Brantwood Credit Union History
Brantwood Credit Union originated on March 9, 1932 because banks were not lending at the time. The founding members organized and began with $100.00 in assets. The original board members were: Sulo Loyva, Jacob Perkio Jr., Erick Simola, Jacob Gustafson, Victor Hautala, Herman Keto, Gabriella M. Kinnari, F.V. Saari, August Waisanen, and Kalle Heikkinen. To join as a member a $5.00 deposit was required, which is the required initial deposit to this day.
The office was in the Brantwood Coop Store on Hwy D, the manager of the coop also served as the credit union president. There was a board of five voted upon members and a credit committee of three who would meet every Saturday morning at the coop for members coming in to apply for a loan.
The credit union worked closely with the Brantwood Cheese Factory and members were able to set up pay roll deductions to make their loan payments.
The first year that loans were charged interest was 1948. Before that there wasn’t a need for the credit union to generate income, as it was a part of the Coop store.
In 1964 the Coop Store closed and the Credit Union was moved to the Coop Station on Hwy 8 next to the Brantwood Post Office where BCU has been since then. The first office in the station was a small office (storage room) in the back of the building. We moved to a remodeled office in 1988 in the south east corner of the garage.
Then in March 2003, the Credit Union bought the building from George Rick, remodeling the west side, where we remain with a new classy lobby and an office with storage rooms.
Until the Brantwood Community Center was built across Stadium Road, meetings were held at Zion Lutheran church basement, the last one there was in 1979.
It has been the uniqueness of credit unions to pay out net earnings to our members after expenses in dividends and sometimes loan interest rebates are also given.
In reviewing some of the audit reports:
1953 – 173 members, $51,704 shares, $12,123 loans
1962 – 226 members, $123,667 shares, $91,615 loans
1970 – 190 members, $103,863 assets, $93,249 shares, $89,333 loans
1984 – $598,074 assets, $266,469 shares/certificates, $542,658 loans
1990 – $1,139,377 assets, $1,024,896 shares/certificates, $993,461 loans
1996 – Reached $2,000,000 in assets
2005 – Reached $3,000,000 in assets
2009 – 670 members, $3,613,299 assets, $3,175,139 shares/certificates, $2,803,665 loans
2021 – 820 members, $7,127,390 assets, $6,316,101 shares/certificates, $5,749,543 loans