A History of Southwest Airlines Federal Credit Union
Southwest Airlines Federal Credit Union (SWACU) was founded on September 22, 1975, with an initial membership of 222 individuals and assets totaling $29,119. In its earliest days, the credit union operated from the personal offices of Southwest Airlines employees at the company’s headquarters in Dallas, Texas.
Growth and Expansion
From its humble beginnings, SWACU experienced steady growth. By the end of 1980, it had surpassed $1 million in assets with a small but dedicated team of one full-time and two part-time employees. By its tenth anniversary in 1985, SWACU had grown to 4,127 members and assets of $13 million. This rapid expansion led to the credit union’s first independent location outside of Southwest Airlines’ offices at Dallas Love Field.
The late 1980s brought further expansion with the opening of new branches. In 1986, SWACU established a Houston branch, and as Southwest Airlines expanded into Phoenix, the credit union followed suit by opening a branch there. In 1988, SWACU officially became a separate entity from Southwest Airlines, allowing for broader membership eligibility, including additional businesses known as Select Employee Groups (SEGs). This shift led to a name change, dropping the word "Employees" and becoming Southwest Airlines Federal Credit Union.
To accommodate its continued growth, SWACU purchased a two-acre lot in Dallas, constructing its new headquarters at Shorecrest and Denton Drive, which opened in October 1989—a location that remains its home base today.
Commitment to Financial Service and Member Growth
Over the decades, SWACU has continued its tradition of growth and service. What started in a file room with a single phone has expanded into a full-service financial institution with four branch locations, an e-branch, full call center and a team of approximately 125 employees. Today, SWACU serves nearly 60,000 members nationwide and holds assets over 800 million in assets (as of March 31, 2025).
While Southwest Airlines employees make up 60 percent of its membership, the credit union now serves over 235 SEGs in Texas and Arizona. Its extensive product lineup includes checking and savings accounts, personal loans, real estate loans, credit cards and cutting-edge digital banking solutions.
A Member-Focused Future
SWACU has never lost sight of its mission to empower members with financial knowledge and provide personalized service. Whether through expanding services, embracing new technology or growing its membership base, the credit union remains committed to delivering superior banking experiences with a people-first approach.
From a small operation at Southwest Airlines’ headquarters to a well-capitalized financial institution, SWACU’s journey reflects a history of resilience, expansion and unwavering dedication to its members.
For more information, visit swacu.org.
