IBEW and United Workers Federal Credit Union

It all started in 1954. The idea to form a Credit Union was initiated in 1954 at an IBEW Local 48 union meeting by member Chester Craig. Chester was a member of another Credit Union at the time, but believed that members in the electrical trade would benefit by having their own Credit Union as well. We’ve been told that Chester would bring up the idea at meetings and during these announcements he was ignored. Sitting in the union meeting was another member by the name of John (Jack) McLeod. John was a Business Rep. at Local 48 and didn’t find Chester’s information viable therefore he too did not listen. For some reason though, John decided to look into what a Credit Union was. Intrigued by what he was to find, John called Chester to talk about it in more detail. Through determination and support of each other, the idea to form a Credit Union was submitted to the Union Board of Directors of Local 48. With the “buy-in” from the Board, documents were drawn up to incorporate the “Electrical Workers Local 48” Federal Credit Union on April 26, 1954. The final approval was received back from NCUA on May 7, 1954. The next step was to build the foundation of the Credit Union. This would take about $500.00 (yes, just $500.00) in deposits from the members to provide working capital.