It was during the fall of 1949 that 8 local residents were sitting around an orange crate in the Ishpeming Co-op store.
Now, in those days, Ishpeming had several large established banks; but these 8 people were not intimidated by the larger banks. They were convinced that their tiny credit union would benefit them and their community. One of their first obstacles was that it cost $35 to apply for a credit union charter. So, sitting around that orange crate, they pulled out their wallets and were able to raise $35 between the 8 of them.
The National Credit Union Administration approved the application, and In October of 1949, our credit union first opened for business. At that time, our CU’s biggest asset was the dreams of those 8 charter members. They hoped their tiny credit union could attract members and serve their financial needs. They wanted to help their friends and neighbors fulfill their own dreams by providing loans for homes, cars, clothing, tools and schooling. These 8 people hoped their credit union would be able to make a difference in the lives of its members and the local community.
They held their first annual meeting in January 1950. 17 members were in attendance, which was pretty much the entire membership of the credit union. 9 of the 17 were credit union volunteers, serving on the original Board of Directors, Credit Committee, or Supervisory Committee.
1965: Name changed to Ishpeming Community Federal Credit Union
1990: Opened building on Hematite Drive in Ishpeming
1998: Opened Republic Office
2003: Membership expanded to all of Marquette County
2006: Grand opening of Main Office on Second Street
2007: Membership expanded to include Marquette, Alger, Baraga, Dickinson, & Iron Counties
2008: Opened Walmart Office
2013: Changed our name to TruNorth Federal Credit Union
2019: Opened Jubilee Office
Over the past 70+ years, 17 members have grown to more than 16,000 members and $205 million in assets. We’ve changed our name but not our principals. Although Ishpeming Co-Op Credit Union eventually became TruNorth Federal Credit Union, we’ve remained true to our members and true to our community.