Question 1

What is Paper Converters Local 286/1034 Credit Union?

Accepted Answer

Paper Converters Local 286/1034 Credit Union is a small, member-focused federal credit union serving the members of United Steelworkers (USW) Local 286 and Local 1034 in Philadelphia, Pennsylvania. With approximately $1.9 million in assets and over 2,100 members as of 2025, this credit union provides essential financial services exclusively to union members and their families in the paper converting and related industries. It operates as part of the broader benefits package offered to USW Local 286/1034 members, which includes pension plans, health and welfare benefits, and legal services.

Question 2

When was Paper Converters Local 286/1034 Credit Union founded?

Accepted Answer

The credit union was established to serve members of USW Local 286, which has deep roots in Philadelphia's labor history. Local 286 itself was founded on May 24, 1937, when organizer Joe Simone led workers to secure a charter with the Brotherhood of Pulp, Sulphite and Paper Mill Workers to represent workers in the set-up box craft and folding carton industry. The union initially represented 50 workers at four companies.

Over the decades, Local 286 grew significantly, peaking in the 1980s with more than 6,000 members employed at 100 different companies. Through various mergers, the union affiliated with the Paperworkers Union in 1972, then with the Oil, Atomic, Chemical and Energy Union (OCAW) in 1999 to form PACE Union, and finally merged with the United Steelworkers in 2005. The credit union was established during this evolution to provide financial services tailored to the unique needs of paper converter workers and their families.

Question 3

Where is Paper Converters Local 286/1034 Credit Union headquartered?

Accepted Answer

The credit union is headquartered at 410 N 8th Street in Philadelphia, Pennsylvania. This location also serves as the offices for USW Local 286, centralizing union services and financial services for members in one convenient location.

Question 4

Where does Paper Converters Local 286/1034 Credit Union operate?

Accepted Answer

Paper Converters Local 286/1034 Credit Union operates primarily in the Philadelphia metropolitan area, serving members of USW Local 286 and Local 1034. The credit union's field of membership is restricted to union members, their families, and employees of the union itself. Members work in the paper converting, folding carton, and related manufacturing industries throughout the Philadelphia region.

As a federally chartered credit union, it operates under NCUA Region 1 and holds a low-income designation, reflecting its commitment to serving workers in industrial sectors.

Question 5

What services does Paper Converters Local 286/1034 Credit Union offer?

Accepted Answer

The credit union provides core financial services to its union members, including share accounts (savings), checking accounts, and various loan products. With approximately $820,000 in total loans outstanding, the credit union maintains a loan-to-share ratio of about 52%, indicating a balanced approach to lending and savings services.

The credit union focuses on meeting the practical financial needs of working-class families, offering personal loans, auto loans, and other consumer credit products. As part of the comprehensive benefits package available to USW Local 286/1034 members, the credit union complements other union benefits such as pension plans, health and welfare benefits, severance packages, and 401(k) options.

Question 6

What makes Paper Converters Local 286/1034 Credit Union unique?

Accepted Answer

Paper Converters Local 286/1034 Credit Union stands out as a labor union-sponsored credit union serving a specific industrial workforce with deep roots in Philadelphia's manufacturing history. Its close integration with USW Local 286—sharing the same physical location and operating as part of a comprehensive union benefits structure—creates a unique member experience.

The credit union maintains a strong net worth ratio of 6.78% and demonstrates financial stability despite serving a relatively small, specialized membership base. Its low-income designation reflects its mission to serve working-class families in the paper converting industry, many of whom have been union members across multiple generations.

The credit union represents a legacy of worker solidarity dating back to 1937, when Local 286 was first chartered during the labor organizing wave of the New Deal era. This connection to Philadelphia's industrial labor history makes it more than just a financial institution—it's part of the fabric of the local union movement and the paper converting industry.

Question 7

What type of financial institution is Paper Converters Local 286/1034 Credit Union?

Accepted Answer

Paper Converters Local 286/1034 Credit Union is a federal credit union chartered by the National Credit Union Administration (NCUA) under charter number 23556. As a federal credit union, it operates under federal regulations and its deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000 per depositor.

The credit union follows the cooperative structure common to all credit unions, meaning it is owned by its members rather than external shareholders. Membership is restricted to members of United Steelworkers Local 286 and Local 1034, their immediate family members, and employees of the union organization. This occupational common bond creates a close-knit financial cooperative focused exclusively on serving paper converter workers and their families in the Philadelphia area.

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About Paper Converters Local 286/1034 Credit Union in the United States