Armco Credit Union was established in 1935 by a small group of Armco employees. This newly formed financial cooperative was the means by which some employees could save and other employees could borrow.
As time went by, the Credit Union grew as the members enjoyed a high level of convenience and personal service that was tough to find at any other financial institution.
In the mid 1980’s, the Board of Directors conducted a survey to determine how the Credit Union could better serve its members. The result of the survey showed that the membership wanted to expand the services of the Credit Union to include checking, ATM cards, credit cards and most importantly, allow family members to take advantage of these services, not just the employees. To this end, the Board purchased property in Pullman Center and erected a $1.2 million dollar facility, entirely owned by the members. This move into its own building in January, 1989, enabled the Credit Union to expand the services offered to members and their families.
In the spring of 1990, the members voted to continue to diversify and strengthen the Credit Union by allowing other Sponsor Organizations (formerly called Select Employer Groups) and their family members to join the Credit Union. Now, after careful review and approval by the Board of Directors and the Pennsylvania Department of Banking, other employer and associational groups can participate in the Credit Union.
We currently rank as the 3rd largest credit union in Western Pennsylvania with approximately $330 million in assets, while also exceeding 30,000 members. We are a state chartered credit union and are therefore governed by the banking laws of Pennsylvania. Deposits are federally insured by the National Credit Union Administration, an independent agency of the United States Government.
Why has the Credit Union been so successful? For many reasons, but mostly because of a membership that cares and participates in the Credit Union.
Where do we go from here? That’s up to you, the members!