United Federal Credit Union
Encyclopedia
United Federal Credit Union (UFCU) is a federally chartered, natural person credit union
based in St. Joseph, Michigan
. It currently serves over 105,000 members and has assets of $1.2 billion, with 22 branches located in five states: Michigan
, Ohio
, Arkansas
, North Carolina
, and Nevada
. It was originally chartered by employees of the Whirlpool Corporation, but has grown to serve over 900 employer groups, including Clark Equipment, Washoe County School District, Leco Corporation, Lakeland Regional Health, Baldor Electric, Gentex Corporation, Andrews University, and the American Consumer Council.
The Nineteen Hundred Corporation changed its name to the Whirlpool Corporation and the credit union followed suit, renaming itself the Whirlpool Employees Federal Credit Union (WEFCU). By 1963, the credit union relocated to a new building in downtown St. Joseph, Michigan
, on the corner of Pearl and Main Street. Assets stood at $4.5 million with 4,082 members.
In 1978, the credit union had again outgrown its building, and considered buying land at the corner of Gard and South State Street. Instead, a building was purchased at 2900 S. State St. and renovated. Assets had risen to $30.2 million, with 15,800 members and 27 employees.
After dramatic growth in the previous decade, in 1980 WEFCU merged with a credit union serving the Whirlpool employees in Marion, Ohio
. The following year saw the merger of another Whirlpool employee credit union, this time in Fort Smith, Arkansas
. WEFCU grew its membership to include many Whirlpool subsidiaries and in 1987 changed its name to Whirlpool Community Federal Credit Union. In 1992, the credit union changed its name again to First Resource Federal Credit Union and broke ground on a new headquarters, located on the State Street land considered back in 1978. Assets had reached $143 million with 38,000.
In 2000, new branches were opened in Holland, Michigan
. In 2006, First Resource Federal Credit Union merged with United Federal Credit Union, originally chartered to serve employees of Clark Equipment and headquartered in Buchanan, Michigan
. The United Federal Credit Union name was chosen as the name of the combined institution, though it was First Resource's St. Joseph headquarters and National Credit Union Administration charter number that survived. The 2006 merger brought the credit union to 72,000 members, with branches spanning five states and assets of $720 million.
In 2009, UFCU began construction of a new branch in Niles, Michigan
and acquired Clearstar Financial Credit Union in Reno, Nevada
. By 2010, assets exceeded $1 billion with more than 100,000 members.
. Because of United FCU’s partnership with the Council, individuals not otherwise eligible for membership can join the credit union by first joining the council. The program comes at no cost to the individual, as United pays the American Consumer Council dues as long as the person is a credit union member.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
based in St. Joseph, Michigan
St. Joseph, Michigan
St. Joseph is a city in the US state of Michigan. It was incorporated as a village in 1834 and as a city in 1891. As of the 2000 census, the city population was 8,789. It lies on the shore of Lake Michigan, at the mouth of the St. Joseph River, about east-northeast of Chicago. It is the county...
. It currently serves over 105,000 members and has assets of $1.2 billion, with 22 branches located in five states: Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, Arkansas
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, and Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
. It was originally chartered by employees of the Whirlpool Corporation, but has grown to serve over 900 employer groups, including Clark Equipment, Washoe County School District, Leco Corporation, Lakeland Regional Health, Baldor Electric, Gentex Corporation, Andrews University, and the American Consumer Council.
History
United Federal Credit Union was originally chartered in 1949 by eight employees of the Nineteen Hundred Corporation, which later became Whirlpool Corporation. Offices were located in the plant's personnel office, and transactions were conducted by part-time, volunteer staff. By 1955, assets for the credit union reached $1 million. By October 1958, the credit union had grown to assets of $2 million.The Nineteen Hundred Corporation changed its name to the Whirlpool Corporation and the credit union followed suit, renaming itself the Whirlpool Employees Federal Credit Union (WEFCU). By 1963, the credit union relocated to a new building in downtown St. Joseph, Michigan
St. Joseph, Michigan
St. Joseph is a city in the US state of Michigan. It was incorporated as a village in 1834 and as a city in 1891. As of the 2000 census, the city population was 8,789. It lies on the shore of Lake Michigan, at the mouth of the St. Joseph River, about east-northeast of Chicago. It is the county...
, on the corner of Pearl and Main Street. Assets stood at $4.5 million with 4,082 members.
In 1978, the credit union had again outgrown its building, and considered buying land at the corner of Gard and South State Street. Instead, a building was purchased at 2900 S. State St. and renovated. Assets had risen to $30.2 million, with 15,800 members and 27 employees.
After dramatic growth in the previous decade, in 1980 WEFCU merged with a credit union serving the Whirlpool employees in Marion, Ohio
Marion, Ohio
Marion is a city in the U.S. state of Ohio and the county seat of Marion County. The municipality is located in north-central Ohio, approximately north of Columbus....
. The following year saw the merger of another Whirlpool employee credit union, this time in Fort Smith, Arkansas
Fort Smith, Arkansas
Fort Smith is the second-largest city in Arkansas and one of the two county seats of Sebastian County. With a population of 86,209 in 2010, it is the principal city of the Fort Smith, Arkansas-Oklahoma Metropolitan Statistical Area, a region of 298,592 residents which encompasses the Arkansas...
. WEFCU grew its membership to include many Whirlpool subsidiaries and in 1987 changed its name to Whirlpool Community Federal Credit Union. In 1992, the credit union changed its name again to First Resource Federal Credit Union and broke ground on a new headquarters, located on the State Street land considered back in 1978. Assets had reached $143 million with 38,000.
In 2000, new branches were opened in Holland, Michigan
Holland, Michigan
Holland is a city in the western region of the Lower Peninsula of the U.S. state of Michigan. It is situated near the eastern shore of Lake Michigan on Lake Macatawa, which is fed by the Macatawa River ....
. In 2006, First Resource Federal Credit Union merged with United Federal Credit Union, originally chartered to serve employees of Clark Equipment and headquartered in Buchanan, Michigan
Buchanan, Michigan
Buchanan is a city in Berrien County in the U.S. state of Michigan. The population was 4,681 at the 2000 census. The city is located at the southeast corner of Buchanan Township, about 5 miles west of Niles. It was named after James Buchanan, the 15th President of the United States...
. The United Federal Credit Union name was chosen as the name of the combined institution, though it was First Resource's St. Joseph headquarters and National Credit Union Administration charter number that survived. The 2006 merger brought the credit union to 72,000 members, with branches spanning five states and assets of $720 million.
In 2009, UFCU began construction of a new branch in Niles, Michigan
Niles, Michigan
Niles is a city in Berrien and Cass counties in the U.S. state of Michigan, near South Bend, Indiana. The population was 11,600 at the 2010 census. It is the greater populated of two principal cities of and included in the Niles-Benton Harbor, Michigan Metropolitan Statistical Area, which has a...
and acquired Clearstar Financial Credit Union in Reno, Nevada
Reno, Nevada
Reno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area...
. By 2010, assets exceeded $1 billion with more than 100,000 members.
American Consumer Council Affiliation
United Federal Credit Union maintains a partnership with the American Consumer Council, a non-profit organizationNon-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
. Because of United FCU’s partnership with the Council, individuals not otherwise eligible for membership can join the credit union by first joining the council. The program comes at no cost to the individual, as United pays the American Consumer Council dues as long as the person is a credit union member.
External links
- United Federal Credit Union — official site
- United Federal Credit Union statistics