Credit Union

(under construction)

The Edgemont Tribune; Feb. 28, 1945; The organization of a Federal Credit Union is being considered on this Depot, and will undoubtedly fill a long felt need.

The Edgemont Tribune; March 7, 1945; Samuel B. Myrant, principal Credit Union Examiner of the Federal Deposit Insurance Corp., St. Paul, Minn. conducted a meeting Tuesday evening relative to the formation of a Federal Credit Union. He discussed all phases of the operation of a credit union including advantages which such a union offers its members.

The BHOD Federal Credit Union's organization meeting was held Oct. 18, 1951, which was International Credit Union Day, thus starting the organization off under very favorable auspices. Mr. H. E. Wingstad, President of the Nebraska Credit Union League, was guest speaker ande assisted in getting the procedures for nomination and election of officers in operation.

Mr. Wingstad gave a brief summary of the history of the credit Union idea, stressing its growth and importance to the average wage earner. He reviewed the points of value to the participant in the plan and answered questions pertaining to by-laws, withdrawls of deposits, and loan privileges.

Those eligible for membership in the BHOD Credit Union are: Military and civilian personnel of the Black Hills Ordnance Depot; Federal employees on the Depot; employees of the Provo School District working at the Depot; employees of concessionaires and sub-concessionaires at the Depot; employees of the Credit Union; members of their immediate families; and organizations of such persons.

Mr. Clifford K. Kuhnke was elected president of the new organization and is a member of the board of directors. Other members of the board are David Busbee, Jr., Vice-President; John F. Staley, Treasurer; Mrs. Blanche Rosted, Ass't. Treasurer; William Knodel, Woodrow Hipsher, and Miss Agnes Johnson.

N. E. McKinney was elected chairman of the credit Committee, and Leslie Dyer, Secetary. Bruce Davis is the third member of this group.

Walter Lienau, James Coyle and Miss Hajek were elected to the Supervisory Committee. All offices are to be held only until annual election in January.

At the present time savings may be deposited for accumulation not to exceed $500.00 maximum for each membership. This would entitle a member to 100 shares in the union for dividend purposes. This maximum may be raised in the future in accordance with the growth of the union.

Anyone desiring a loan, who is eligible for such as provided in the by-laws, for a provident or productive purpose may secure an application blank at the Credit Union Office, Room 26, Community Building. Office hours are: Monday, Wednesday and Friday - 3:00 to 6:00 p. m., and Saturday 9:00 to 11:00 a. m. Loans subject to approval by the Credit Committee will at this time not exceed $200.00 maximum. When there are pending more loan applications than can be granted with the funds available, preference shall be given, in all cases, to the applications for smaller loans if the need and credit factors are nearly or appear to be equal. Do not wait until the last minute to deposit or apply for a loan. Give your union plenty of time by acting in advance.

Charter members of the Credit Union were: Donald V. Thompson, James D. Stewart, Richard G. Franklin, Charles L. Waldo, Edgar C. Hall, Jr., Mary Donohue, Geddis Nelson, Clifford K. Kuhnke, Jack D. Lee, and Ben Schoch.

Officers of the BHOD Credit Union are shown with a perspective member in the office, Room 26, Community Building.
From left to right are Mrs. Rostad, Ass't. Treasurer; J. F. Staley, Treasurer; C. K. Kuhnke, President; D. Busbee, Vice-President.
The prospect is Mr. Elmer Burnison.

The following balance sheet represents the financial condition of BHOD Credit Union as of December 31, 1951.

ASSETS:
Loans (56) ....................... $3,464.61
Cash ................................. 53.97
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Total Assets ..................... $3,518.58

LIABILITIES:
Shares ........................... $3,582.75
Reserve for Bad Loans ................ 23.75
Undivided Earnings .................. 87.92
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Total Liabilities ................. $3,518.58

The number of active accounts at the end of this period numbered 104 with a potential membership of from 200 to 500 members. Since the Unions organization a total of 67 loans have been made for a total of $4,390.00.

The BHOD CREDIT UNION has been established for all employees of the depot. It is available both for deposits as well as loans. Ask the treasurer about loan and deposit insurance now available without cost to all members.

Reports of the 1951 committees showed that satisfactory progress has been made since the Union's inception in October of that year.

The principle order of business was the election of a slate of 1952 officers. Members of the Board of Directors elected for two year terms were: Woodrow Hipsher, Edgar Hall and John Staley. Elected for one year terms were: David Busbee, William Knodel, Miss Agnes Johnson and Mrs. Blanche Rostad.

The Credit Committee this year will be composed of Bruce Davis, Frank Begert and Jack Lee. Davis was elected for a two year term.

Jim Coyle, Walter Lienau and Miss Christine Hajek were elected to the Supervisory Committee. Coyle and Lienau will serve two years.

After adjournment of the regular meeting, the Board of Directors met and elected David Busbee, President; Woodrow Hipsher, Vice President; John Staley, treasurer; and Mrs. Blanche Rostad, Assistant Treasurer and Clerk.

The President appointed Edgar Hall, Woodrow Hipsher, Miss Agnes Johnson and William Knodel as members of the Education Committee.

Notices for the annual meeting of the BHOD Credit Union went out to all share holders this week.

The meeting is scheduled for 7:15 p.m., January 22 at the Community Building according to W. W. Hipsher who is in charge of meeting arrangements. All persons who have one share ($5.00) or more on deposit are eligible to attend.

In addition to annual committee reports there will be an election of officers and a decision as to the amount of dividend to declare out of the 1952 earnings. Well informed scources said this week the dividend would be in the neighborhood of 3 per cent. Dividends will be paid to shares held on December 31, 1952 which have been on deposit 31 day or longer on that date.

The nominating committee consisting of Ed Hall, Florence Krantz and Oscar Krebs have named a tenative slate of candidates for the vacant seats. In addition to names submitted for consideration by the members present at the meeting others may be nominated from the floor.

To fill four Board of Directors spots, Clara Kennaley, Frances Woytassek, Clara Sylvester, Marvin Williams, Robert Cox and Marion Finkel have been proposed.

Le Roy Lenz and Frank Begert have been nominated for the two Credit Committee seats. For the three man Supervisory Committee Walter Little, Verna Stuen, Martha Kusler and Syd Finkel have been named.

During the past year all officers have served without compensation. Out-going officers include Agnes Johnson, Bill Knodel, Syd Finkel, Blanche Rostad, Jack Lee, Clara Kennaley and Frank Begert.

The BHOD Federal Credit Union held its second annual meeting Thursday evening in the Community Building. The meeting was in charge of Mrs. Clara Kennaley, chairman of the 1952 Board of Directors.

It was decided to pay a 3.6 percent dividend on shares held continously through 31 December 1952. This good rate of interest while the organization is still in its infancy is an indication to the shareholders of future possibilities. Records show there are presently 256 members. However, there is a potential membership of over 1200 in this community.

John Staley, treasurer, gave the financial and statistical report for the year, showing $11,794.00 worth of shares have been sold.

A report on the activities of the Credit Committee for the past year was given by Jack Lee and Frank Begert. This committee checks the validity of applications for loans, using as their basis collateral, character and capacity to pay.

Robert Cox, representing the Supervisory Committee, gave a report on the status of the organization.

Edgar Hall, as chairman of the Educational Committee gave a short discourse on the publicity which has been given the organization the past year. He stressed the need was for more depositors rather than borrowers.

The following members were elected to serve on the Board of Directors for a two year period: Marion Finkel, Robert Cox, Marvin Williams, and Florence Kranz. Frank Begert and Le Roy Lenz were unanimously elected to serve on the Credit Committee. Members of the Supervisory Committee are Kenneth Hertha and Cordelia Torkelson to serve two years, and Verna Stuen to serve one year.

Jerry Weis, traveling auditor for Credit Unions said, at the end of his visit here last week, that the BHOD Federal Credit Union was one of the top three organizations in the state with regard to growth since organization.

Weis predicted that within the next two or three years the organization would have $150,000 in shares. During the past year the number of active members has increased 100 percent and deposits have increased to $33,000.

The only money used to operate is that deposited as shares by depot residents and BHOD employees. The money is loaned at interest and profit after expenses reverts to the shareholders. Last years return was 3.6 per cent.

"I'd like to commend the Credit Union", Mr. Weis said, "for the fine job done toward expansion and in the sound approach to all problems.

The Credit Union, formed here in November 1952 was organized for the purpose of affording depot employees an opportunity to save money systematically and at the same time permit their savings to work for them through a share of the profit. All officers serve without pay with the exception of the treasurer who receives a token payment for work performed.

W. W. Hipsher, local president, said any resident or employee of the depot was eligible to deposit any amount at one time over a period of time up to $1000. Each of his dependents could make a like deposit under similiar conditions.

In addition to the profit feature, Hipsher said each depositor automatically was covered with life insurance in most cases equal to the amount he held in shares.

All Federal Credit Unions are governed by banking laws established by Congress just as states have passed laws governing the operation of state banks. Mr. Weis was here for the annual audit and inspection of the books to insurance compliants with federal statues and sound banking practices.

The Walrus, Jan. 29, 1954; W. W. Hipsher, outgoing president; new two year term members, Frank Begert, Bruce Davis, Don Thompson and Mavis Backer. Hold over members; Robert Cox, Florence Krantz and Marvin Williams. Retiring members; W. W. Hipsher, John Staley, Ed Hall and Marion Finkel (submitted resignation to accept Assistant Bookkeeper postion).

Two year committee members; Lena Gukeisen and Jack D. Lee. LeRoy Lenz is still a member from the 1953 election. Bruce Davis and Frank Begert had served two years.

Supervisory Committee consisting of Verna Stuen and John Staley were elected to two years while Kenneth Stuen continues for one year. Outgoing members are Cordelia Torkelson and Verna Stuen, however Verna Stuen was reelected after an interm appointment.

The Walrus, Feb. 5, 1954; Frank W. Begert, pres.; Florence Krantz, vp; Robert Cox, tres.; Mavis Backer, clerk; "Stretch" Schneider, Chairman of the Publicity and Education Committee. Total shareholdings, $40,000.

The Board of Directors announced this week that Mrs. Marion Finkel has been selected for the position of Assistant Treasurer to the BHOD Credit Union. Mrs. Finkel is particularly well qualified for the position as she has been employed by the Credit Union on a part time basis for the past year Previous to this she was a volunteer and performed much of the same work for the Credit Union with only token renumeration.

Mrs. Finkel is also active in other community activities, having participated in the United Charities Drive and is presently serving as a Troop Leader for the Senior Girl Scouts.

The Credit Union office staff now consists of three persons, two employees being hired on a part time basis. On pay days, two pay windows are open at the office for the convenience of shareholders. A clerk is also available on pay days at the Post Drug Store check cashing window for the convenience of persons who wish to make deposits in the Credit Union.

Effictive this week, the Credit Union Office will be open for business during the hours of 1:00 to 5:30 p.m., Monday through Friday.

BHOD Credit Union Declares Dividend

BHOD Credit Union Elects Officers

The Black Hills Federal Credit Union held its annual meeting, Wednesday night, at the Community Building, with 172 shareholders in attendance and Carl W. Ottmann presiding.

The following incumbents were returned to office for 1961: Carl W. Ottmann, president; John F. Staley, vice-president; Richard M. Selle, treasurer and Lillian A. Facklam, secretary. Gene A. Martin was named to the Board of Directors with Cecil N. Lund.

BHOD Credit Union Declares Dividend

The board of directors of the Black Hills Ordnance Depot Federal Credit Union has declared a 1961 dividend of 5 1/2 %, on all shares on deposit through December 31, 1961.