Heritage Credit Union

The idea of a credit union for the employees of Oscar Mayer was initiated by Adolph C. Bolz, the brother-in-law of the founding Oscar F. Mayer. It was the time of the Great Depression when Bolz would open up his billfold and lend the employees of Oscar Mayer a few dollars between paychecks. In October of 1934, Approved Credit Union was incorporated by Bolz and many others in hopes of giving the employees of Oscar Mayer a better life—a place where they could pool their resources together to help each other out. It was a time when a person’s desire to repay money borrowed was considered more important than their ability to repay. The credit union was first located in the basement of the Oscar Mayer plant in Madison, WI. Later there was a Quonset hut built in the Oscar Mayer parking lot to serve its members. At the time it was built, there was no running water and employees had to go the Oscar Mayer plant to use the restroom. In 1965 the credit union changed its name to Oscar Mayer Credit Union.

AIRCO Federal Credit Union

Airco Federal Credit Union was founded on August 15, 1957, for the employees and family members of Acco Engineered Systems (air-conditioning company) or its subsidiaries. It all started when Ken Simon, who was president of Acco at the time (1957), was approached by an employee who was in desperate need of a loan in order to purchase eyeglasses for his daughter. Ken thought Acco should have a credit union in order to help employees in times of need. Little did he know that Airco is celebrating 52 years in 2009! Airco is still going strong and works well with its sponsor still today! The future looks bright!

North Franklin Federal Credit Union

Since October 2008, North Franklin Federal Credit Union in Malone, N.Y., has been collecting food donations to be distributed monthly to the local food pantries. Thus far we have helped 4 of them. Members bring in items, and we put their names in a drawing for a gas card. This has been a great way to utilize the term "People helping People" (and we are keeping this going).

Purdue Employees Federal Credit Union

Purdue Employees Federal Credit Union (PEFCU) invited the Greater Lafayette community to visit any PEFCU branch on Wednesday, February 25, to enjoy refreshments and celebrate PEFCU Charter Day. During the 1950s and 1960s, an era when many financial institutions focused on commercial and significant personal financing needs, a group of Purdue University employees recognized the need for a local financial institution where they, their colleagues, and their families could save and borrow money safely and at a fair interest rate. Through their determination and years of hard work, PEFCU was officially chartered on February 25, 1969, with 18 founding members and seven charter members. What began in a small office on Purdue’s campus and with a simple cigar box to hold members’ funds, has in 40 years grown and evolved to include seven regular branches, two in-school branches, and a robust offering of online and mobile banking services. PEFCU offers its members an array of financial products including locally serviced mortgage and consumer loan products—first mortgages, home equity loans, vehicle loans, credit cards, secured loans and more—savings and money market accounts, checking accounts with direct deposit, individual retirement accounts and business accounts. And today, when so many financial institutions are struggling in a weakened economy, PEFCU remains strong because it has stayed true to its original purpose—people helping people. Its second-, third-, and fourth-quarter 2008 membership satisfaction scores set record highs with an average score of 97.37 percent for the three quarters, illustrating its core commitment to meeting members’ needs. Future plans for PEFCU include further evaluation of members’ needs, enhanced technological products and services, increased financial education opportunities, and continued support of Greater Lafayette not-for-profit organizations. Founded on the Purdue University campus in 1969, PEFCU boasts assets exceeding $500 million and serves more than 57,000 members nationwide. The credit union is driven by superior member service and is dedicated to serving the Greater Lafayette community.

Pueblo Horizons Federal Credit Union in Colorado

A little bit of interesting information about how our credit union started. Pueblo Horizons Federal Credit Union in Pueblo, Colo., was chartered in 1937; in fact, we just celebrated our 72nd birthday on November 15, 2008. The reason we were started was for the employees at the Colorado State Hospital who needed to borrow money. Some employees were not able to borrow from other financial institutions and were forced to borrow money from loan sharks. With no regulations at that time, they paid outrageous interest rates. J.E. Upchurch was the first treasurer of the Colorado State Hospital FCU. The credit union was started by using a briefcase for the office. If a member needed $25, Mr. Upchurch would collect $5 from five members and get an IOU from the borrower. A lot of the business was done by IOUs, and many times they were placed in the brim of Mr. Upchurch’s hat until he could record them. He was not paid for the work that he did, he served on the board of directors for the credit union and worked hard because he and the other board members believed in helping their fellow employees. This is the true meaning of “people helping people.” In 1937, the credit union charged one percentile per month for the loan balances, and the maximum you could receive was a $25 loan. In the 1940s the credit union was moved from the briefcase to the basement of the old nurses’ home (where nurses used to lived, not what you’re thinking) on the grounds of the hospital, and they hired their first paid employee. The credit union had grown from 38 members to 173 members with total share balances of $7,561.33. We soon outgrew that space and moved to the second floor of the old nurses’ home where the credit union occupied two rooms. In 1960, we were the first federal credit union in Colorado to construct our own building. We had 569 members and assets of $928,771. Since then, we have outgrown that facility and in 1991 broke ground for our current location. We have grown from 38 members to now over 4,300 members with total assets of $25 million. Due to the decrease in employees of the hospital (now known as the Colorado Mental Health Institute) in the 1980s and 1990s, we applied to the National Credit Union Administration for a community charter. It was granted in 1999. We are not a large credit union by any means, but we are a full service credit union that takes pride in our friendly hometown service that our members deserve. Thank you for letting us share the history of our credit union. We believe that our credit union founders believed in something very important, and we need to continue that legacy.

Piedmont Credit Union

Piedmont Credit Union in Danville, Va., began in the heart of one Matt Nelson. While serving in the U.S. military, Matt's mother unexpectedly died. He didn't have any money to travel home or help with funeral expenses. A friend told him that his credit union would help, and it did with a $500 loan. It meant so much to Matt he decided that he would do something in return one day to help credit unions. Fast forward several years. Matt came home and began work as a high school business teacher. In 1969, he and a few other teachers each contributed $5 to start the Danville Education Association Credit Union. The very first loan was made sometime in 1970 for $250 to help a member purchase a new refrigerator. It was tough and slow going at first with obstacles and hindrances to overcome. When the school system refused to offer payroll deductions, Matt developed a unique way around it using custom printed drafts. Members could use these each month to send money from their bank account to their credit union share account. The credit union operated in Matt's home for several years. During the 1970s, schools from the surrounding areas became part of the credit union’s membership. To reflect this, the credit union changed its name to Piedmont Educational Employees Credit Union. In 1985, the credit union reached the milestone of $1 million in assets. Around this time, a local paving company, APAC Virginia, requested that its employees be eligible for membership. This was the first of many local businesses which offered the credit union to their employees. In the 1990s the credit union settled on a name which better reflects the now diverse membership that makes up the credit union today: Piedmont Credit Union. In 2009, Piedmont celebrates its 40th anniversary. Along with this have come two other milestones. In January, Piedmont’s membership expanded to include those who live or work in the city of Danville, Pittsylvania County, or Halifax County in Virginia. This year has also seen the credit union grow to $40 million in assets. So while times, technology, and many other things have changed dramatically, these things remain the same. Piedmont Credit Union has wonderful members. It is still not-for-profit, and the same personal service and great pricing that marked the credit union during its first 40 years will continue to mark it in years to come. It is a great pleasure for all of the staff and volunteers of Piedmont Credit Union to serve our members and they can’t wait to see what’s ahead.