About us

IFCU Annual Meeting of Members

June 20, 2017 - 7:00 p.m.
The Outpost Catering and Banquet Facility
2501 Old U.S. Highway 231 South
Lafayette, IN 47909

There's no need to RSVP. Just bring your family and fellow IFCU members with you, enjoy the food served, and have an opportunity to get to know your credit union.

The nominating committee of the Board of Directors has nominated Mary Ann Kot and Jason Gregory. Art Schai was nominated by petition.

This Year’s Nominees Are:

MARY ANN KOT: Mary Ann Kot has served as an IFCU Board member since 1990, and has served in many roles at the credit union since 1983. Mary Ann graduated from Purdue University in 1977 with a BS, with a distinction in Accounting and Finance. She then received her MBA in 1989 from Indiana Wesleyen University.

JASON GREGORY: Jason Gregory has served as an IFCU Board member since 2014. Jason graduated from Purdue University with a degree in Chemical Engineering, working for a manufacturing firm in Lafayette until 2007. He then made a career change into financial services as a Financial Advisor.

ART SCHAI: During Art Schai’s 31 years as President and CEO, IFCU grew from one guard shack to 11 branches in 6 counties and from 1,000 to over 35,000 members. IFCU assets grew from 1 million to 130 million. He was also a leader in several Credit Union organizations. In 2001, Art was awarded the prestigious Indiana Credit Union League’s “Professional Achievement Award.”

Annual Meeting Voting Requirements

Separate account required to establish membership. Each member must purchase and maintain at least one share in a share account that names the member as the sole or primary owner. Being named as a joint owner of a joint account is insufficient to establish membership.

Proxy and agent voting*. Members cannot vote by proxy. A member other than a natural person may vote through an agent designated in writing for the purpose.

One vote per member. Irrespective of the number of shares, no member has more than one vote.

Minimum age requirement. Members must beat least 18 years of age by the date of the meeting (or for appointed offices, the date of appointment) in order to vote at meetings of the members, hold elective or appointive office, sign nominating petitions, or sign petitions requesting special meetings.

*Actual member must be present at the Annual Meeting in order to vote.

Photo ID will also be required in order to vote.

 

Our Vision

Making a difference. sharing the benefits.
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 is to serve as our member’s primary financial institution by tailoring products and services that meet their financial goals and objectives.

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
  • Meela Swank - Vice Chairperson
  • James Dunbar - Secretary
  • Mary Ann Kot - Treasurer/Financial Officer
  • George Owens - Director
  • Julie Cole - Director
  • Jason Gregory - Director