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PEMCO Corporation history
PEMCO Corporation company history timeline
In 1961, he retained the services of Stanley O. McNaughton, a former Seattle University economics professor and insurance consultant, to help modernize his organizations.
Meanwhile, the Credit Union grew quickly after opening its doors in 1963 to all permanent school employees in the state, not just teachers and professors.
In 2002 the name was changed to School Employees Credit Union of Washington. It is now wholly owned by PMIC. PEMCO Life Insurance Company was chartered in 1963, and is now wholly owned by PEMCO Corporation.
Hayes began performing depot maintenance for United States Air Force (USAF) Hercules C-130 aircraft in 1965.
1965: Hayes begins maintenance of the Hercules C-130.
PEMCO's Eastlake Avenue headquarters in 1965
Maintenance on KC-135 tankers, another USAF mainstay, began in 1968.
Precision Standard had processed more than 2,000 of these planes for the Air Force since 1968.
Credit Union membership soared to 40,000 in 1972, making it the largest such organization in Washington.
PMIC also assumed ownership of the PEMCO Insurance Company, which was chartered in 1972 to offer preferred auto insurance for educators.
Handy and McNaughton helped to win state approval of the Washington Credit Union Share Guarantee Association in 1975 and legalization of check-like credit union "share drafts" the following year.
In 1977, PEMIC absorbed Public Employees Casualty, while retaining the PEMCO name for promotional purposes.
According to SEC filings, the more immediate legal predecessor to Pemco Aviation Group--the survivor of the Hayes business--was founded in 1983 as PR Inc.
When Robert Handy died on December 30, 1984, Stanley McNaughton was already CEO of the PEMCO group.
1987: Precision Standard (PSI), the survivor of the Hayes business, acquires basis of its Maintenance and Modification Division.
He reorganized PEMIC as PEMCO Mutual Insurance Company (PMIC) in 1989.
The company closed its small, unprofitable Consolidated Tire subsidiary, which distributed specialty tires, in 1990.
A five-year USAF contract for KC-135 maintenance awarded in 1991 had a total value of $260 million.
In fact, its stock was nearly delisted from the NASDAQ stock exchange, reaching a low of 40 cents a share in 1991.
The Air Force awarded Precision Standard a five-year C-130 maintenance contract in 1991.
A similar conversion program for the Boeing 757 began in September 1992.
PSI's revenues were $170 million in 1993, up 16 percent.
Pemco Air Support Services, Inc. (PASS) supplied parts and follow-up support for large transports; and Pemco Nacelle Services, Inc., only created in 1993, performed maintenance and overhaul work on engine nacelles (covers), including thrust-reversers, for large jets.
Pemco World Air Services, A/S, the company's Danish subsidiary, began leasing a maintenance center at Copenhagen Airport in May 1994.
A major, seven-year USAF contract awarded in August 1994 provided for the maintenance of up to 406 KC-135 aircraft, tankers used to refuel other Air Force jets.
They fell to $149 million in 1994, with earnings up from $6 million to $11 million, mostly due to a one-time $8 million tax benefit.
By 1994, Precision Standard was involved in a number of different lines of aerospace-related work.
The company announced plans to relocate Nacelle Services to its Clearwater, Florida facility in 1995.
As if this were not enough, a rowdy strike by the United Auto Workers (UAW) helped push PSI's losses to nearly $2 million in the summer quarter of 1996 alone.
As of 1999, PEMCO and the Credit Union employed more than 1,100 persons and reported nearly $1 billion in assets.
The present (2000) structure of PEMCO Financial Services is as follows:
For 2002, the company reported revenues of $162.86 million and net income of $8.8 million.
In 2002 the name was changed to School Employees Credit Union of Washington.
PEMCO Limited wins recognition for company with the biggest percentage gain in 2008 PEMCO Limited was featured in Hawaii Business Magazine’s Hawaii’s Top 250 Movers and Shakers as the company with the biggest percentage of year over year sales gain with a whopping 803.6%
PEMCO Limited celebrates 25 years with the help of Hawaii Business Magazine In May 2009, Hawaii Business Magazine’s 2009 Corporate Edition celebrates PEMCO Limited’s 25 years in business.
PEMCO Limited debuts in the July/August 2010 issue of Profile, “Strategies for Industry Leaders” John Yamamoto is featured in Profile Magazine, a magazine designed to identify and promote innovation in American Industries.
2014 Top Entrepreneur PEMCO Limited is proud and honored to be ranked #1 for Top 50 Businesses in Hawaii for the year 2014.
2017 PEMCO Limited is recognized for high ethical standards PEMCO Limited was honored to be recognized by the Better Business Bureau as a Finalist in the Large Business category for the 2017 Hawaii BBB Torch Awards for Ethics.
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PEMCO Corporation competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| White Mountains Insurance Group | 1985 | $944.8M | 1,648 | - |
| New York Life Insurance | 1845 | $44.1B | 11,388 | 844 |
| Federal Deposit Insurance | 1933 | $5.5B | 5,977 | - |
| Safeco Insurance | 1923 | $6.3B | 7,200 | - |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 136 |
| Elevance Health | 1944 | $121.9B | 63,900 | 3 |
| Timco | - | $3.0M | 2,260 | - |
PEMCO Corporation history FAQs
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PEMCO Corporation may also be known as or be related to PEMCO Corporation, Pemco, Pemco Corporation and Pemco Ltd.