"The remarkable growth of TFCU can be attributed to the foresight, determination and commitment of Bob Allen. His leadership of the credit union since 1988 has been extraordinary and accounts for the credit union's emergence as a highly respected financial institution here on Long Island, throughout the state and across the nation," said Schaefer.

When he joined TFCU in 1988, the credit union had approximately $250 million in assets. Now TFCU has $4 billion in assets and serves 220,000 members. The credit union  has 23 branches.

"It is a humbling experience to have this impressive headquarters dedicated in my honor by the board of directors," said Allen. "Teachers Federal Credit Union is a vital and an important institution for our members, our employees and the people of Long Island. Together we can take pride in the great strides that have been made over TFCU's 60-year history. It has been a privilege for me to be a part of it. Now that we are in a new headquarters, we will embark on a new era in our history that holds the promise of continued growth, success and prosperity."

The six-story,  200,000-square-foot building  was purchased by TFCU in 2010. The credit union has 600 employees, of which 250 administrative staff members are located at the headquarters.