The History of District One Highway Credit Union
District One Highway Credit Union was founded in 1954. An inquiry dated March 13, 1954 was sent to Jim Riegel of the Missouri Credit Union League. His response to this inquiry stated that it would take a minimum of 7 people to sign a charter and someone would need to put up $5 to the Secretary of State. The person who put up the $5 would become the #1 Charter Member. A first meeting would be called to elect officers and then the credit union would be in business. It was determined that an entrance fee of 25¢ would be used to buy supplies. One share would equal $5. And it would take approximately $60 to “get in” business.
Loren A. Nichols put up the original $5 on May 21, 1954. The first meeting was held on May 27, 1954, with 6 out of the 8 incorporators present. Jim Reigel of the Missouri Credit Union League, acted as the temporary chairman.
The officers elected at the first meeting were:
William Leake, Chairman
E.Q. Mell, Vice-Chairman
J.G. Fitzgerald, Secretary
L.A. Nichols, Treasurer
Elmo Mick, Board Member
There was no set dividend rate. The national average in 1954 was about 4% depending on business. A person could get a signature loan for up to $500, but had to have security for larger amounts. No one could borrow more than $1,000 or 10% of total assets, whichever was greater.
Asset Size, Member Size, and Loans the Last 50 Years
|Annual Meeting||Asset Size||Member Size||Loans|
|May 1954 1st||$ 540||25||$ 200|
|Oct 1954 2nd||$ 4,623||65||$ 4,038|
|Oct 1963 10th||$ 112,692||330||$ 109,252|
|Oct 1973 20th||$ 429,564||576||$ 373,066|
|May 1984 30th||$ 2,995,294||1055||$1,993,918|
|May 1994 40th||$ 9,468,237||1472||$4,518,384|
|May 2004 50th||$18,826,820||1843||$5,906,931|
|May 2014 60th||$24,402,430||1981||$6,304,577|
District One Highway Credit Union staff and volunteers would like to thank our loyal members for the past 60+ years. We look forward to serving you for the next 60+ years.