The History of America's Credit Unions
Decatur Earthmover Credit Union is a full service financial cooperative serving 14 counties in central and southeastern Illinois.
History
We started out as the Decatur Caterpillar Employees Credit Union in 1956. Back then people couldn't borrow money from banks, only businesses could. It was hard to save enough to buy a house or car (still is). So, they organized a credit union where they could deposit part of each paycheck (in a shoebox). The credit union would loan that money out to other employees in need. The loans would be paid back with a little from each check. The interest they paid on the loans was returned to the savers as dividends.
Financial services are more sophisticated now than just savings and personal loans but the concept is the same. By pooling your resources and working together cooperatively everyone benefits.
In the 1980's we left Caterpillar's Accounting Department for a new building, changed our name to Decatur Earthmover Credit Union, and opened up our membership to more than just Caterpillar employees and their families. Since then we merged with 1st Community Credit Union (originally started by Mueller employees) and Route 1 Credit Union in Paris, IL, opened more offices, and have grown to a $250 million financial institution.
A sign sits out front of the Decatur Caterpillar Plant's accounting office encouraging credit union membership less than a year after the credit union opens.
In 1986 Decatur Caterpillar Employees Credit Union changes its name to Decatur Earthmover Credit Unions and opens the doors to its first stand alone branch just across the street from the Cat plant. DECU purchased the land from Cat and named the road Dividend Drive.
Our headquarter office still stands at 2600 E. Dividend Drive.