CU History

Brooks Community Federal Credit Union

1947 - Present

On March 5, 1947 applied for permission to organize and to operate a federal credit union. Trade area within a ten mile radius of Brooks. The names of the subscribers to this certificate were: Leander Berberich, Halvor R. Ophus, Isaac Sauve, John Reinbold, William Carriere, Harmidan N. Genereux, and Albert Gagner.

Brooks Community Federal Credit Union was chartered as a new organization on April 4, 1947, for the purpose of making installment loans. Organization meeting of members was called to order by Father Proulx. Board of Directors elected: President - Leander Berberich, Vice President - William Carriere, Clerk - William Champagne, Secretary - John Reinbold. Credit Committee: Elmer Fortier, William Delage, Joseph Johnson. Supervisory Committee: Halvor Ophus, Fred Berberich, Isaac Sauve.

Interest on loans was 1% per month, maximum individual share holdings was $250.00.

First members were: Rev. Louis Proulx, William Carriere, Harmidan Genereux, Isaac Sauve, Halvor Ophus, Fred Berberich, Joe Johnston, Leander Berberich, William Champagne, William Delage, Elmer Fortier, and John Reinbold.

June 1, 1947 was the date set to start business. At the end of the year there was 53 members, shares of $2,534.75, loans of $1,453.35, cash of $1,071.51, and $13.75 in reserves.

January 1957, President - Ronald Paradis, Vice - President - Art Schiefert, Treasurer - Ferdinand Mandt, Clerk - Lawrence Morinville, Director - Adelor Paquin. Members - 142, shares - $11,904.18, loans - $11,603.66, cash - $1,720.63. Interest paid on shares was 3%.  December 1957, 148 - members, shares - $12,668.93, loans - $12,909.65, cash - $774.83. Credit Committee: Willie Delage, Joe Johnston, Ralph Laniel. Supervisory Committee: Lloyd Robidoux, Leonard Boucher, Frederic Berberich.

In 1967 there were 219 members, loans were $24,102.01, shares at $33,064.05, and cash was $4,781.36.  The treasurer was Clarence Gagner.

There was an Amendment of Charter on October 25, 1973 - The field of membership shall be limited to those having the following common bond: Members of the Brooks Farmers Cooperative or the Farmers Union Oil Company of Brooks, in Brooks, MN, who qualify for membership in accordance with their constitution and bylaws as of the date on this amendment; unmarried spouses of persons who died while within the field of membership of the credit union; employees of this credit union; members of their immediate families; and organizations of such persons.

In 1977 there were 256 members.

In January 1980 there were 265 members, loans at $109,593.75, cash was $2,654.99, shares were $103,761.65, and assets were at $111,362.64. By December 1980 there were 296 members, loans at $109,593.75, cash at $3,189.37, shares were $103,485.75, assets at $113,062.37. The Board of Directors was Art Hamrum - President, Robert Cardinal - Vice President, Theresa Felling - Treasurer-Manager, Richard Delage - Secretary, Jim Hagge - Director. Supervisory Committee - Clarence Gagner, Susan Heller, and Robert Berberich. Credit Committee - Louis Mercil, Robert Solien, and Stanley Rysavy. Loan Officer was Bob Cardinal.

January 1987 there were 297 members.  President was Walter Novak, Robert Cardinal - Vice President, Richard Delage - Secretary, Theresa Felling - Treasurer, Jim Hagge - Director. Supervisory Committee - Clarence Gagner, Reinette Walter, and Pam Asselin.  Credit Committee - Robert Berberich, Wes Myhre, and Robert Solien. Loans were $340,130.66, Shares at $502,200.23, Cash was $4,746.32.  Assets were at $525,846.54.

January 1988 the office was moved into the present location at the Brooks Elevator Office Building.

Joyce Morinville was hired to replace Theresa Felling in March 1989 as manager.

Term Share Accounts, the same as Certificate of Deposits (CD's), were started in November 1995.

In January 1997 there were 504 members. Loans were at $1,293,867.72, cash at $15,006.31, shares at $602,857.08, and term share accounts at $449,297.82. Assets were $1,447,903.79. The President was Walt Novak, Brent Strand - Vice President, Pam Paradis - Secretary, Joyce Morinville - Treasurer-Manager, Randy Myhre - Director.  Supervisory Committee: Pam Asselin, Nancy Jones, and Beverly Aakhus. Credit Committee: Greg Parenteau, Robert Solien, and Bryan Paradis. Loan Officer was Joyce Morinville.

Share Drafts Accounts, the same as checking, were started in February 2004.

In January 2007 there were 476 members. Loans were at $1,041,830.95, cash at $87,931.48, shares at $636,327.13, share drafts at $35,888.92, and term share accounts at $649,360.05. Assets were at $1,625,854.04. The President is Jim Hagge, Butch Berberich is the Vice President, Pam Paradis is the Secretary, Joyce Morinville is the Treasurer-Manager, and Carolyn Myhre is a director. Supervisory Committee: Cindy Determan is the chair and other committee members are Gloria Parenteau and Carol Chaput. Credit Committee: Greg Parenteau is chair and other committee members are Lonnie Paradis and Ron Germain.

The Credit Union provides Life Savings. Eligible share savings can accumulate up to $3,000.00 in life insurance benefits at no direct cost to you. There are no direct premiums to pay, no physical exams to take. It's one more good reason to see your Credit Union first!

 

Three good reasons why joining the Credit Union is the best step you can take!

  • You become a member of an organization owned by its members. It is always easier and more pleasant to do business where you are a member and not just an account number.
  • The Credit Union will help and encourage you to save and pays a good dividend on your money. Dividends are paid quarterly, on balances of $25.00 or more. When the time comes to borrow, the Credit Union is always on your side.
  • When you save with and borrow from the Credit Union, you support an  organization whose sole purpose is to help its members prosper and get ahead. You're always welcome and we hope you come in often.

Check Out Our Loan Specials!
 

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Attention Members!
Please read this notice regarding insurance changes that may effect your accounts.