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What is a Credit Union?
A credit union is a cooperative, not-for-profit, financial institution, owned and operated by its members to meet their financial needs. A Credit Union serves members who share a common bond such as employment, education, social interest, location, or religion.
Who can Join?
Membership is open to any registered member of one of the following Catholic Churches:
St. John the Evangelist Parish in Little Canada
St. Jerome Catholic Church in Maplewood
Church of St. Peter in North St Paul
The Church of St. Odilia in Shoreview
Church of St. Pius X in White Bear Lake
St. Mary of the Lake in White Bear Lake
Any family member of a current St. Johns CU member is also eligible to join the Credit Union.
As a member of St. John's Credit Union, you are also an owner! Every member holds a share in this not-for-profit, member-owned, and member-governed financial cooperative. Why be just a "customer" anywhere else when you can be an "owner" at St. Johns Credit Union?
Who Regulates Credit Unions?
The National Credit Union Administration (NCUA) regulates all federal credit unions. Under the authority of the Federal Credit Union Act, the NCUA prescribes rules and regulations for the organization and operation of all federally charted credit unions. The NCUA also provides insurance for all federal credit union accounts. Deposits are insured to at least $250,000 for each member with an additional $250,000, for Individual Retirement Accounts.
The History Of St John's Credit Union
In 1946 there were no financial institutions in the area surrounding Little Canada and Monsignor Arthur Durand, who served the parish of St John the Evangelist from the early 40s to the mid 70s, had the vision to do something about it. In 1946. after meeting a priest from New Mexico who had started a credit union for his congregation, the Monsignor organized a group of church members including Fred Memmez, Henry Tessier Sr, Louis Melanson, Robert Thibault, Bert Krause and Arnold Anderson to start St John’s Little Canada Credit Union. They opened the doors, in Arnold Anderson’s garage, with just $1,009.37 in deposits. Shortly thereafter, the operation was moved to Louis Melanson’s home where it continued under Louie’s management until 1962. Many members recall Louie using his washing machine as the vault. When you came in to make a withdrawal, he would just open the washer and take out the cash! No one knows for sure how he did his laundry though.
In 1962 the credit union had grown to $450,000 in assets and George Rossez was asked to manage the growing credit union. At that time the office was moved into the basement of St John’s Church and continued the tradition of providing personalized products and services. It was after the war and the area was growing, and St John’s Credit Union played a role by providing many members with construction loans.
By the 1960s, the area north and east of St Paul had grown dramatically, and a few new churches had opened to serve the expanding congregation including The Church of St Odilia. Many former members of St John’s the Evangelist, who were also members of St John’s Credit Union, were now worshiping at these other parishes. It was felt that in order to better represent the growing community; the credit union should be made available to the other churches in the area. To make that happen, in January 1965 our charter was expanded to include: the Church of St Odilia's in Shoreview and St Jerome's in Maplewood. Over the next few years the charter was expanded to serve St Mary of the Lake in White Bear Lake; St Pius X in White Bear Lake and Holy Redeemer in Maplewood.
In 2008 Holy Redeemer merged with St Peter’s in Maplewood and in 2009 the combined church, having retained the name St Peter’s, was included as our newest parish.
With a dedicated Board of Directors and strong leadership the credit union has flourished to over these 60 plus years with nearly $20 million dollar in assets and serving more than 3300 members. We look forward to continuing to serve our community as we chart the next 65 years.
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