Advantage One Credit Union

History

Advantage One Credit Union started as Morrison General Electric Employees Federal Credit Union which was an occupational federal credit union. The field of membership was limited to employees of the General Electric Company who worked in Morrison, Illinois; employees of this credit union; members of their immediate families; and organizations of such persons. The Credit Union started in an office at the General Electric Co. plant by William Brady, which was the first manager of the credit union. It had 16 charter members which started June 14, 1960. On November 7, 1967, the credit union purchased property at 207 Larch St next to the General Electric Company plant and moved in September of 1968. On November 27th, 1970, the charter was amended to “The field of membership shall be limited to those having the following common bond: Employees of the General Electric Company who worked in Morrison, Illinois or Iowa City, Iowa; employees of this credit union; members of their immediate families; and organizations of such persons.” On July 24, 1972 the charter was amended to “The field of membership shall be limited to those having the following common bond: Employees of the General Electric Company, Appliance Control Products Department, who work in Morrison, IL, Iowa City, IA or Carroll, IA; unremarried spouses of persons who were deceased while within the field of membership of this credit union; employees of this credit union; persons retired as pensioners and/or annuitants under private pension plans provided for the above employee groups: members of their families; and organizations of such persons. January 1, 1984: the members of their families shall be defined as:
1. Spouse, children, grandchildren, and parents related through blood and marriage.
2. Adopted children and live in foster children of members of this Credit Union
January 1995: members of their families was redefined again:
1. Spouses, children, grandchildren, brothers and sisters related through blood and marriage, mothers-in-law, father-in-law, brothers-in-law, and sisters-in-law.
2. Adopted children and live in foster children of members of the credit union
In 1995 the membership was approved for Streamlined Expansion Procedure (SEP), the group would have an occupational common bond located within 25 miles of the credit union’s service facilities, which at the time were in Morrison IL and Carroll IA.
In 1998 the credit union switched to a state-chartered credit union. Our membership was expanding; therefore, it was decided to change the name to Advantage One Credit Union. With our previous membership we also had approval to open Select employee groups; anyone living or working within a 35-mile radius of the credit union’s offices located in Morrison, IL and Carroll, IA. With the declining employees at the General Electric Co plant in Morrison, IL and needing more room in 2004 the credit union moved from Larch Street to Jackson Street which is a more center location in Morrison, IL and the Carroll, IA branch was merged with a credit union in Carroll, IA. In 2010 General Electric Company plant closed in Morrison IL. In 2017 our membership was amended to include a neighborhood, community, or rural district, define exact geographical limits: Anyone who resides, works, worships or attends school in Bureau, Carroll, Henry, Lee, Ogle, Rock Island or Whiteside County, IL or within a 35-mile radius of Advantage One Credit Union’s main branch located at 204 N Jackson St. Morrison IL.