History

The History of District One Highway Credit Union

 

District One Highway Credit Union was founded in 1954.  An inquiry dated March 13, 1954 was sent to Jim Riegel of the Missouri Credit Union League.  His response to this inquiry stated that it would take a minimum of 7 people to sign a charter and someone would need to put up $5 to the Secretary of State.  The person who put up the $5 would become the #1 Charter Member.  A first meeting would be called to elect officers and then the credit union would be in business.  It was determined that an entrance fee of 25¢ would be used to buy supplies.  One share would equal $5.  And it would take approximately $60 to “get in” business.

 

Loren A. Nichols put up the original $5 on May 21, 1954.  The first meeting was held on May 27, 1954, with 6 out of the 8 incorporators present.  Jim Reigel of the Missouri Credit Union League, acted as the temporary chairman. 

 

The officers elected at the first meeting were: 

 

William Leake, Chairman            E.Q. Mell, Vice-Chairman

J.G. Fitzgerald, Secretary             L.A. Nichols, Treasurer

                           Elmo Mick, Board Member

 

There was no set dividend rate.  The national average in 1954 was about 4% depending on business.  A person could get a signature loan for up to $500, but had to have security for larger amounts.  No one could borrow more than $1,000 or 10% of total assets, whichever was greater.

 

Asset Size, Member Size, and Loans the Last 50 Years

            Annual Meeting           Asset Size             Member Size         Loans
     May 1954     1st       $            540                    25   $          200 
     Oct 1954      2nd        $         4,623                    65   $       4,038 
     Oct 1963      10th        $     112,692                  330   $   109,252 
     Oct 1973      20th       $     429,564                  576   $   373,066 
     May 1984     30th       $  2,995,294               1055   $1,993,918
     May 1994     40th       $  9,468,237               1472   $4,518,384
     May 2004     50th       $18,826,820               1843   $5,906,931

  

District One Highway Credit Union staff and volunteers would like to thank our loyal members for the past 50+ years.  We look forward to serving you for the next 50+ years.