Community Plus Federal Credit Union

History

Like many credit unions it was operated out of a briefcase in its beginning. One unique aspect of this credit union when it was chartered was that five of its first nine directors were women. This reflected the involvement of women in the workforce during the war years. The briefcase gave way to an office in an abandoned barracks. Eventually the Air Force allowed the use of an office in one of the administrative buildings. Chanute was never a popular place with the Air Force and by the early 1980s the credit union saw the need to expand beyond the base to preserve its future. They received an expanded charter to include the community and moved from the office at Chanute. Ten years the base was closed, but the credit union survived thanks to the foresight of its Board. The closure of the base in 1993 saw the population of Rantoul drop from over 20,000 to 11,000. A flood of cheap housing brought in many low-income residents. The credit union membership began to reflect the community's profile, and it saw a need to adapt its services to meet those needs. By 2010 the credit union was certified by the US Treasury as a Community Development Credit Union (CDFI). As part of its community development focus the credit union worked to expand its financial education outreach, offer services to the unbanked and underbanked, and provide affordable car loans to people with credit challenges. Prior to the CDFI certification the credit union had converted from a state to federal charter in 2005, and it became Community Plus Federal Credit Union (CPFCU). The federal charter allowed those who worked, lived in, attended school, or worshipped in the Illinois counties of Ford, Champaign, and Piatt to join.

With its CDFI status the credit union was in the position to take advantage of the massive bi-partisan stimulus packages enacted during COVID. The grants and long-term secondary capital loans were used to build capital and strengthen lending. Between June 2020 and December 2023, the credit union’s net worth ratio increased from 7.5% to 17.65%. Its assets also increased from $20M to $25M. As of December 2023, it has over 3800 members with $18,776,000 in outstanding loans. It remains committed to serving the needs of the local community, especially its most vulnerable people.

While a complete record of the early CEOs of the credit union isn’t readily available, it has experienced remarkable stability in its leadership over the years. Irma Bridges, Larry Overholt, Jerry Logue, and Michael Daugherty were CEOs during the last five decades. Daugherty was CEO for 29 years. The current CEO is Marissa Tatum. After moving from the Air Force base, it has been located in Rantoul with 30 plus years at its present location.