Our History

serving you since 1956

In the early fifties, a few educators in Weber School District had the desire to organize a credit union to help school district employees meet their financial needs. They felt that establishing a credit union would give people like them a place to save and borrow.

 

The credit union was formed February 10, 1956 under the name of Weber Education Association Credit Union (WEACU).

 

The credit union was designed to encourage thrift among the employees of Weber School District by saving and investing money and promoting the ideals of self-help. It created sources of credit for the employees at fair and reasonable interest rates. It also gave them the opportunity to control their resources through a democratic process and thus improve their economic and social condition.

 

The first officers of the WEACU were: Howard Stahlings, president, Ross Fietkau, vice-president and Mabel Blayney, secretary.

 

"Even though we did not truly get started until the end of the year, we did especially well for a new credit union," the 1956 board minutes stated. The net earnings at the end of 1956 were $101.24. The credit union had $6571.08 in assets and 82 members.

 

In 1957, shareholders started receiving an interest rate of 4%, and money was loaned out at 1% of the unpaid balance per month.

 

The first elected secretary of the credit union was A. Welling Macfarlane. He accepted deposits at his home at a desk in the corner of his living room.

 

Membership

Only employees of Weber School District, their immediate family members, and associates could join the credit union. To become a member, $5.25 had to be taken or mailed to Macfarlane.

 

If possible, they were to obtain an application-signature card from one of the officers and mail it in with the money. The 25 cents was an entrance fee and would not be returned, but all other deposits could be withdrawn and earned interest (usually 4%). Deposits of at least $5 had to be accompanied by the member's passbook, which was a record of their transactions.

 

Deposits were to be mailed or taken to Macfarlane either at his home or at Wahlquist Jr. High School where he was the assistant principal and a teacher.

 

The credit union offered insurance. All deposits up to $1,000 were matched dollar-for-dollar for those ages 6 months to 59 years. This was later changed to $2,000.

 

"We encouraged people to save and put their money in the credit union," Macfarlane said. "The credit union came at a time when [school teachers] could not afford to do business with banks."

 

Loans

To borrow money from the Credit Union, applications had to be made in writing on a form obtained from the loan committee, or other officers of the credit union. Only members could borrow, and they had to have it recorded in their passbook. Each Monday, the credit committee would review the loans and if approved, a check would be cut.

 

"When we didn't have a lot of money, we'd call people who we knew had money and asked them to deposit it with us," Macfarlane said. "Sometimes we'd have too much money, and sometimes too little. We told the people who were supervising the loans not to worry how much money we had, but to push loans and give them out."

 

The Utah State auditor would visit Macfarlane's house often to check the books.

 

"We set up a card table and chair and he'd check the books," Macfarlane said. "They kept us straight."

 

"We're glad we had the opportunity to be a part of it and get it started. The credit union had exceptionally fine leadership," Macfarlane said.

 

The secretary of the credit union started to receive a salary just after Macfarlane left the credit union. The salary was based on how much money was available and how much was out in loans.

 

Recollections

"There were just a few of us who put dollars in to start it out," said Ross Fietkau, one of the early leaders of the credit union. "It was a touch and go thing for a year or so, but then it seemed to just take off. We just built it from nothing to what it is today."

 

"When I joined the credit union, Ross Johnson was in charge of it," said Myrle Ehmann, an early member and former elementary teacher. "He lived in North Ogden. When we wanted to make a deposit, we would call first to make sure he was home. He'd invite us into his home, sit at the table and would deposit the money, or draw some out for us."

 

"We've always been treated so well at the credit union," Ehmann said. "We are so appreciative that it's still here and things keep getting better and better."

 

One of the early leaders of the credit union was Jay F. Anderson, a former business and music teacher at Weber High School. He played the flute and owned the only pure silver flute in Utah. Credit union business was conducted in his home from about 1961-1965.

 

In 1961, the credit union purchased a cash register for $4,636.66.

 

In 1963, the Morgan Teachers Association joined the credit union.

 

"We'd go to Jay Anderson's home to make payments and get loans. We'd have to go downstairs," said Carl DeYoung, an early member of the credit union.

 

Anderson was good with the members, working with them and giving them extra time to pay off their loans, if needed. He later passed away with Lou Gehrig's disease.

 

"I've been very pleased with the credit union. The staff has treated us very well. I feel like I'm a part of it. It's personal and it's neat to drive up at the credit union and be called by our first name - I'm part of the family," said Margaret Foy, an early member. "It's hard to believe that it was only a few members, and to see how it's grown over the years."

 

Arleen Edward, a former Club Heights Elementary teacher joined the credit union. She said almost all of the teachers joined the credit union. "We used to have money deducted from our salary to go into the credit union." Direct depositing money from school district employees salaries into their accounts at the credit union really helped the credit union grow.

 

Bob Rauzi's father, Ernest Rauzi, was another early leader of the credit union. "Our parents made sure that all of us were a part of the Weber Education Association Credit Union." Rauzi said. "Mom and dad were active in it all their lives."

 

In April 1965, the credit union was moved from Anderson's home to an office at 548 26th Street, Ogden (now 550 26th Street).

 

"There was only room for three cars to park," said Leland Bangerter. "But the service was the same as it is now. It has been good all the way through."

 

In 1980, the name was changed from Weber Education Association Credit Union to Weber School District Employees Credit Union.

 

Branching Out

Business was conducted at the building on 26th street until August 1983, when the credit union built a new branch and was based in Roy at 1935 W. 4800 S.

 

In October 1983, in addition to all Weber School District employees being eligible to join, all students in Weber and Morgan school districts could join the credit union.

 

The name changed again in July 1986 to what it is today - Weber Credit Union.

 

On July 29, 1998, ground was broken for a second office at 975 Washington Blvd., Ogden. The building was complete in March of 1999, which is now the main office of the credit union.

 

The credit union had a grocery store branch at the Jubilee grocery store at 4450 S. 1900 W., Roy from October 2001 to February 2004.

 

A third location was built in Washington Terrace, near the Weber School District Office at 5257 S. Adams Avenue Parkway. The branch was opened July 6, 2006.

 

As Weber Credit Union continues to grow, we have continued to be dedicated to Weber School District, its employees and students. Financial education presentations are available to the students to teach them the importance of saving while young.

 

The credit union will always remember its humble beginnings, and will continue to be committed to serving its members and help them to be financially fit.