The Mattoon Community Unit #2 Credit Union was formed in 1960 to provide employees of the Mattoon school district a convenient place to save and borrow money. In 1975, the credit union merged with the Charleston Teachers’ Credit Union to form what is now the AREA EDUCATIONAL CREDIT UNION. Within a few years, the Moultrie County Education Credit Union also merged and AECU continued to grow from there.

As of 2009, the credit union serves the employees of 15 area school districts as well as employees of Lake Land College and the Regional Office of Education. The credit union has grown from 20 members in September 1960 to nearly 3100 members with more than $20 million in assets currently.

The Area Educational Credit Union is owned by the members and governed by them under a charter from the state government.To ensure that the standards of the credit union are maintained, the credit union is examined regularly by the Illinois Department of Financial Institutions and an independent, certified public accounting firm.