WCFCU
HISTORY
Our
credit union had its beginnings in the streets of Buffalo in 1936
when a group of fruit peddlers realized they had a major financial
problem. The peddlers did not have enough money to buy the
individual licenses needed to set up their stands. After much
discussion, they came up with a brilliant idea as to how to solve
their problem. The vendors decided to pool whatever money they had
and then draw straws. The peddler that drew the “short straw”
became the winner and was given the money to purchase his license.
At the end of the day he had enough money for 2 more of the
peddlers to purchase their licenses. Because of the money that was
earned, the following day all 5 of the peddlers had their
licenses.
From that day forward, the peddlers
decided to save money each week. They told other people how well
their plan had worked. This inspired many of their friends to join
their group, which became a citywide organization known as
Workmen’s Circle Federal Credit Union. The original purpose was to
save money for their businesses. Over time, the needs of the
credit union members grew and other services were developed. These
services included loans, which were used for business development,
home improvements, automobiles, vacations, and other personal
requirements.
Workmen’s Circle continued to grow
over the next 50 years from 5 members to over 280 members in 1990.
It was then that our major growth began with a number of mergers.
In 1991 Workmen’s Circle merged with 4 other local credit unions.
Members of Jewish Workers Alliance Federal Credit Union,
Roumpesbod State Credit Union, Mt. Carmel State Credit Union, and
Temple Beth Israel State Credit Union all became part of our
family. In 2001 a merger with Buffalo Hebrew Social Club Federal
Credit Union was completed. Our lastest merger with First Warsawer
FCU was in 2006. As of today, we now have over 1200
members and we won’t stop there.
ABOUT
CREDIT UNIONS
Credit unions were originally formed
to provide credit to people of small means. From their early
origins, credit unions were unique depository institutions
created, not for profit, but to serve members as credit
cooperatives. The earliest financial cooperatives date back to the
beginning of 19th century in England. However, in the mid- 1800’s
Germany was the home of the first credit unions as we know them
today: Democratically governed; Each member having one vote;
member-elected board of directors; and Volunteer based.
These
early German credit unions were organized by Herman Schulze-Delitzsch
and Friedrich Raiffeisen. The crop failure and famine of 1846
caused Schulze-Delitzsch to organize a cooperatively-owned mill
and bakery which sold bread to its members at substantial savings.
Schulze-Delitzsch took this cooperative notion to address the
needs of credit. In 1850, he organized the first cooperative
credit society, known as the “people’s bank.” Raiffeisen goal was
to provide credit to farmers. In 1864, he formed the Heddesorf
Credit Union to help German farmers purchase livestock, equipment,
seeds, and other farming needs.
In 1900, the credit union concept
crossed the Atlantic to Levis, Quebec, where Alphonse Desjardins
organized La Caisse Populaire de Levis. A court reporter,
Desjardins became aware of the outrageous interest being charged
by loan sharks and organized the credit union to provide relief to
the working class.
In 1909, Desjardins helped a group
of Franco American Catholics in Manchester, New Hampshire organize
St. Mary’s Cooperative Credit Association--the first credit union
in the United States. Spurred by the attention of Edward Filene, a
merchant and philanthropist, and Pierre Jay, the Massachusetts
Banking Commissioner, the Massachusetts Credit Union Act became
law on April 15, 1909. The Massachusetts law has served as a basis
for subsequent state credit union laws and the Federal Credit
Union Act.
WCFCU BOARD OF
DIRECTORS & COMMITTEE MEMBERS
|
Board of Directors |
Credit Committee |
Supervisory Committee |
|
Ronald Jacobs - President |
Larry Macks - Chair |
Beverly Fish - Chair |
|
Betteann Umof - Vice President |
Phyllis Kaffey |
Harold Chazen |
|
Jay Mesnekoff - Secretary |
Les Wotherspoon |
George Detwiler |
|
Michelle Detwiler - Treasurer |
|
|
|
Larry Macks |
|
|
|
Phyllis Kaffey |
|
|
|
George Detwiler |
|
|
|
|
|
Betteann Umof |
Michelle Detwiler |
|
Sheri Markiewicz |
|
