About us

After careful and thoughtful consideration, our 2020 Annual Meeting will not have food, drinks or prizes. Therefore, our 2020 Annual Meeting will be business only so that we can ensure that we have a safe meeting. When planning for this meeting, we had hoped to celebrate our 65th anniversary with much fanfare. We were also excited to continue the momentum we experienced at our Annual Meeting last year. However, this pandemic makes a long meeting with celebration an unwise choice. We hope to make it up to you, our members, in other ways in the future. I can assure you that we are just as disappointed as you!

In order to protect staff and members, we will be requiring masks and social distancing at our meeting on August 18, 2020 at Judi’s Catering and Banquet Facility. We will have masks and hand sanitizer available at the meeting. We want to thank you for your patience and understanding while we navigate the best ways to keep everyone safe during this pandemic. We also want to thank Judi’s Catering and Banquet Facility for their flexibility through the planning of our Annual Meeting, and for allowing us to continue using their space without food or drinks being served. We hope to see you there!

Kevin E Umlauf
President/CEO
Industrial Federal Credit Union

NEW Meeting Date:
Tuesday, August 18, 2020 

7:00 PM Meeting 

Judi's Catering and Banquet Facility
101 PLaza Lane
Lafayette, IN 47909


IFCU Annual Meeting of Members

The Nominating Committee nominated two individuals to be elected as Directors at the Annual Meeting: Art Schai, who is a current Director, and Jerry Reynolds as a new Director.

Jerry Reynolds is a life-long resident of Tippecanoe County and has been a member of Industrial Federal Credit Union since 1968. He is a graduate of Battle Ground High School and attended Ivy Tech, studying Fire Technology and Fire Arson and Inspection. After nearly 40 years, Jerry retired from the Lafayette Fire Department where he held several positions up to Assistant Fire Chief. Jerry was owner/operator of the Edwood Glen Golf Course for 38 years. He received “The Distinguished Hoosier Award“ and the “State Fire Marshall’s Award of Merit” from the State of Indiana. He is on the Board of the Indiana Fire Fighters Association and served on the Executive Board of Lafayette Spinners Basketball. Jerry serves as a Lafayette City Council Member and sits on the Solid Waste & Recycling, Annexation, Redevelopment & Zoning, and Police & Fire Committees.

Art Schai has served on the Board of Directors since 2017 and is currently the Board’s Treasurer. He was previously President and CEO for 31 years at IFCU. During his tenure, the Credit Union grew from 1 guard shack to 12 branches in 6 counties and from 1,000 to over 35,000 members. Assets grew from $1 million to $130 million. He was a leader in several Credit Union organizations. In 2001, Art was awarded the prestigious Indiana Credit Union League’s “Professional Achievement Award.”

There were no nominations by petition. Given that the number of nominees equals the positions to be filled, there will be no nominations from the floor.


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.

Who Are We?

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

 

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.

 

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 $172 million in assets offering full service banking to over 32,000 members. Your credit union succeeds through its mission of building valued member relationships by delivering convenient, personalized banking solutions.

 

IFCU's Volunteer Board of Directors:

  • Albert L. Davis, Jr. - Chairperson
  • Julie Cole - Co-Chairman
  • Art Schai - Financial Officer
  • Jim Dunbar - Secretary
  • Mary Ann Kot - Director
  • Jim Hardison - Director
  • Pam Thompson - Director