About Montana Federal Credit Union

About Us

How to Join

Montana Federal Credit Union is a full service financial institution. Anyone living in Cascade, Chouteau, or Teton County is eligible for membership. Please stop by one of our three convenient locations or call (406) 727-2210 to inquire about membership.

Montana Federal Credit Union offers certain benefits to its members that many other financial institutions can’t and the reason is simple: we’re not-for-profit. All profits return to our members in the form of lower fees for services, better loan and investment rates, and more personalized service. A credit union is formed for the sole purpose of providing convenient financial services at the lowest possible cost for our members. Keep reading if you’d like to find out more about what makes us different.

The Credit Union Difference

To understand the driving force that has led Montana Federal Credit Union to become a leading financial institution, you need to know the definition of a credit union. A credit union, as defined by the Credit Union National Association (CUNA), is a “non-profit financial cooperative owned and operated by its members. The members pool their assets to provide themselves funds for loans and a wide variety of other financial services.”

Simply stated, credit unions are not-for-profit financial cooperatives. What does this mean to you, our members? Basically, it helps to set us apart from others in the banking industry. Because we are not-for-profit, credit unions are able to offer better rates on savings and loan products and charge lower fees than the big banks do. The focus of Montana Federal Credit Union has always been providing the highest level of service to our members. This “people helping people” credit union philosophy is the driving force behind everything that we do.

Who Are We? Our History:

The concept of pooling funds to help one another began in Europe during the mid-1800's. Farmers, who owned their own land, could not afford to buy the seed, livestock, equipment and supplies necessary to earn a living on their farms. Banks would not lend money to farmers and other lenders charged as much as 100 percent interest. A village mayor, Fredrich Raiffeisen, realized that the only way to help these people was to teach them to help themselves by saving together and lending to each other. The concept spread throughout Europe and eventually into North America. By 1943 there were more than 3,000 credit unions in the United States. Today there are more than 15,000. As credit unions spread and grew individually, they began to offer more services. The majority of credit unions today are considered full-service financial institutions.

The early 1940s set the nation on a new path. War in Europe raged, and in a watchful United States, the first peacetime draftees reported for duty. A bottle of Coca Cola sold for just a nickel.

The financial world of Great Falls was also changing. Intent on creating new opportunities, twenty Montana men and women gathered on November 18, 1940. A charter from the Bureau of Federal Credit Union on hand, these residents of Great Falls, Ulm, Armington, Power, Portage and Carter held the seminal meeting of the Great Falls Cooperators Credit Union. United, the group set goals to provide low-interest loans and a favorable rate of return for investors. A ceiling for ownership was set that day at 20 shares of stock, or $100. The unsecured loan limit was $35, plus shares on deposit, and secured loans were capped at $100. In addition, borrowers were required to deposit savings while repaying loans. History was in the making.

A week later, on November 25, the first annual meeting of the credit union took place to guide the young credit union.

Growth was slow at first, as only a few pioneering credit unions nationwide struggled for public recognition. In Great Falls, the credit union listed 199 members, and $8,248.22 in assets at the start of 1945. Loans totalled $3,262.41 with a $27.99 monthly income. The Treasurer's salary at the time was $10 a month.

Experiencing growing pains, the credit union's officers conducted a heated meeting in 1949. During the four hour session, held in the basement of the Bungalow Bakery, the membership elected Vera Foutch Treasurer, upping the salary to $50 a month. Among other decisions that day, an office would be rented, at 131/2 4th St. S., open from 1:00 p.m. to 5:00 p.m., Wednesday through Saturday, in space shared with the Progressive Party Headquarters. The most dissent at that 9th annual meeting, however arose over the proposal to buy a safe. The membership eventually secured a second hand safe for $29.50.

In the years following World War II, the United States enjoyed a heightened economy. Soldiers returned to their jobs and the dollar's strength soared. The new Credit Union similarly ventured into new areas.

Leading the credit union was Charles M. Joselyn, who was elected to the Credit Committee in 1948 and became Treasurer in June 1949. The Credit Union relocated to 1100 Smelter Ave., Black Eagle, in conjunction with the Farmers Union Oil Company.

During Ike's terms in the White House, credit unions envisioned a stronger base comprised of a new generation of homeowners and American prosperity. The 1950's were beneficial to Great Falls Cooperators Federal Credit Union, as members and assets rose at a moderate pace.

By July 1959, the credit Union's membership had reached 534, and assets were a record $160,434. At the same time, Merrill C. Plummer became Manager of the Credit Union.

It was the new manager who piloted the credit union through radical growth in a radical time. The 1960's left the credit union with a membership double in size and assets totalling $810,000/ Plummer retired in the wake of his success on May 1, 1970.

Succeeding Plummer, Lester "Bud" Adkins took over the helm and identified as a priority the need for more office space to accommodate the credit union's growth. For years, the credit union's two employees had used two file cabinets to store the records of the growing membership. Subsequently, the Board of Directors voted to purchase property and construct a building at 901 8th Ave. S.

A year after the decision to build a new home for the credit union family, another milestone was reached when assets topped $1 million in May 1971. From desk drawer beginnings and a second hand safe to offices of brick and glass, the credit union's future independence was assured.

Two years later, the credit union entered it's new building and a new era, as it broke away from its parent company. Leaving Farmers Union Oil came at a substantial expense. Janitorial services in the new building alone were more than double the previous $25 a month rent at the Smelter Avenue location.

An environment of increased worldwide competitiveness in the 1980's fostered technological innovations and turbulent financial markets. The credit union, seeking to continue the flexibility members had come to expect, expanded services to include: share draft checking accounts, certificates of deposit, automatic teller machine accessibility, credit cards and more. Some of these advancements were controversial, like share draft accounts, which were supported by national legislation. The credit union's focus was simple: providing better services than competitors, with the friendly advantage of membership.

In 1983, the credit union merged with Montana Central Credit Union, giving birth to the current Montana Federal Credit Union. Expansion followed, as facilities, staffs and accounts joined. Each members account was transferred to a single, encompassing computer system. Although chaotic at times, the transition progressed smoothly.

With a heritage spanning over 50 years, the Montana Federal Credit Union is eager for the new milennium. As the new century begins, Wally Berry, the credit union's President and CEO, promises to bring that heritage into the future. A solid financial background with credit unions and banks, makes Mr. Berry an excellent leader for your credit union.

Although today's Montana Federal Credit Union bears little resemblance to its humble beginnings, the ideals of the founding members remain intact. It is that philosophy - to serve our members - that will lead us through the next 50 years.

Despite this growth and metamorphosis into a major financial institution Montana Federal Credit Union has kept one goal in mind - to help improve the financial state of each of it's members by encouraging regular savings and responsible borrowing at fair rates.

Management

Montana Federal Credit Union's Management Team includes:

Montana Federal Credit Union Statement of Values:

Our honorable work ethic will be evident in our display of mutual respect, trust, “doing the right thing” and treating everyone with dignity.

We pledge a commitment of excellence to members and ourselves.

We conduct ourselves professionally at all times.

We work cooperatively to create a positive, enjoyable business environment.

We are dedicated to our community financially, professionally and personally.

We continually promote the Credit Union and support its philosophy.

We maintain a sense of humor to keep life in perspective.

Community Involvement:

Montana Federal Credit Union is dedicated to giving back to our community. We believe in the betterment of the communities around us by providing sponsorships, education, and volunteer assistance. In fact, we actively encourage and coordinate volunteer community service opportunities for our staff.

These are just a few of the organizations and events that Montana FCU supports:

Great Falls Rescue Mission food drives

Great Falls Children’s Receiving Home

Great Falls Community Food Bank

CANstruction

Cascade County Commodities Program

Children’s Museum of Montana

Festival of Trees

Special Olympics Montana

United Way