Our History

Old ledgers and general meeting.

 

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.

 

Over the past 70 years, 17 members have grown to more than 16,000 members and $150 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.