channel access will continue to expand, and we will continue to focus on new ways to provide service and support to our growing community.Go to main navigation