LBS Financial History
LBS Financial was chartered in 1935 as Long Beach School District Employees Federal Credit Union. Created by Long Beach Unified School District and Long Beach City College employees in 1935, the Credit Union has grown over the years to not only include local school employees from several districts but also some local businesses and many local cities and counties where our Members live or work.
Initially run by teachers, the Credit Union was operated from local homes, then later in a classroom at Wilson High School. In the beginning, most of the staff were volunteers.
In February, 1939, staff members moved to the first Credit Union office, located at 10th and Ximeno in Long Beach. The office and land were later purchased by the Credit Union in 1948, making LBS Financial the first credit union west of the Mississippi to own its own building. This building today still serves our Members as our East Long Beach branch.
Only three CEO's in over 83 years!
The longevity of our CEOs is unique and speaks to our stability and consistency. Morris Hayter was hired first as the Credit Union’s manager, then became the first President & Chief Executive Officer (CEO) of the Credit Union in 1946. Frank Reed, an employee of the Credit Union since 1967, became the President and CEO in 1984. In 2002, Jeff Napper, who served as Senior Vice President and Executive Vice President under Frank Reed, became President & CEO. Each of our CEOs has had more than 35 years of service with the Credit Union.
Who We Serve
Our school and college employees are the roots of our Credit Union and we continue to serve them today. In 2000, the Credit Union changed to a state charter and opened its doors to anyone who lives or works in the local community, in addition to our school employees that we've always served. Learn more here about our field of membership and how to join.
Our Members continue to be the most valuable asset to the Credit Union and the reason we continue to exist. We look forward to being here for you and your families for another 83 years!