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Many people don't realize how your credit union was organized in 1948. The seed was planted by a priest named Father Francis Zimmerer. Father Zimmerer was a chaplain in the U.S. Army and served in the Pacific during World War II. This is where he first learned of credit unions. After his discharge, he returned to Subiaco and served as pastor of St. Benedicts Parish. He remembered that credit unions were a good deal for people and believed that a credit union would be an asset to the Subiaco community, so he encouraged a group of young men to see about organizing a credit union.
On October 21, 1948, the Organization Certificate was signed by the following charter members: James C. Boerner, Edward J. Eckart, Edward M. Schriver, Sylvan J. Schneider, Jr., Edward Wagner, Eugene F. Jasper and Norbert A. Gorrell. The field of membership was limited to Subiaco and the area within a 5 mile radius. The Organization Certificate was approved by the Bureau of Federal Credit Unions on December 8, 1948. The Subiaco Federal Credit Union was born. Now the real work began, to sell the credit union idea to the people of the community.
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The mission of a credit union is to provide and promote the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping members gain some particular measure of personal financial success.
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When legislation or bankers' lawsuits attack any credit union, it's an attack on all credit unions. Your Credit Union proudly protects members' right to join and participate in their not-for-profit financial cooperative.
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Subiaco Federal Credit Union has just completed 57 years of service to our members. On behalf of myself and the staff, I want to thank you for your loyalty and support of YOUR credit union. As a member, YOU are an OWNER.
In 1949, Subiaco Federal Credit Union was formed with the goal to help unite, and represent the financial needs of its members. We look with pride at what YOU have done to help build a strong, stable, well-respected credit union. Credit unions are service-oriented financial institutions. The common bond among all credit unions is that the money earned through interest on loans and income from investments (after operating expenses and reserves) is returned to members in the form of dividends and low cost services.
Your credit union's financial condition over the past year has been excellent. Our assets and income have shown steady and progressive growth. This gives greater strength to YOUR credit union. We expect this trend to continue into future years. We, the staff and board of directors, are proud of the achievements made in 2005 and we THANK YOU for allowing Subiaco Federal Credit Union to be a part of it. We look forward to a great 2006 and your continued support.
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