Mayor proclaims ‘TAPCO Credit Union Day’

Photo Courtesy of tapco credit union

TAKE A BOW. The team at TAPCO Credit Union: (left to right) Denis Timmerman, supervisory committee chair; Jeanne Werner-Spaulding, board member; Richard Williams, board member; Pat McElligott, board member; David Smith, CUSO board member; John Bechtholt, CEO; Mike Weinman, consultant; Mike Fitzgerald, supervisory committee member; and (front) Rob Masko, board member.

In recognition of TAPCO Credit Union’s 75 years of service to customers in Tacoma, Mayor Bill Baarsma signed a proclamation declaring Oct. 27 “TAPCO Credit Union Day.” The award-winning credit union is celebrating its diamond anniversary this year by sending a big “thank you” to its board of directors, employees and membership, which have buoyed the not-for-profit safely through the nation’s ongoing economic storm. This, combined with competitive rates and solid service, is why the TAPCO business model has achieved great success over the years, according to CEO John Bechtholt.

“We are honored by the city of Tacoma’s proclamation,” he said. “We appreciate the opportunity to serve our members for the last 75 years. TAPCO’s employees and board of directors work hard as people helping people to justify our motto ‘It’s Where You Belong.’”

Each of TAPCO’s more than 25,000 members has a voice in how TAPCO operates, which forms the foundation for credit unions’ raison d’être: “not for profit, not for charity, but for service,” and that philosophy holds true today in the business ethics of TAPCO. Credit unions look out for their members’ interests and provide a level of service that is not generally available at other financial institutions. TAPCO is governed by a board of directors that establishes and reviews policy. The directors are TAPCO members elected by the membership and who serve without pay. Every member has one vote regardless of how much he or she has on deposit. There is no select group of shareholders that profits more than anyone else. All members profit, individually and collectively.

Surviving the current economic turmoil that has wounded or killed other stalwart financial institutions in our state, TAPCO has weathered the storm due to consistency in providing personalized service and affordable loan rates for thousands of its members in Tacoma and throughout Pierce County, Bechtholt said. “We administer our credit card programs at our 19th Street branch, so if you have an issue you can come in and speak with someone versus being on the phone and perhaps speaking with someone in New Delhi.”   

TAPCO Credit Union was established by nine city of Tacoma employees the same year the credit union movement began during President Franklin D. Roosevelt’s innovative “New Deal.” He signed the Federal Credit Union Act into law on June 26, 1934, and ever since then TAPCO has earned kudos from the industry and the public. TAPCO continues to earn high ratings from BauerFinancial, Inc., the nation’s leading independent bank rating and research firm. TAPCO has also repeatedly been named recipient of the Dora Maxwell Award for Social Responsibility, named after the early credit union pioneer in New York. TAPCO received this social responsibility honor on multiple occasions for its work with organizations like Mary Bridge Children’s Hospital, Law Enforcement Youth Camp for disadvantaged youth and for a program to aid the Washington State Council of Firefighters Burn Foundation.

Bechtholt said the future looks bright for TAPCO, as the company moves forward to reach its centennial year. “We’re in a good position for the future. It’s challenging times for many financial institutions, but we believe we’re well positioned. We pledge to continue our ongoing efforts to be relevant and financially secure for our valued members.”

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