In 1950 credit was a luxury not available to many. Buying a home or auto was very difficult to do. This moved a few dedicated individuals to organize and create a lending cooperative in the basement of the plant of its sponsor company, Arconic, which was know as the Aluminum Company of America (ALCOA) in Riverdale, Iowa. These dedicated and hardworking individuals put in the long hours at the plant and then would volunteer their spare time to the creation of Alcoa Employees Credit Union.
This was done to help the employees of the plant have access to credit to improve the financial stability for their families and that of their co-workers. This became the place where people could help each other achieve their financial goals. This was the foundation of what is now Ascentra Credit Union. Just like in its humble beginning, Ascentra still adheres to the people helping people philosophy – the core belief of the credit union movement.
Today, that spirit of volunteerism is exemplified by the countless hours given by our volunteer board of directors.
Our board of directors is made up of members like you. They are democratically elected at our annual meeting and give their time on your behalf to assure that the course the credit union navigates is in the best interest of all us, today and for the long haul.
As our story tells us, it’s very clear that credit unions are Main Street, not Wall Street. This means jobs are created locally and revenues generated stay in the communities we serve. We care about the community because we live here.
Just like those factory workers spreading the word about the benefits of joining the credit union in 1950, we ask that you spread the word among family, friends and co-workers and tell them how being part of the credit union movement helps our community in the same manner as supporting local business helps keep money in our communities.