Church of the Brethren Credit Union is now open to all denominational members.

The Brethren Employees Credit Union took a historic step Feb. 23, as it changed its name and charter to make it possible for all Church of the Brethren members and their families to join. Now congregations can join as institutional members. The credit union also approved a new 12-member national board.

These were the final steps needed for Brethren Benefit Trust (BBT) to become the credit union's administrator and sponsoring agency. The new name, Church of the Brethren Credit Union, reflects the change in charter expanding membership eligibility. Previously, the credit union was open only to church members and their family members in Illinois and Wisconsin, Brethren pastors and their family members, and staff of denominational agencies and organizations and their family members.

"The approval of these changes voted on by the credit union's owners—its members—sets in place the foundation on which new services to more people within the Church of the Brethren can be built," said Wil Nolen, BBT president. A vote by the membership was the last step in a process that started two years ago when the credit union began exploring partnership with BBT. In addition to ratification by the membership and approval by both boards, the proposed changes also needed approval by the Illinois Department of Financial Institutions.

The changes are milestones in the history of the credit union, which traces its origins to both the Brethren Employee Credit Union (BECU) and the Brethren Parish Credit Union. BECU was organized and chartered as an Illinois corporation in 1938 by the employees of the Brethren Publishing House. The Brethren Parish Credit Union was organized in 1941 by the members of Highland Avenue Church of the Brethren in Elgin, Ill.

BBT will assume staffing and administrative functions for the credit union Apr. 1. Dennis Kingery will be director of Credit Union Operations. Other BBT staff will assist with customer service, financial operations, marketing, and promotions. Telephone and fax numbers for the credit union will remain the same. However, e-mail and website addresses will change to cobcu@brethren.org and www.cobcu.org respectively. The credit union will unveil its new website Apr. 1.

Source: Newsline 3/05/2004
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