OUR HISTORY
Taking a look back...
Recalling the early years of the P. C. Federal Credit Union.
The year was 1955. Dwight D. Eisenhower was president. James Dean and Marilyn Monroe were the talk of Tinseltown, and a 21 year-old truck driver from Memphis had the nation's teens swooning to his number one hit “Don't Be Cruel.” In Port Allegany, PA a small group of employees at Pittsburgh Corning Corp. (better known to the locals as PC, hence the name of P. C. Federal Credit Union) were in the process of turning a dream of an employees' credit union into a reality.
The seven incorporators, Ralph Harrison, Louis Marchinetti, Roy Kio, James Henning, Frank Ponikvar, Richard Richner, and Emil Kupper were involved in a series of organizational meetings. As a result:
· The application for Organization Certificate was signed on November 17, 1955
· The charter for the credit union was approved on December 14, 1955
· And, the first official meeting of the P. C. Federal Credit Union was held and on January 16, 1956.
At the first meeting, 44 people were present. Nominations were made, and the Board of Directors was elected with Gilbert Allen as President and Joe Connolly as Treasurer.
Our first credit union office was located in what had once been a restroom – loans were limited to $100.00 on signature and $200.00 if secured. After the first year, there were 44 members and assets totaled $40,000.00.
In September of that first year, the Board authorized Joe to hire a “female clerk” – Lucille Church. Both Joe and Lucille were key players in our Credit Unions’ formative stages; they wholeheartedly endorsed the discipline of payroll deduction for savings and loan repayment. With the support of PC, groundwork was laid to create a vital service that would serve member/employees for many years to come.
P. C. Federal Credit Union is a not-for-profit financial cooperative. Unlike most other types of financial institutions, the credit union’s members are also its owners. Also unlike these counterparts, the credit union is overseen by a Board of Directors that is elected by the membership and serves on a volunteer basis. The Board is charged with setting the credit union’s policies and maintaining the best interests of its member/owners. All PC FCU members, who are sixteen years of age or older, have the right to vote at the annual Board of Directors election and on other special propositions requiring a membership vote.
At PC FCU, we strive every day to treat our members with the highest level of member service and respect, that an owner like you, deserves from your credit union. We are committed to an ongoing effort of continually enhancing your credit union experience. To better help us exceed your expectations, your comments and/or questions are always welcomed.