8 Small Credit Unions and the Stories Behind Them
These credit unions may not have the financial backing or resources that large financial institutions hold under their belts, but the fact that they’ve faithfully served niche membership groups for decades proves that good things can come in small packages.
Click through the slideshow to read the stories behind eight small credit unions, each with $7 million or less in assets. Did we miss your small credit union, and does it carry a fascinating history? Tell us about it in the comments.
The name of this credit union’s founding college may have changed, but the credit union’s hasn’t. The credit union was started by a group of employees from Arkansas Agricultural, Mechanical & Normal (AM & N) College, now the University of Arkansas at Pine Bluff, in 1952, when “it was difficult, if not impossible, to get a loan from any of the financial institutions in the city,” the credit union said.
3. Yellowstone Federal Credit Union (Yellowstone National Park, Wyo., $5.06 million)
4. Credit Union One (Fond du Lac, Wis., $5.7 million)
Machinery manufacturing runs deep in the history of this credit union, chartered in 1964. It was originally named Fond du Lac Machine Employees Credit Union and served the employees of Giddings & Lewis Inc., a machine shop founded in 1859 that supplied local sawmills and malt mills (hence, a credit union named for machine employees who lived in Fond du Lac, Wis.)
5. C.U.P. Federal Credit Union (Provo, Utah, $6.5 million)
6. Glacial Lakes Education Employees Federal Credit Union (Watertown, S.D., $1 million)
7. Bi-Mart Federal Credit Union, (Eugene, Ore., $6.8 million)
This 2,300-member credit union serves the employee-owned Northwest chain retailer Bi-Mart. Bi-Mart Federal Credit Union first opened its doors in 1969.
8. Island Tradition Federal Credit Union (Honolulu, $3 million)