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For immediate release
February 7, 2008
Contact: Andrea S Fereshteh
202-687-4328
aes54@georgetown.edu
Nation's Largest Student-Run Credit Union Celebrates 25th Anniversary

Washington, D.C. -- This week the Georgetown University Alumni & Student Federal Credit Union (GUASFCU) celebrates its 25th anniversary as a federally charted credit union. Founded in 1983, GUASFCU has grown into the largest entirely student-run financial institution in the United States. Situated on the Georgetown University campus, its current membership base is split between students and alumni, with over 70 percent of the current undergraduate population holding accounts. GUASFCU has over $10.4 million in assets and over 11,000 accounts; additionally, it retains a loan portfolio of approximately $1.8 million, consisting of signature and auto loans.

"For the last 25 years, the Georgetown University Alumni & Student Federal Credit Union has served not only as the premier financial institution for the Georgetown community, but also as a center of learning," said Cyril Vergis, chief executive officer of GUASFCU and a senior finance and international business major from Hamden, Conn. "Accordingly, both reputational and financial successes stem from these two missions, and will continue to propel and sustain GUASFCU as the largest and most successful student-run credit union in the United States for years to come."

The idea of creating a student-run credit union at Georgetown developed in the spring of 1982. At the same time, the National Credit Union Administration was exploring efforts to promote the credit union concept to a younger population. From these combined interests, Georgetown became the first private university to have an independent, student-run credit union. Initial capital was raised by hundreds of students who pledged a total of approximately $500,000 in deposits, as well as a certificate of deposit by Georgetown University for $100,000.

By 1985, total asset levels exceeded $1,000,000. In 1994, the Credit Union changed its name from the Georgetown University Student Federal Credit Union (GUASFCU) to the Georgetown University Alumni & Student Federal Credit Union (GUASFCU) to better represent its growing alumni base. Throughout the years, GUASFCU's most important asset has been its people; it remains entirely student-run with over 150 interns. Many students who worked with GUASFCU have gone on to pursue post-graduate careers in the financial services field around the world.

Today, GUASFCU offers a wide variety of services that tailor to the needs of its members. In addition to free checking and savings accounts and Visa CheckCards, members are offered free access to online banking and billpay, as well as the Allpoint ATM Network, which provides 32,000 surcharge-free ATMs nationwide. Additionally, GUASFCU originates electronic transfers into member accounts free of charge.

About Georgetown University

Georgetown University is the oldest Catholic and Jesuit university in America, founded in 1789 by Archbishop John Carroll. Georgetown today is a major student-centered, international, research university offering respected undergraduate, graduate and professional programs on its three campuses in Washington, DC. For more information about Georgetown University, visit www.georgetown.edu.

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