About Us

ABOUT US PAGE: New copy to replace current

About Us

In November 1940, a small group of steel workers met to discuss forming a credit union for the company's employees. After agreeing that credit union membership would be an important employee benefit, they formed Steelworkers' Federal Credit Union. The first membership meeting was held in February 1941.

Steelworkers' Federal Credit Union's field of membership (FOM) served employees of the Sheffield Steel Corporation and Steel Workers Mutual Aid, as well as those in Lodge No. 13 (the Amalgamated Association of Iron, Steel and Tin Workers of North America) and their immediate family members.

Originally, the credit union only offered two financial services to its members - regular share accounts and consumer loans. By the end of 1984, Steelworkers had grown to $25 million in assets, with $10 million in loans and $23 million in shares.

Steelworkers' Federal Credit Union acquired Center Place Savings Credit Union in 1985. Center Place Savings Credit Union had $2.9 million in loans and $4.4 million in shares. The NCUA assisted with the purchase and assumption agreement.

Following the merger, in an effort to meet the challenges presented by these external changes and continue to grow, United Consumers management asked the membership to allow the credit union to change its name and began to accept other employee groups. The resolution was presented at the 1986 annual membership meeting and passed. The members voted to change the name to United Consumers Federal Credit Union. In addition, management began to analyze new services, which would meet member's needs.

By the end of 1986, United Consumers had over $36 million in assets, with $16 million in loans and $33 million in shares and was positioned for future growth. Based on this strong financial position and the widening of the FOM, United Consumers was approached by the NCUA (National Credit Union Administration) several times as a merger partner for other troubled credit unions.

In October 1987, United Consumers acquired United Grocers and Associates Credit Union. Also in 1987, United Consumers acquired Blue Hills Community Federal Credit Union. Because of these mergers, the FOM was expanded to include employees of the Milgrams Grocery Stores, their family members and all individuals who lived or worked in Blue Hills.

United Consumers acquired IMCO Credit Union in July 1988. The merger further expanded the credit union's FOM to include employees of IMCO Plastics Company.

In 1999, United Consumers elected to change its charter from federal to state. Because of this, the credit union's name changed to United Consumers Credit Union. In addition, United Consumers has more input and response in the state legislative process and is less affected by ongoing federal litigation from the constant revisions to federal policy and regulations. In addition, by changing to a state charter, the membership benefits from a less restrictive overlap policy and a more streamlined application process.

In 2003, Pacesetter Credit Union and Tuffy Credit Union approached United Consumers about merging, which were completed shortly after the proposal. Because of these mergers, the FOM was expanded to include those who live or work in Buchanan County, the city of Cameron, railroad workers and employees of Tuffy Manufacturing.

The most recent opportunity to expand the FOM presented itself in September 2006. After membership approval, United Consumers acquired 1 st Credit Union in May 2007. The FOM was expanded to include those employed by the following: the Postal Service, the U.S. Federal Government, Fort Osage School District, the military (active, reserve or retired), Armor Swift, Con Agra (or subsidiary companies), Piano Technicians Guild, GEHA or Business Technology Association (or any company that is a BTA member), as well as those residing in Independence, Buckner and St. Joseph.

During the last ten years, United Consumers Credit Union has grown in asset size, in the number of services it offers and in the number and size of offices. It now serves over 17,000 members, from over 100 selected employee groups.

Currently, United Consumers is the 10 th largest credit union in the state of Missouri and has assets of over $100 million. United Consumers is a strong financial institution, with a strong earnings ratio and a capital to asset ratio of more than 11%.

United Consumers has a long-standing reputation of providing members, in all income brackets, with high quality financial services. Many services are provided at no cost or a relatively low cost. In addition, we offer very competitive interest rates on share accounts and competitive low rates on loans. We look forward to serving our members' financial needs for many years to come.

To see how you can qualify for membership, please see our How To Join page.