Credit Union Times - Centennial Edition - (Page I25) CeLeBrAtiNg 100 YeArS , SPeCiAL CeNteNNiAL editioN (continued from previous page) Workers’ FCU community charter covers the towns of Stafford Springs, Union, Willington, Tolland, Ellington, Ashford and Somers. afford food, many people Now known as Stafford Food Center, the store operates as a turned to Workers Cooperaconventional supermarket rather than a co-op. The credit union tive Union, a co-op started in has almost $19 million in assets and more than 3,000 members. 1911 by Italian immigrants But Workers’ FCU CEO Betty Maurer believes a lot of the original concerned about the cost of connection between members and their credit union remains in groceries. It was patterned place. She also said the role of credit union is perhaps even more after consumer-managed important than it was during the Depression. stores in Italy. The idea was to pool money in order to buy large amounts at a lower price. In addition to operating a small store, the co-op also hired a man who went doorto-door selling groceries from a horse-drawn wagon. By the time of the Depression membership in Workers Cooperative Union was open to anyone. However, there was a problem. The co-op had extended credit to its members, and many were finding it difficult to repay their debts. Picking up on the cooperative approach, a group of 10 people decided to pool their money and apply for a credit union charter. They figured the credit union could provide people the money they needed to pay the food cooperative and put it in a more stable financial position. In 1959 the credit union moved into the co-op store and the first “We focus on our members, and try to help them,” Maurer said. “We know our members by name. When someone calls on the phone and pretends to be a member, we know it’s not a member. That’s more important than ever now, I think.” The biggest challenge, the credit union’s CEO said, is branching out into new towns and attracting members in those additional areas. Branding is especially important so people know the credit union name and what it is. —ecourter@cutimes.com We focus on our members, and try to help them. We know our members When by name. someone calls on the phone and pretends to be a member, we know it’s not a member. more think. —Betty Maurer part-time employee was hired. In 1966 a full-time employee came on board and in the late 1980s the credit union moved to its current Stafford Springs office. Membership in Workers’ Federal Credit Union was originally available to all members of Workers Cooperative Union and their families. Today, the www.cutimes.com Credit Union Times, December 2008 That’s important than ever now, I 25 http://www.immonline.com http://www.cutimes.com
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