History

Read on to learn more about our past. To make St. Paul Credit Union part of your financial future, we invite you to open your account today.

While the name St. Paul Federal Credit Union has only been in effect since August 1, 2005, the credit union formerly known as I.B.E.W. 110 Federal Credit Union has been in business since 1953, for a history of serving members for more than five decades.

Read on to learn more about our past. To make St. Paul Credit Union part of your financial future, we invite you to open your account today.

Highlights

• The credit union was started in November 1953 by a group of St. Paul Electricians.
• In 1987 the credit union converted to a federal charter and added family members to its field of membership.
• In 2004, the I.B.E.W. Local 949 and the city of St. Paul were added to the credit union’s field of membership.
• On August 1, 2005, the credit union changed its name to St. Paul Federal Credit Union to better represent its entire field of membership.

Timeline

The 1950s

1955—New Board member elected: John Tako
Started offering real estate loans

1956—Share limit increased from $10,000 to unlimited—paying 4% dividend

1957—$2,000 of share insurance is offered

1958—New Board Members elected: Vern Mollan and Robert Deeg
12% loan rate offered on all loans.

1959—New Board member elected: George Klein

The 1960s

1960—Membership reached 1,431

1961—Board of Directors voted to donate $100 to charities

1962—New Board Member elected: John Entrup
Free gasoline offered as promotion for loans

1963—New Board Members elected: George Hill and Armand Abress

1965—Credit Union processed 498 loans for $667,387.27

1966—New Board Members elected: Reynold Dittrich and Richard Elgaard

1967—Personal loan limit increased to $1000

1968—Credit Union purchased Burroughs Mechanical Computer Accounting Machine

1969—Reached $1,000,000 in assets.

The 1970s

1970—Reached $1,000,000 in shares

1971—Three $5 door prizes given out at Annual Meeting

1972—Reached $1,000,000 in loans

1973—Inflation on the rise and credit union struggled to hold down loan interest rates

1974—New Board Member elected: George Fahey

1975—New Board Membe elected: Richard Lundahl

1976—37 members attended Annual Meeting

1977—Frank Foure hired as Manager

1978—Reached $2,000,000 in assets
Contracted with Control Data to do Credit Union’s accounting.

1979—Reached $2,000,000 in loans and $2,000,000 in shares
Charles Taverna hired as Manager

The 1980s

1980—Share dividend rate is 8.0%

1981—IRA Accounts introduced

1982—Assets hit $3,000,000

1983—Added family members to our Field of Membership

1984—Assets hit $4,000,000

1985—Assets hit $7,000,00

1986—Assets hit $8,000,00

1987— Assets hit $10,000,000.

1988— Converted to a Federal Charter
Added Home Equity Loans

1989— Loans hit $6,000,000
Shares hit $8,000,000

The 1990s

1990—Bonny Godtland hired as new President

1991—Assets broke $11,000,000

Roof caves in on October 31st forcing Union and Credit Union to move to temporary location on Lafayette Road

1992—Assets broke $13,000,000
Membership hit 2583

1993—New Board Member elected: Joe Dabe
Added Visa Credit Cards

1994—New Board Member elected: Gerald Forga
Moved to Electrical Industry Building on Conway Street

1995—New Board Member elected: Pete Koegel
Shares hit $10,000,000

1996—Assets broke $25,000,000

1997—Membership hit 3598

1998—New Board Member elected: Dan Muccio
Assets broke $30,000,000

1999—Membership hit 4211

The 2000s

2000—Assets hit $51,700,000

2001—New Board Members elected:

• Don Sinna
• Jay Elgaard
• Mike Dreis

Technology Committee appointed by the Board:

• Tim Alexander
• Chris Petersen
• Dave Hintze
• Vaios Eleftheriou
• Arnie Pelude
• Doug Suchanek

2002—New Board Member elected: Dave Reasoner
Construction began on new office space for Credit Union

2003—50th Anniversary of Credit Union
Moved into new office space in front of the Electrical Industry Building
Added an ATM machine and Safe Deposit Boxes

2004—I.B.E.W. Local 949 and the City of St. Paul added to field of membership.

Advisory Committee appointed by the Board:

• Dan Vannelli
• Travis Kittilson
• Trisha Rhoads
• Linda Sperry

2005—I.B.E.W. 110 Federal Credit Union changes its name to St. Paul Federal Credit Union

2006—Shared Branching implemented giving St. Paul Federal Credit Union
members access to almost 3000 branches throughout the country.

2007—New branch opened in Hillcrest Shopping Center.

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