About IFCU

 

69th Annual Meeting

Save the date: Tuesday, June 18th, 2024

River City Community Center

2842 Old U.S. 231

Lafayette, IN 47909

 

Doors open at 5:00 PM

Meeting starts at 7:00 PM

 

 

The Nominating Committee nominated two individuals to be elected as Directors at the Annual Meeting: Travis Duell, who is a current Director, and Albert Davis, who is a current Chairperson.  

This Year’s Nominees Are:

TRAVIS DUELL: Travis graduated with a degree in accounting from Purdue University in 2001. After beginning his career at Ernst & Young, he moved back to Lafayette as a staff accountant at Huth Thompson LLP. He has been a partner of the firm for the past 10 years. He serves a variety of clients; including construction, pension, manufacturing, and a variety of small businesses. In addition, he serves as the Treasurer of the Builders Association of Greater Lafayette and has served on the Board of Directors and Finance Committee of Riggs Community Health Center over the past 10 years. Finally, he is involved in coaching his 3 children in various youth sports.

ALBERT DAVIS: Albert Davis has been a member of IFCU’s Board of Directors since February of 2005 and is currently serving as Chairman, a position he has held since 2010. For more than 30 years he held the position of Finance Manager for Lafayette’s Housing Authority before becoming Executive Director. He retired from that position in 2014. He currently owns and operates a modest tax preparation service, specializing in clergy and clients with investment income. Mr. Davis has a bachelor’s degree from Purdue University which included coursework in family counseling that led him to becoming a “Financial Peace University” instructor in his faith-based community. He also serves as Treasurer for his church. He enjoys the challenges of running a successful business, sharing his financial acumen and the opportunity to work with talented and dedicated professionals that hold leadership positions at IFCU.

Nominations for vacancies may also be made by petition signed by 1% of the members with a minimum of 20 and a maximum of 500. The number of members as of December 31, 2020 was 31,700; therefore, a minimum of 317 member signatures are required. This petition, along with a brief statement of qualifications and biographical data on the nominee must be submitted to the Secretary no later than May 6, 2021. To be effective, nominations by petition must be accompanied by a signed certificate from the nominee or nominees stating that they are agreeable to nomination and will serve if elected to office. Members must be at least 18 years of age by the date of the meeting in order to vote at meetings of the members, hold elective or appointive office or sign nominating petitions.

Petitions must be sent to: Pam Thompson, Secretary, Industrial Federal Credit Union, 1115 Sagamore Parkway South, Lafayette, IN 47905

The election will not be conducted by ballot and there will be no nominations from the floor when the number of nominees equals the number of positions to be filled.

 

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, profits are returned to members in the form of lower loan rates, low or no-fee products and services, and higher savings rates.

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, IFCU is insured by the National Credit Union Administration (NCUA), a U.S. government agency, for deposits up to $250,000.

 

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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.

Making a difference. Sharing the benefits.

Our Difference

Our Board of Directors are members of IFCU too, and work hard to incorporate the philosophy " not for profit, but for service."

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.

Our Commitment

IFCU's employees give freely of their time, talents, and energy throughout the year by contributing to several great causes.

With the credit union philosophy of "people helping people" in mind, IFCU believes in giving back to the communities around us. We’re dedicated to helping better our communities through a wide variety of sponsorship and education programs. Through financial contributions, resource donations, and staff volunteering; IFCU supports several events in our community.

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 $300 million in assets offering full service banking to over 30,000 members. Your credit union succeeds through its mission of building valued member relationships by delivering convenient, personalized banking solutions.

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