About Missouri Credit Union

What is a Credit Union?

In 1849, a mayor of a small German village wanted to help his people recover from the physical and financial devastation caused by the Napoleonic wars. His idea was for people to pool their small but regular savings and give out low interest loans. His plan worked well and the idea quickly spread across Europe. The German mayor's idea is now known as the beginning of the credit union movement.

In 1909, the United States established its first credit union in Manchester, New Hampshire based on the same principles of pooled savings and low interest loans.

Why Join a Credit Union?

A credit union is the best place to get financial services for several reasons:

A credit union exists only to benefit its members and is a cooperative. Therefore, a credit union will not merge with a larger institution unless the members voted in favor of that action;
As a member of a credit union you are an owner not just a customer;
A volunteer board of directors, elected by the membership, directs the credit union. Their only interest is ensuring that the credit union operates in a way that benefits its members; and
A credit union does not have outside shareholders to take profits out of the financial institution. A credit union distributes its modest profits to its members in the following ways: 1) in the form of lower rates for loans and higher rates for deposits; 2) in the form of retained capital to ensure members receive the products and services they want and that the credit union remains a strong financial institution.

What about Missouri Credit Union?

Missouri Credit Union's purpose is to educate and encourage our members to practice sound financial management. Each MCU member is an owner. There are no stockholders.

Missouri Credit Union encourages its Members to save by paying a higher rate on deposits and to borrow wisely with MCU's low interest rates on loans. MCU members have the opportunity to maintain sound financial management with credit union fees that are lower than your old bank.

Timeline

Columbia		Jefferson City
Year	Event	Year	Event
		1964	As a result of the initiative of ten Missouri State employees, the Missouri State Employees Credit Union (MSECU) was chartered in May 1964. MSECU was founded to provide financial services to the employees of the State of Missouri. The first members were accepted during a meeting held in June 1964, at the Jefferson State Office Building in Jefferson City, MO with then Governor James P. Dalton becoming the first member. The office was located in the lobby of the Jefferson State Office Building.
		1968	The MSECU office was moved to the basement of the State Capitol.
1969	A group of University of Missouri employees got together to form a federal credit union under the name of Mizzou Employees Federal Credit Union (MEFCU). Chartered June 2, 1969 the credit union was founded to serve any active or retired employee of the University of Missouri. The office was located on campus at 810 Conley Avenue.
1970	The MEFCU office moved to the lobby of Clark Hall and applied for federal insurance from National Credit Union Administration (NCUA) to insure deposits up to $20 million and paid its first dividend of 5%.
1971	The MEFCU office again moved to the Professional Building at 909 University Avenue, and received the THRIFT HONOR AWARD for deposit growth from the NCUA.
		1973	The MSECU office was moved to the corner of West McCarty and Broadway.
1980	MEFCU began the process to convert from a federal to a state charter.
1981	A state charter was issued. The name was changed to Mizzou Employees Credit Union (MECU) in March 1981.	1981	The MSECU name was changed to Missouri State Credit Union (MSCU) to more accurately reflect the Membership opportunities.
1982	MECU merged with Columbia Federal Employees Credit Union and moved the office to 721 Locust Street.
1983	MECU installed the first automated teller machine (ATM) at University Hospital and Clinics. The second ATM was installed at the MECU Locust Street office.
1986	MECU merged with Show-Me Federal Community Development Credit Union, moved the office to 111 East Broadway and installed the third ATM there. The name was changed to Mizzou Credit Union (MCU) in April 1986.
		1987	MSCU moved to 1815 Southeast Boulevard.
1988	MCU merged with Lincoln Federal Credit Union.
2000	MCU merged with Northeast Missouri Credit Union.
2005	Missouri State Credit Union merged with Mizzou Credit Union - whose history is significant.
2006	With the merger of these two prominent credit unions, and to more accurately reflect the Membership opportunities of this merger, the name Missouri Credit Union (MCU) was adopted in April 2006.
2007	As of April, Missouri Credit Union has four locations in Columbia, and two locations in Jefferson City with a third coming soon