LAFCU: A History of Helping Members Since 1936

Los Angeles Federal Credit Union (LAFCU) wishes the All City Employees Benefits Service Association (ACEBSA) congratulations on a combined 100 years in 2023 serving active and retired Los Angeles City employees. 2023 also marks 87 years since LAFCU began serving its credit union members.

LAFCU owes part of its existence to ACEBSA since it was this Association (originally called the “All City Employees Association” when formed in 1923) that sponsored the creation of LAFCU and allowed the credit union to conduct business and hold meetings in their offices starting in 1936. LAFCU returned the favor in 1971 when ACEBSA moved into the LAFCU corporate office building at 303 S. Union Avenue near downtown LA.

The credit union was launched on May 20, 1936 to serve LA City employees and their immediate family members, shortened its name to Los Angeles Federal Credit Union (LAFCU) in 1985, then expanded in 2006 to serve anyone living in the Greater Los Angeles Metropolitan Area (the counties of Los Angeles, Orange, Ventura, San Bernardino, and Riverside) after the member donated to LAFCU’s 501(c)3 charity, The Los Angeles Charitable Association. LAFCU originally only offered savings accounts and small-dollar loans, then grew to become a full service financial institution by offering members dozens of beneficial, competitive products and services.

LAFCU’s first office was in LA City Hall, and has grown to include 7 convenient branches in LA County, along with over 5,300 “shared” branches in all 50 states.

1951: LAFCU Founder

This is a photo from about 1951 of Walter C. Thiel, considered the founder in 1936 (at age 38) of the Los Angeles City Employees Federal Credit Union (LACEFCU) and its first Board president from 1936 to 37. He remained active on the LAFCU board for 32 years until his retirement in 1968. He passed away at age 71 in 1970. Walter was born in 1898 then began his 41-year LA City career in 1927. His positions included City Clerk, Chief Deputy City Clerk, and the Administrative Assistant to former LA City Mayors Fletcher Bowron (1938- 53), Norris Poulson (1953-61), and Sam Yorty (1961-68).

1961: LAFCU’s 25th Anniversary

In this photo and story from the 6/1/61 issue of El Pueblo, Walter Thiel, one of LAFCU’s founders and Chief Administrative Officer in the LA City Mayor’s Office, read from a scrapbook with details of the credit union’s first 25 years. On his left, is the LAFCU president from 1960 to 61, George Welte. This photo was taken at a special banquet held to commemorate LAFCU’s silver anniversary. At that time, LAFCU had $10.5 million in assets and 15,000 members.

1982: Jack Mathews with Lakers Star

After the LA Lakers “Showtime” basketball team beat the Philadelphia 76ers in the NBA finals in June 1982, Jack Mathews, LAFCU Board member and ACEBSA President, posed with Lakers Center, Bob McAdoo, after a parade held in downtown LA to honor the Lakers.

1987: LAFCU’s New LA Mall Branch

In March 1987, the LAFCU branch grand opening and ribbon cutting was held at its new location at 201 N. Los Angeles Street, Suite 201, in downtown LA. LAFCU Board members & management attended, including LAFCU President/CEO (from 1979 to 2009) Steve McDiffett (2nd from left), Branch Manager (1987 to 2012) Jane Campbell (far right), and Board member (1977 to 2011) Jack Mathews (5th from right).

2021: 85th LAFCU Anniversary

In July 2021, LA City Mayor Eric Garcetti honored the credit union’s 85th anniversary by creating a Certificate of Recognition. Holding it, from left to right, are Exec VP/COO Anthony Cuevas and President/CEO Richard Lie. Lie became LAFCU President/CEO in 2018, after 24 years as the credit union’s CFO. Garcetti was Mayor from 2013 to 2022.