The year was 1921. Warren Harding was president, gasoline was 10 cents per gallon, the New York Giants won the World Series and the now Bellwether Community Credit Union was established.
In the early 1900s, many of the Bell Telephone staff could not obtain credit or were forced to obtain loans from disreputable lenders who charged unreasonable interest or imposed excessive fines. Seeing the need to provide reputable financial services, a group of Bell Telephone System employees organized the Telephone Workers Credit Union of New Hampshire in June of 1921. They encouraged thrift among its members to accumulate savings. Those funds were used to make loans at a low rate with little fees under the credit union philosophy of “People Helping People.”
During the 1920s, the credit union grew steadily increasing assets from $100 to $100,000 in the 1930s with 731 members which represented 80 percent of the phone company employees.
Today, Bellwether Community Credit Union stands strong at more than $525 million in assets and close to 35,000 members. The credit union also expanded its footprint to serve beyond its original field of membership in 2006. As a community credit union, Bellwether now provides financial services to anyone who lives or works in New Hampshire along with Essex and Middlesex Counties in Massachusetts.
Throughout the decades many things have changed, but Bellwether never lost sight of its unwavering commitment to its members and the communities where it does business.
“Thank you to the Bellwether Community Credit Union Board of Directors, our dedicated employees and valued members, both past and present, who helped us reach this significant 100-year anniversary milestone,” said Bellwether Community Credit Union President/CEO Nathan Saller. “We pride ourselves on consistently delivering outstanding service and value and we couldn’t have done it without you.”
To celebrate this momentous occasion, Bellwether will be holding member contests and promotions throughout the year. Stay tuned at www.bccu.org for more information on upcoming 100th anniversary events.