Question 1

What is The Family Credit Union?

Accepted Answer

The Family Credit Union is a community-chartered federal credit union headquartered in Davenport, Iowa. With approximately $243.6 million in total assets and over 20,000 members, it serves communities across Iowa, Illinois, and Nebraska. The credit union operates 10 full-service branch locations and offers a comprehensive range of financial services including lending, deposit accounts, and digital banking solutions.

As the first credit union in Iowa to adopt a community charter in 1980, The Family Credit Union has expanded beyond its original employee-based membership to serve broader geographic communities.

Question 2

When was The Family Credit Union founded?

Accepted Answer

The Family Credit Union was founded in 1935 as Kohrs Credit Union. After the Kohrs plant was acquired by Oscar Mayer Company, the credit union's name changed to Oscar Mayer Credit Union.

The original office was located underneath a stairwell at the Oscar Mayer plant on Rockingham Road in Davenport, Iowa, where two employees served fellow plant workers. The credit union's early mission focused on providing trusted financial solutions to plant employees while treating every member like family.

Under the leadership of managers Grover Miller (1950s-1970s) and Ray Laures (1970s-1999), the credit union expanded services and established the Kirby Kangaroo Club for children in the 1970s. In 1980, it became the first credit union in Iowa to adopt a community charter, and officially changed its name to The Family Credit Union in 1982.

Question 3

Where is The Family Credit Union headquartered?

Accepted Answer

The Family Credit Union is headquartered in Davenport, Iowa. The main office is located at 1530 W 53rd Street, Davenport, IA 52806.

This location serves as both a full-service branch and the administrative headquarters for the credit union's operations across three states.

Question 4

Where does The Family Credit Union operate?

Accepted Answer

The Family Credit Union operates 10 full-service locations across Iowa, Illinois, and Nebraska. Branch locations include:

Iowa: Four locations in Davenport (West 53rd Street, Jersey Ridge Road, Locust Street, and Rockingham Road), Bettendorf (Middle Road), Muscatine (Mulberry Avenue), and Perry (1st Avenue).

Illinois: Silvis (John Deere Road) and Beardstown (located in JBS Plant).

Nebraska: Omaha (located in Greater Omaha Packing facility).

As a community-chartered credit union, membership eligibility is based on living or working in the credit union's service areas. The credit union has expanded its geographic reach through strategic mergers over the decades, including mergers with Bettendorf Community Credit Union, Alliance Credit Union, Davenport Fire Department Credit Union, Great River Road Credit Union, Von Maur Employees Credit Union, and Davenport Police Credit Union.

Question 5

What services does The Family Credit Union offer?

Accepted Answer

The Family Credit Union offers a comprehensive suite of financial products and services:

Deposit Accounts: Share savings accounts, checking accounts, money market accounts, and certificates of deposit. The credit union offers various checking account options to meet different member needs.

Lending Products: Mortgage loans, home equity lines of credit (HELOCs), auto loans for new and used vehicles, personal loans, and consumer lending products.

Digital Banking: Online banking platform, mobile banking app with features including account balance checks, transaction history, funds transfers, mobile check deposit, and bill pay services. The credit union also offers Voice Response system for 24/7 account access.

Additional Services: Debit cards, credit cards, ATM access, and bilingual Spanish services to serve diverse member needs.

The credit union maintains a youth program called the Kirby Kangaroo Club, established in the 1970s, for members up to age 12 to promote financial education.

Question 6

What makes The Family Credit Union unique?

Accepted Answer

The Family Credit Union holds a distinctive place in Iowa credit union history as the first credit union in the state to adopt a community charter in 1980. This pioneering move transformed it from an employee-based credit union to one serving entire communities.

The credit union's growth through strategic mergers has allowed it to expand from a single plant location to 10 branches across three states while maintaining its community focus. In 2013, the credit union opened its first teller-less branch, demonstrating innovation in service delivery.

The credit union maintains strong community involvement, contributing over $75,000 annually in donations, sponsorships, and volunteer time to organizations including Children's Miracle Network, Junior Achievement, United Way, Habitat for Humanity, and numerous local community organizations. Under the leadership of President/CEO Mike Brandt, the credit union reached $200 million in assets in 2020 and continues its mission of providing innovative financial products while maintaining a "people helping people, family first" philosophy.

The Kirby Kangaroo Club, launched in the 1970s, remains an active program promoting lifelong financial education for children.

Question 7

What type of financial institution is The Family Credit Union?

Accepted Answer

The Family Credit Union is a federal credit union regulated by the National Credit Union Administration (NCUA) and operates under a community charter. This structure allows membership to anyone who lives or works within the credit union's defined geographic service areas in Iowa, Illinois, and Nebraska.

As a member-owned cooperative financial institution, the credit union operates on a not-for-profit basis, with members serving as both customers and part-owners. The credit union is governed by a volunteer Board of Directors elected from the membership, currently chaired by William Buckley.

Members' deposits are federally insured by the NCUA up to $250,000, providing the same level of federal protection as FDIC insurance at banks. The community charter structure, first adopted by the credit union in 1980, allows broader membership eligibility compared to the original Select Employee Group (SEG) model, enabling the credit union to serve entire communities rather than just specific employer groups.

Family members of existing members are also eligible for membership, including spouses, children, siblings, parents, grandparents, and grandchildren.

The Family Credit Union

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About The Family Credit Union in the United States