January 2, 1945 ….the beginning….
Organization Meeting of the Grand Trunk (BC) Employees Federal Credit Union, Charter No. 5170, held in the Assembly Room of the Main Office Building at the Roundhouse, Battle Creek, Michigan on January 24, 1945.
Twenty-three were present at the meeting. Elections were held and the results were:
Nine (9) Directors: L. Pollack, T. Steele, M. Welcher, M. Graves, W. Polk, R. Kobosky, P. O’Connell, H. Doig and J. Dale.
Three (3) Credit Committee: M. Welcher, T. Steele and J. Stoner
Three (3) Super.Committee: R. Damon, J. Stoner and S.Trembath
Miss Marion Graves was unanimously elected temporary clerk.
It was then voted that we join the Michigan Credit Union League and that the Clerk be instructed to apply for membership.
The First regular monthly meeting was held at 8:00 p.m. on Friday evening, February 23, 1945. It was held at 39 Latta Street.
The Treasurer made his monthly report, showing as of January 31, 1945 …37 new members, shares balances of $236.53, no loans, and cash in the bank of $220.78. As additional information that the directors might know the present standing of the organization, he gave the following figures as of February 23rd:
Cash in Bank….577.70………Reserve for bad lns…17.50
Charter Fee…25.00………Loss (Expense)………8.30
Number of members – 70
January 23, 1947 …Board began thinking about a Credit Union Office.
March 21, 1947 … “Further in connection with the posting of credits for the 1946 dividends. All Deputy Collectors will get a copy of these credits, and bulletins will be posted that members may have entry made on their pass books on presentation to any Deputy Collector.”
Note: Deputy Collectors were people who worked for the railroad at different locations, a member of the Credit Union would go to a Deputy Collector and give them the money for savings or loans. The Deputy Collector would take the money to the credit union. At this point, the Credit Union was in the Shop Hospital Bldg., behind the Heavy/Running Repair Shops. Looked something like a “shanty” per our present President, Milford Anguilm.
July 17, 1947 … The matter of loaning on “vacant property” was discussed, but it was not deemed advisable to get into them, owing to details involved in this class of loan. Fifty-three (53) Years later …April 1, 2000 ..vacant land loans were made available!!
June 8, 1954 … Credit Union went full-time. Rosemary Pyatt served as part-time Office Manager from Jan. 1953 thru June 8, 1954.
Ruby Hainline started as full-time Office Manager from June 8, 1954 to
January 1, 1955, when she was appointed Asst. Treasurer.
Retired: Jan. 1974.
August 4, 1959…The Board of Directors offered to buy from Grand Trunk Western Railroad Company the premises consisting of land and an office previously used by the Rieth-Riley Construction Company.
(1275 N. Raymond Road) The offer was $19,000.
October 30, 1959 … First Board meeting held in the old Rieth-Riley building. We had one employee at that time, Ruby Hainline, Asst.Treas.
1960 … Payroll deduction was made available.
October 16, 1961 … First alarm system … a loud ringing bell and flashing red light mounted on pole in front of Credit Union office, with alarm buttons located at suitable locations inside the office, including one in the vault.
October 1961…Board of Directors filed a temporary injunction against the Michigan Livestock Exchange to stop their building of pig barns as planned next to the Credit Union property. Temporary injunction was lifted -building was built. NOTE: Twenty-nine (29) years later …
Pig invasion on September 1, 1990… the Michigan Livestock Exchange was on fire, they put all their pigs in our fenced in parking lot. By morning our lawn had turned into a pig farm!
January 24, 1962 … Because of expenses and time involved… motion made at Annual Meeting by Mr. Yonke to have statements sent out semi-annually instead of quarterly. Motion seconded and carried.
TODAY .. monthly statements provided by law, if you have electronic transactions.
February 1, 1974 … Richard G. Riess hired as Office Manager.
April 15, 1974 … Richard Riess appointed to Board of Directors and installed as Treasurer/Manager.
Febraury 18, 1989 … Richard Riess deceased.
August 4, 1989 … Penny L. Herwarth hired as Manager; elected to
Board of Directors and appointed Treasurer.
February 12, 1993 …NO Smoking in the Credit Union Building =
Smoke free work place..Great for the members.
September 1995 … Same location – different look. Major remodeling was completed .. new addition was needed to comply with American Disability Act. The Board of Directors took this opportunity to double our facility; a drive-thru was incorporated into the plans and being open on Saturdays commenced. Great for the members.
December 1997 … ATM on our property to provide 24-hours-a day, 7-days a week availability of our members $$ to them. The Board of Directors voted to have “no cost for transactions” at our own ATM!
Great for the members.
March 31, 2000 … Assets $27,378,130.
Baurer Rating = 5-Star (the best!)
Year 2000 …. The future holds CU@Home (home banking)!!