1st MidAmerica Credit Union

History

1st MidAmerica Credit Union was organized in 1934 under the name of Western Cartridge Employees Credit Union at the suggestion of Franklin W. Olin, founder and then President of Western Cartridge Company. As evidence of Mr. Olin’s sincere interest in his employees, he believed that there was a need for an organization that would serve their financial needs. The original purpose of the credit union was two-fold: to promote thrift among its members and to be a source of credit at a reasonable interest rate. Membership, which was limited to the employees of Western Cartridge Company, started with 35 charter members and grew that first year to 651. The initial deposit of $59 grew that first year to $8,689 and loans grew to $7,378. The maximum loan allowed was set at $1,000 and the interest rate was 1% per month. What started as an operation managed from a file drawer of accounts in the personnel office of Western Cartridge Company grew to require its own small office, equipment and a part-time clerk, all of which was funded by the sponsor company.
In the 1940’s and 1950’s, Western Cartridge Company grew aggressively through a series of mergers and acquisitions. Prompted by these changes, Western Cartridge Employees Credit Union changed its name to Olin Employees Credit Union in 1954 to reflect the new identity of the sponsor company. As the number of employees at Olin continued to grow, so did the membership of the credit union, which quickly outgrew a small office in the Olin Plant and ventured out to build a facility just outside the main gates of Olin Corporation. The credit union expanded its operation to Independence, Missouri in 1987 after Olin Corporation received a government contract for an ammunition plant located in the area.
After venturing outside the gates of Olin and exploring growth opportunities, management focused on expanding its field of membership. The credit union changed its name to 1st MidAmerica Credit Union in 2010 to better reflect its growing market and the members it serves. Growth has continued through additional branches, several mergers, digital transformation, and expanded field of membership. With a mission of exceeding member expectations through outstanding service, community investment, continuous development, and uncompromising principles, 1st MidAmerica Credit Union is committed to improving its members financial well-being.