Arizona State Credit Union Timeline

In the early 1920s, Edward Filene, recognizing the value of credit unions amongst the working class, formed the Credit Union National Extension Bureau to champion individuals seeking approval to organize credit unions around the country. He hired Roy F. Bergengren, a Massachusetts lawyer, to establish federal and state laws. Filene and Bergengren sought to promote credit unions as an alternative to traditional lenders.

During the 1940s and 1950s credit unions began spreading out in Arizona. Employee based credit unions serving large corporations, military establishments, and city and federal workers made up the majority of credit unions at the time.

Mr. B.F. Hill, Chief Clerk of the Industrial Commission of Arizona, suggested in the summer of 1951 that a credit union was needed by state employees. Clarene Slade who worked in the accounting department, worked closely with Hill's office to find support for a credit union. Slade, with the assistance from the Federal Bureau of Credit Unions, completed the necessary work and Arizona State Credit Union was born on October 31, 1951.

Today, Arizona State Credit Union is the largest state-chartered federally insured credit union in Arizona. Nationwide, nearly 8,000 credit unions serve 90 million members throughout the United States.

1951    Credit Union organized on October 31, 1951
1952    Bookkeeping service hired, first Annual Meeting held on January 31
1953    Credit Union's first office, 1638 W. Adams, Room 221 (State Building)
1954    First charged-off loan - $5.07.
1955    Credit union moved to rented space
1956    1,000th member enrolled
1957    Hired first staff member and established office hours
1958    Fee to join credit union, 25 cents
1960    Share insurance increased to $2,000
1961    Land purchased for first credit union office
1962    Deposits reach $1,000,000, first newsletter published called Umbrella
1963    First Annual Report published
1966    Board authorizes first safe and alarm system
1967    Payroll deduction begins from ASU
1968    Board approves first electronic data processing system - EDP Corp.
1970    2nd office opens in Flagstaff
1971    3rd office opens in Tucson
1972    Charter converted from Federal to State
1974    Board eliminates membership fee
1975    First credit union logo, State Deferred Compensation Plan option begins
1978    Checking account program begins
1981    VISA® Debit Card program begins
1985    Assets reach $100 million
1986    Unsecured loan limits increased to $10,000
1987    Board adopts first credit union Mission Statement
1989    Membership reaches 50,000
1990    CALL Audio Response service added
1992    American Express added to Field of Membership
1994    $1 billion loaned to members since 1951
1995    Credit Union Advantage dealer lending program begins
1996    Membership reaches 75,000
1999    Assets reach $500 million
2000    Membership tops 100,000
2001    Credit Card program introduced
2002    Computer Conversion to Fiserv Summit Systems
2003    Member Rewards, Bill Payment, & Home Equity Line-of-Credit introduced
2004    Statement Access begins, new offices in Gilbert, Cottonwood and Prescott Valley
2005    Business Banking and enhanced Real Estate programs begin
2006    Name modified to Arizona State Credit Union
2007    Assets top $1.0 Billion, Membership exceeds 130,000
2008    Office opens in Chino Valley
2009    New Office in Scottsdale
2010    Launched Online Account Opening for deposit accounts

 

Contact Us

2355 W. Pinnacle Peak Rd.
Phoenix, AZ 85027
1-800-671-1098