Photo of Daryl

1935. The country was coming out of the great depression and the credit union movement in the United States, thanks to the recent passage of the Federal Credit Union Act, was taking off.  Included in that group was the People’s Power Employees Credit Union.  As described in our archives, The Credit Union was officially formed May 8, 1935, with a meeting between the Illinois Credit Union League and 45 employees of People's Power Company, the electric company at the time, and Moline-Rock Island Manufacturing Company, the gas company.  The People's Power Company Employees Credit Union was formed with the Board of Directors consisting of 12 members.

In 1941, Iowa-Illinois Gas & Electric Company was formed from 10 small companies.  In response, the Credit Union changed its name to Gas & Electric Credit Union in March 1943, a name we have carried ever since.

And here we sit, 90 years later, and still dedicated to that same mission from 1935 – to improve the financial well-being of our members.  We certainly do that differently than back then, but the overall goal and our commitment is the same. 

At it’s peak the US had almost 24,000 credit unions- that was back in 1969 (ironically the year I was born).  Today, we have less than 4700.  Like many industries, mergers and consolidations have consumed many of the smallest institutions.  GECU has merged in 4 credit unions in the last two decades, but I am very proud that all approached us, and that we have never actively solicited others.  That’s because I’m a firm believer in local control and the common bond of membership.  Many credit unions today have a goal to simply grow as large as possible, even gobbling up credit unions in other states.  While we all need to grow to survive, that should never be the singular goal.  Superior member service and improving the lives of our members is why we exist.  When you’re a member of GECU, you know you’re not just a number.  You know decisions are made locally, and that our Board of Directors is made up of your fellow members and coworkers, who are looking out for your best interest.  I am so very proud of the job we do day in and day out in serving you, and how we have never lost sight of the spirit of the credit union movement.

We’ll be celebrating our 90th anniversary throughout the year, in ways big and small.  So be on the lookout throughout 2025 as we celebrate our 90th birthday.  And as always, thank you for choosing GECU to be your trusted financial partner.