Founded in 1952 by seven Magnavox employees, we began as Magnavox Employees FCU in Fort Wayne, Indiana, to provide low cost loans and encourage systematic savings. In the early 1970’s, the credit union operated three in-plant branches, primarily in other Magnavox facilities. From these beginnings, the credit union evolved into a national branching network.
The North American Philips Corporation acquired the Magnavox Company, our sponsor company, in 1975. After an agreement with Philips to serve all of their facilities, we changed our name from Magnavox Employees FCU to North American Philips FCU. When North American Philips changed their name several years later to Philips Corporation, we followed and changed our name to Philips Federal Credit Union.
In 2006, after more than 50 years of being affiliated with a sponsor company, the credit union was renamed once again to reflect who we are today – Partners 1st Federal Credit Union. This new name, not tied to any affiliation, allowed us to expand into other companies, other communities, and merge with other credit unions.
As of March, 2015, Partners 1st FCU serves over 27,000 members from 26 offices across the U.S.