Credit Union still going strong fifty years after its start by professors
One of Logan’s long-standing businesses recently celebrated its 50th anniversary. Operating since Dec. 27, 1957, the Utah State University Charter Credit Union was organized by two previous Utah State professors, Vernon Israelsen and Evan Murray.
“(Israelsen) was an economist and a member of the faculty in the economics department,” said his son, Boyd Israelsen. “His passion was to see economics make a difference in the lives of people, particularly people who were disadvantaged and … in the lower rungs of society. He wanted to be able to provide services for people that might not otherwise be available. This included providing for faculty and staff.”
When the credit union first opened, it was available only to USU employees, their families and alumni. The business was managed from the offices of several professors who, in addition to their teaching assignments, became accountants and loan officers as well. To meet the needs of the growing business, the credit union hired its first full-time employee, Doris Thorpe, in 1962 and moved from the professors’ offices to the annex building across from the stadium.
“I was treasurer/manager – that’s the same as a CEO today,” Thorpe said.
She performed the duties of loan officer, banker, manager and all other necessary tasks, she said.
“We were a very small credit union at the time,” she said. “There was only myself and one other gal that worked there.” The business did not stay small for long though. Within a span of 10 years, USU employee membership jumped from 40 percent to more than 83 percent. In order to accommodate for the growth of credit union membership, it was decided a new off-campus office would be built, Thorpe said.
Ground broke in 1975. After three years, $475,000, and a lot of hard work, the building was finished, she said. On April 20, 1978, the president of USU, Glen L. Taggart, dedicated the USU Charter Credit Union.
The credit union campus branch still stands in the same location today at 675 E. 1000 North.
Along with the new building came the need for more employees, Thorpe said. Four people who helped build the credit union from its infancy continue to contribute to its growth today. Dennis Childs, who started working at USUCCU in 1979, is now president and CEO. Jim Jackson, hired in 1980, now works as vice president and compliance officer. Faith Neuhold has been working for the Credit Union since 1981 and now performs operations training for employees and is over Special Accounts and Projects. In 1983, Darlene Jensen was hired, and she now works as director of human resources. These employees were all recognized in a 50th anniversary packet given out by the credit union.
Membership has steadily increased over the years, and in 1984, USUCCU was able to extend membership to everyone in the community, Thorpe said. From 1989 to 1991, the off-campus credit union utilized a section in an old Macey’s grocery store. Thorpe said in 1992 the credit union moved from Macey’s to downtown Logan, where that branch still exists today on 200 N. Main Street.
Over the years, Israelsen’s and Murray’s dream in making a difference in the life of people has continued to grow. With more than 19,000 members, many who attend Utah State, there are now additional locations in Smithfield and Providence, with plans in place for a branch in Brigham City to be opened, according to Credit Union officials.
-amy.m.mattson@aggiemail.usu.edu
A patron walks into the 1000 North branch on Tuesday. (Cameron Peterson)