About Us

Welcome to IFCU!

Our Mission

As a member-owned financial institution, our priority is to provide quality financial services that consistently exceed expectations and mutually benefit our members and their credit union.

Our Vision

Our vision is to serve as our member’s primary financial institution by tailoring products and services that meet their financial goals and objectives.

The Credit Union Difference

A credit union is a financial cooperative composed solely of member-owners who share the philosophy of “not for profit, but for service.” Unlike some financial institutions, the people on our volunteer Board of Directors are member-owners, who work in the best interest of other fellow member-owners. Since the Board of Directors are volunteers (unpaid), profits are returned to members in the form of lower loan rates, low or no-fee products and services, and higher savings rates. At a bank, the only people who benefit from profits are the investors.

Members at a credit union are member-owners because his or her deposit represents a share of ownership; however at a bank, the owners are typically small groups of investors. Credit union members are united by a common bond of membership.

Financial markets fluctuate over time. When the market dips, banks tend to either raise loan interest rates or close altogether. Credit unions rely on financial reserves to absorb unexpected losses, so members are protected when times get tough. Also, credit unions are insured by the National Credit Union Administration (NCUA), a U.S. government agency, for deposits up to $250,000.

IFCU's Volunteer Board of Directors:

Albert L. Davis, Jr.- Chairperson
Meela Swank - Vice Chairperson
James Dunbar - Secretary
Mary Ann Kot - Treasurer/Financial Officer
George Owens - Director
Julie Cole - Director
Jason Gregory - Director

Our History

The employees of Ross Gear (now TRW Ross Gear Division) originally chartered Industrial Federal Credit Union (IFCU) in 1954. It was their desire to lay the foundation for a financial institution owned and directed by its own members. Originally located in a tiny office on the Ross Gear premises at 800 Heath Street in Lafayette, the credit union offered savings accounts and small personal loans. Although our services and locations continue to expand, we're still directed by the philosophy of our founding members - service to our members. It's the reason we're here. Today, it is still owned by its shareholders, others like you who have a credit union account. Membership remains exclusive to those affiliated with IFCU and their immediate family members. Membership is forever, even if you leave the employer through whom you joined IFCU.

Since its modest beginning in 1954 your credit union has grown to over $125 million in assets offering full service banking to over 35,000 members. Your credit union succeeds through its mission of building valued member relationships by delivering convenient, personalized banking solutions.

How Does Your Credit Union Save You Money?

As a non-profit cooperative, the profit which the credit union makes is given back to the member-owners in the form of lower rates on loans, higher savings rates, and minimum fees. The fees charged by most financial institutions are never charged at your credit union.

The magazine "Consumer Reports" says it [joining a credit union] is the best financial decision you can make because of the money you will save (March 2007, May 2005). Research shows that most people join because an existing member told them about the benefits of the credit union and encouraged them to join. Your credit union needs you to continue to encourage others to switch their banking to your credit union.