Facts About WCFBCU

Our Mission

Wabash County Farm Bureau Credit Union is dedicated to providing loans, savings, counseling, and other feasible financially-related services responsive to the needs of all members, rural and urban. Your credit union works to accomplish these goals in a manner that

• ensures a sound financial organization
• sustains the confidence of members and provides a rewarding
• and challenging environment for our employees, emphasizing quality service.

Our Credit Union's History

On June 2, 1931 a group of 75 people met to officially organize a credit union. These concerned leaders realized that rural families needed to join together to solve their own particular, but common problems. Organizing a cooperative credit union to provide savings and dependable loan programs was the vision of this group, as Banks and other lenders considered lending to farmers to be too risky.

The original directors included Gus Thompson, W.K. Delaplane, Nondu Jefferson, Fred Pullen and Otis Brubaker. A 6% APR dividend was declared on passbook savings and member's deposits increased from $37.50 collected on June 2, 1931 to $3,034.33 at the close of the calendar year.

Since its organization, this cooperatively owned and controlled financial institution has consistently grown. Through its first 20 years the assets reached $997,308. Twenty years later, at the close of 1971, assets increased to $9.6 million. As its mission continued to focus on meeting the financial needs of rural and urban persons residing in Wabash and surrounding counties, the asset size reached $142 million at the end of 1991 and closed the 2000 year with assets totaling $361 million.

The Farm Bureau Credit Union has been fortunate to have had visionary leadership. Through its 65 years, five individuals have managed the operations.

1931 - 1947 Gus Thompson, Board Chairman
1947 - 1952 Darrell Hawkins
1952 - 1980 Van Wilson
1980 - 1981 Ovid McKinley
1981 - Present Bruce Ingraham

According to its President, Bruce Ingraham, "Consistently providing solid deposit and loan programs to serve member's needs has resulted in tremendous growth and success. Our Board members, who serve through volunteering their time and knowledge to our membership, have played a significant role in the success of this organization. The communities we serve have benefited from their individual and collective efforts."

How big is the Credit Union?

The Credit Union is now the seventh largest in Indiana. It is not your ordinary credit union as its members have different priorities. Agricultural, residential and business lending are provided to members in addition to the standard loans made by most credit unions. Its ability to be unique has afforded Wabash County Farm Bureau Credit Union the success it has achieved throughout its 70-year history.

How many offices does it require to be so large?

Convenience and service have been top priority. Offices are located in Wabash, Warsaw, Peru, North Manchester, Marion, Logansport and Rochester. The Credit Union currently employs 108 people to serve its 29,000 members residing in North-Central Indiana.

What services can the Credit Union members expect?

The Credit Union has consistently offered its member users basic financial products and services. Passbook savings and checking accounts have continually paid above market rates. The passbook requires a $25 minimum balance. A $100 minimum balance maintained in checking will alleviate the monthly service charge. NSF fees, stop payment charges and other costs associated with checking account have remained unchanged since inception and are below competitor's charges. Share certificates and IRAs are continually priced at competitive rates and provide attractive terms for depositors.

Complimentary services including ATM access, Check Cards, Touch Tone Teller, VISA, Travelers Checks, Money Orders, safe deposit boxes and Members Financial Services Center are available to all members.

How many Member-Owners have joined the Credit Union?

This cooperatively organized financial institution, which continues to sell its mission on meeting the needs of its local member-owners, has prospered and grown over the past 70 years. The 29,000 people who maintain an account take ownership in the business. As the Wabash County Farm Bureau Credit Union prospers, so does each member-owner. The ability to return higher dividends, tailor competitive loan terms and rates, provide services and bring innovative programs to persons in North-Central Indiana will continue as members continue to use their credit union and express their needs.

Why would so many people become members?

An example of how Wabash County Farm Bureau Credit Union adds value to its members is through its strong dividend rates. During 2000, the credit union returned cash dividends of $15.1 to its member-owners. This represented 57% of the credit union's gross revenue for the year.