By Sharon Sweda
The story isn’t new. A handful of charter members pooled their resources and capital to form a credit union to serve potential members and offer competitive loan products. Of course the facts and circumstances differ in each situation, but at Interra Credit Union in Goshen, Indiana, it was January 1932, when Farm Bureau members and Farm Bureau Co-op employees solicited Edward Filene, father of American credit unions, for assistance to create their own credit union due to the scarcity of money and high cost of borrowing. The country was amidst the Great Depression when Interra’s charter members had the vision to help each other.
A goal of $35 required each of the seven charter members to invest five dollars each. Even at that, some fell short, but agreed to deposit the investment in multiple deposits to the fund to create the original Farm Bureau Credit Union.