This Wednesday at 4 PM our 57th annual meeting is being held, marking our 58th anniversary and bringing us into another new year of serving our members. In honor of serving our members for 58 years, I thought it would be fun to take a look to our history and share a few interesting tidbits you might not have known:
- Our credit union was officially granted its charter on April 29, 1959, and our original name was the SUSD Federal Credit Union (USD was known as SUSD until 1964).
- Those eligible to become members were employees of the State University of South Dakota in Vermillion, retired university employees, credit union employees, and families of members.
- The cost to open an account was 25 cents and an ownership share was $5.
- Business hours were from 2:00 to 4:00 on Fridays in an employee's office in Julian Hall, though he was happy to meet with members by appointment and savings deposits could be submitted through campus mail.
- In the first year of operation membership would grow to 56 members, and an initial loss of $34.34 was posted.
- Field of membership would grow in the following years:
- 1960: Vermillion Independent School District employees
- 1973: Employees of USD-Springfield, the United States government, the State of South Dakota, Clay County, and the City of Vermillion.
- 1976: Employees of USD in Madison and St. Agnes School in Vermillion.
- 1983: Employees of Dakota Hospital and Southeastern Nursing Home.
- 1992: Employees of Elk Point School District.
- With the continued growth of our credit union it was determined a dedicated location was needed, and the USD Federal Credit Union would move into a rental property at 105 E. Cherry St. in 1989, which would be purchased by the credit union outright in 2000.
- In 2000 we were granted a community charter and thus anyone who lives, works, worships, or attends school in Clay County, SD became eligible for membership, and our name was changed to Vermillion Federal Credit Union to reflect the expanded charter.
- In 2002 our field of membership was expanded to include Dixon County, NE, and in 2015 expanded to include most of Union County, SD.
- In 2008 our former location was demolished and in its place our current building was constructed.
We've come a long way from being run out of a single volunteer's office in Julian Hall, and we never would have made it this far without our members. The annual meeting is a great opportunity to get to know the credit union staff and board of directors who govern your credit union, plus get a recap of our past year’s business with a look into what is to come in the future. All are welcome to attend, please help us kick off another year of serving our members. Thank you for being a member!