The goal of a cooperative is to make service and benefits to members its highest priority. We feel that it is important for you to have a voice in the way your Credit Union is managed, that's why every share holder, regardless of their deposit balance, has the opportunity to vote for the Credit Union's Board of Directors.
Board of Directors
The Great Depression of the 1930s had a devastating impact on the entire nation and Utah was not immune to its destructive influence. With unemployment rates rising to the fourth highest in the country and per capita income plummeting to half of pre-depression levels, Utah employers looked for ways to combat the effects of the depression.
Utah Power & Light Company was no exception. Forced to reduce its workforce as well as its wages, the Company laid off more than one fourth of its workers (nearly 600 employees) between 1929 and 1932 and cut wages by almost 20% by 1933. Company management tried various methods to lessen the impact on employees. They asked employees to limit their workweek to three or four days, resulting in fewer layoffs, but also in decreased paychecks. For a time, management even allowed employees to borrow against their next paycheck, but this quickly became a burden to the Company. Finally management asked employees to band together and form a credit union.
The basic concept of a credit union is people pooling their money and making loans to one another under the guiding philosophy not for profit, not for charity, but for service. As member-owned, not-for-profit cooperative financial institutions, credit unions date back to the mid-1800s and have always had roots in members, not money. "Let it never be forgotten that the credit union is, above all else, an association of people, not dollars." (Alphonse Desjardins, 1854-1920).
Guided by this philosophy, the first meeting of Utah Power & Light Employees Association was held June 5, 1935. At this time, the Articles of Incorporation and By-Laws were written and officers of the Credit Union were elected. Employees of the Company found strength in uniting to help save their financial security and standard of living.
In 2000, UP&L Ogden Credit Union merged with Utah Power & Light Credit Union. In 2008, Balance Rock Credit Union merged with Utah Power Credit Union.
Today, more than 75 years later and decades from the turmoil imposed by the Great Depression, Utah Power Credit Union continues to support its members, in times of struggle and instability or times of prosperity. Recognizing the legacy of its origin, the Credit Union will continue as a secure financial entity and an advocate for its members.
Our mission is to ensure that Utah Power Credit Union creates financial power for our members by providing excellent value and exceptional service.
In order to answer that question, a little credit union history is needed. An idea originated in Europe around 1844 which allowed people to pool their money and make loans to one another. The idea included three guiding principles:
This concept came to North America around 1900 for similar reasons, people were poor and consumer interest rates were sky-high. Consumers needed an affordable way to borrow money. A credit union is a cooperative which is a very unique type of business. Like all cooperatives, credit unions have certain core characteristics: