Teachers Federal Credit Union

Teachers Federal Credit Union is a member-owned, not-for-profit credit union headquartered on Motor Parkway in Hauppauge. A group of Long Island educators formed it in 1952, and it has since grown to more than 467,000 members, about $9.9 billion in assets, and 33 branches. Despite the name, membership is no longer limited to teachers, because the credit union now has a nationwide open charter. For businesses, Teachers offers business checking, savings, money market accounts, and certificates, along with business credit cards, closed-end business loans, lines of credit, commercial real estate loans, and vehicle and equipment financing. Its business development team is based on Long Island and works directly with owners on lending. As a credit union, it returns its earnings to members through rates and fees instead of paying outside shareholders, which can make it a practical alternative to a large bank for a local company’s everyday banking.