A Credit Union with Purpose
PCM President, Dan Wollin shared at PCM’s Annual Meeting in early March, that for the last 31 years it has been an honor for him to tell the PCM Story. He shared how PCMCU is not different from the first credit unions formed in the early 1900’s and how we have not changed since we started in 1958. What has not changed is the cooperative principles and concepts that got the credit union movement off the ground, stood the test of time and what we still live by today. How brilliant the people that created them were and how perfect they are. They are like the constitution. Nothing needs changing.
The idea of a group of people with a common bond saving and borrowing together, helping each other out is one of those concepts. The original common bond was people who worked for the same company. Most credit unions have gone away from employee group common bonds to people who live or work in a multi-county geographical area or large associations. Still a common bond, but not as close knit as PCM’s select employee groups and family members. As Dan further shared his report with the group of 415 members and guests, he used the meeting room as an example of our common bond, where someone from one table joins the credit union and pays themselves first thru regular payroll deposits to their Dream Save Win account. Those deposits are then used to fund an auto loan to someone over at another table. The interest earned on that car loan helps support a higher rate of return on an IRA CD for a retiree from yet another table of members. Those stable IRA funds are used to finance the first home purchase for a young couple at another table. This recycling continues on and on, table to table, creating enough income to support modern facilities, the latest technology, secure networks, reducing the need for fees, all while satisfying your savings and borrowing needs. All because you are willing to help one another out.
People like to keep their business local if they can. You cannot get more local than this. An original cooperative principle of credit unions 100 years ago was teaching the value of thrift. The art of saving and the wise use of credit. Banks back then did not accept small deposits. The first deposit made at a credit union was 10 cents. Banks in that era rarely provided loans to working people. Loans were made to credit union members because they knew each other and used character, not collateral for the basis of their loan decisions. The education component of learning how to save and borrow properly was so needed then. Has that need changed over the last 100 years? No! Providing products and education that help you be a better consumer is needed more than ever. Paying you 7.50% on the first $500 you save in a Dream Save Win! account are examples how PCM does this. Its why training is also so important for our staff, so that we may provide you with great financial advice throughout all stages of life.
Guess what the rate of return was on a credit union savings account 100 years ago? Well, if it helps to understand, you were paid a dividend at the end of the year with the income left after paying the bills and putting a few bucks in reserves. That would be an example of the cooperative principle of returning excess income back to the owners. PCM still believes in this principle, demonstrated by giving rebates of over $7 million since 2004.
Although our “why” hasn’t changed over the years, the processes and how we do things has changed a lot, and will continue to do so. Gone are the days when you made your transaction with the founders of the institution by getting out your savings passbook and handwriting your transaction as record of every deposit and withdrawal. Now you take a picture of your check and your phone pings showing you your new balance. You wonder how transactions will look 10 years from now.
As long as we stay old school and maintain our founding principles, we will be a credit union with a purpose. As long as we live our core values of CARES, Commitment, Appreciation, Reliability, Empathy and Strength, we will be a purpose driven company with a soul. A soul that will live on for many years to come. Thank you all for joining People Caring More Credit Union and for being loyal and supportive members through the years.
Let’s Talk About Rates – What is Best for Our Members?
It is no secret that interest rates have been low for several years. Low for those especially who have substantial deposit balances and have not earned much in dividends, but also generously low for consumers who have wanted or needed to borrow money to purchase homes, vehicles, boats, campers, or dive into remodeling projects. Many have also taken advantage of the low-rate environment to refinance existing debt. Consumers are smart and understand that rates play a part in financial decisions.
Leading a credit union, especially in a volatile rising rate environment is no small feat. When making decisions at PCMCU, we always ask ourselves, what is in the best interest of our members? Read More…
The Similar Beginnings of The Green Bay Packers and The Credit Union Movement
The similarities are remarkable. The first credit union started in 1909 with an initial deposit of 10 cents. The Green Bay Packers started in 1919 with a $500 loan from the Indian Packing company for uniforms and equipment. Both had two co-founders: Curly Lambeau and George Whitney Calhoun for the Packers, Edward Filene and Roy Bergengren for The Credit Union Movement. It was a monumental year in 1921 for each organization with the Packers joining the NFL and the formation of the Credit Union National Extension Bureau, creating laws for credit unions to form in all states. Read More…
Paper Converting Machine Company Credit Union’s original bylaws were approved on May 7, 1958. The founding members of PCMC Credit Union consisted of 7 individuals who shared an identifiable common bond, that of employment with Paper Converting Machine Company. Although PCM Credit Union remains to be a closed charter – SEG based credit union, it has grown substantially and serves the employees of several surrounding companies, along with family of these employees and members. Although PCMCU has moved locations three times in the past 60 years, the credit union has always called Willard Drive home with our main office located at 601 Willard Drive. Read More…