1st MidAmerica Credit Union celebrates 90 years: A foundation of ‘trust, care, commitment’

 

By STEPHANIE MALENCH
For the Illinois Business Journal

1st MidAmerica Credit Union celebrated its 90th anniversary on April 10 at their Bethalto headquarters location at 731 East Bethalto Drive. 

Alan Meyer, president and CEO of 1st MidAmerica Credit Union, opened the event held just prior to the RiverBend Growth Association’s monthly Member Mingle on-site by sharing, “We thought it would be appropriate to do a ribbon cutting – to celebrate our next 90 years.”

Founded in 1934 by Western Cartridge Company President Franklin W. Olin, 1st MidAmerica Credit Union was originally called Western Cartridge Employees Credit Union. Olin had a sincere interest in his employees and founded the credit union to promote thrift among its members and be a source of credit at a reasonable rate. Thirty-five charter members deposited $59 and by the end of the first year, 651 member employees deposited $8,689 and $7,378 in loans were given. 

In 1954, after 20 years of organic growth, mergers, and acquisitions, Western Cartridge Employees Credit Union changed its name to Olin Employees Credit Union. In 1998, they opened their doors to the public and changed their name a final time to 1st MidAmerica Credit Union.

Ninety years later, the credit union has grown to 63,000 members who live in 30 counties in Illinois (Bond, Brown, Calhoun, Cass, Christian, Clinton, Dewitt, Effingham, Fayette, Greene, Jefferson, Jersey, Logan, Macon, Macoupin, Madison, Marion, Menard, Monroe, Montgomery, Morgan, Moultrie, Platt, Pike, Randolph, Sangamon, Scott, Shelby, St. Clair, and Washington) and Jackson County, Mo. It serves its members and the community at large from its 10 physical branches in Alton, Bethalto, Decatur, Edwardsville, Godrey, Granite City, Jerseyville, and Wood River in Illinois, and in Independence, Mo., as well as online, with over $964.5 million in assets. 

For 90 years, 1st MidAmerica’s mission has been “to exceed member expectations by focusing on providing members with quality products, exceptional service, and convenient access options.”

Rose Gibson, chair of the 1st MidAmerica Credit Union board of directors, remarked to those gathered at the celebration: “One thing that hasn’t changed is our mission to serve our community and members. 1st MidAmerica does this through its commitment to improving its members financial life and exceeding their expectations through relationship driven service built on a foundation of trust, care, and commitment.” Its staff further serves the community through activities such as providing financial education in the local schools, volunteering with local organizations, and more. 

According to its 2023 Annual Report, 1st MidAmerica gave $116,000 in donations and sponsorships and 45 employees volunteered 2,476 hours in the community. They were also voted Best of the Best for Credit Unions and Mortgage Company by readers of The Telegraph, Best of Edwardsville for Credit Unions by Big Z Media readers, Best of Eastern Jackson County, Mo. Credit Union Finalist by Cherry Road Media voters, and Third Place Louise Herring Award for Philosophy in Action by the Illinois Credit Union League. Employee Dora Maxwell was the First Place winner of the Community Service Award from the Illinois Credit Union League.

1st MidAmerica Credit Union continuously evolves and improves to maximize a positive customer experience. 

 In 2023, they launched their Financial Learning Center, where hundreds of members have learned new tips and tools for managing finances. And this year, 1st MidAmerica has launched Go Live Video Banking, a new feature that allows customers in more locations to chat with them for help they might need with member services, such as transferring money or depositing a check, opening an account, applying for a loan, or applying for a mortgage. Go Live is available through the 1st MidAmerica website (www.1stmidamerica.org), their app, or at a branch location.

 

 

(Editor’s note: This story also appears in the May 2024 print edition of the Illinois Business Journal.)