Taking a look back... Recalling the early years of the IU Credit Union

One of the seven original incorporators, Jack Ray, in his role as personnel director for the university, was a key player in our Credit Union's formative stages. Prior to coming to work for the university, Jack had enjoyed the benefits of another credit u nion and wholeheartedly endorsed the discipline of payroll deduction for savings and loan repayment. With the support of Herman B Wells, then president of the university, groundwork was laid to create a vital service that would serve both faculty and staf f.

The seven incorporators, Maynard E. Coller, Mary M. Crawford, Malcolm P. Love, Taulman A. Miller, Jack N. Ray, Henry H.H. Remak and Paul L. Rouse, were involved in a series of organizational meetings that resulted in the approval of the charter applicatio n for the Indiana University Employees Federal Credit Union on Feb. 15, 1956. Minutes from a meeting held March 20, 1956, show 36 members with share balances of $1,229 and no loans yet made.

At the time of the organization, there were three local banks, but they didn't view the fledgling credit union as any real competition. "Banks were seen as the pros." Said Remak, "We were seen as amateurs." Ray said, “The big difference at the Credit Uni on was the personal touch…members knew the people that ran it.” Remak agreed, "The personal intimacy was the appeal, you felt you were among friends, part of the family… even today, that intimacy has not been lost at the Credit Union."