
LVB: Tell me about PSECU and the population it serves?
Richards: PSECU is Pennsylvania’s largest credit union. We have over 550,000 members, and more than 25,000 of them are located right here in the Lehigh Valley.
Unlike a bank, we are a member owned financial cooperative. That means everything we do is for the benefit of the membership.
LVB: How has the credit union grown and evolved over the years?
Richards: PSECU has a rich history. Our beginnings were humble when 22 state workers pooled just $90 and founded the credit union back in 1934.
They were living paycheck to paycheck and were determined to find a solution to their struggle against low wages and a high cost of living.
Banks didn’t want to lend them money, and loan sharks were charging as much as 40% interest. They had little control over their financial lives — until they came together to form a credit union.
Although we’ve grown to include many more groups than just Pa. state employees, we continue to uphold our founders’ legacy. Then and now, we want to help our members live better, whether that means saving more money, paying down debt, or achieving their family’s goals.
LVB: Financial education is a big part of your mission. Tell me more about your educational programs.
Richards: Financial education is something we are very passionate about at PSECU. We believe that knowledge is power, and so the more educated people become about finances, the better choices they will make regarding money management.
To this end, we have 24 financial education centers across the commonwealth, located on college and university campuses, aimed at accomplishing the goal of equipping students, faculty, and staff with money management skills.
We provide in-person and virtual workshops for these campus communities on topics such as budgeting, credit, identity theft, and managing debt, to name a few.
Our reach expands beyond college campuses to the wider community as well by providing regular financial literacy workshops for elementary aged to high school students. In addition, we are proud of the extensive digital resources that are available on our website at psecu.com/learn covering a wide array of money related topics.
Everyone, not just members, can take advantage of this free resource.
LVB: What’s next for PSECU.
Richards: Credit unions are very mindful of being a strong presence in local communities, and PSECU has been and will continue to strive to be an example of that here in the Lehigh Valley.
We are always exploring new opportunities to introduce our credit union to those who may not know us yet, and to connect with our current members. And, of course, we plan to continue delivering high quality and low-cost financial products and services to help our members achieve more.
Beyond that, we contribute hundreds of thousands of dollars each year to community programs and non-profit organizations in keeping with the credit union philosophy of ‘people helping people.’