African Loans – Bungeni http://bungeni.org/ Wed, 23 Nov 2022 04:28:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bungeni.org/wp-content/uploads/2021/05/bungeni-icon-150x150.png African Loans – Bungeni http://bungeni.org/ 32 32 East Lansing MSU Federal Credit Union started 85 years ago https://bungeni.org/2022/11/23/east-lansing-msu-federal-credit-union-started-85-years-ago/ Wed, 23 Nov 2022 02:33:36 +0000 https://bungeni.org/2022/11/23/east-lansing-msu-federal-credit-union-started-85-years-ago/

EAST LANSING — MSU Federal Credit Union may have had humble origins, first operating out of a college professor’s desk drawer, but in 85 years it has grown to more than 300,000 members and about $7 billion in assets.

Eight members of the university’s faculty and staff founded the Michigan State College Employees Credit Union in 1937. They kept the institution’s records and documents in a desk drawer in an office on the campus of the current Michigan State University.

The founders settled after failing to secure a loan from a traditional financial institution during the Great Depression, MSUFCU President and CEO April Clobes said at an 85e birthday Sunday.

“So it’s essential to the foundation of this institution and to the essence of what we’re here to do today,” she said. “Give people great loans with great service.”

Sparty and the Michigan State University Drum Line entertain members at the MSU Federal Credit Union 85th Anniversary Celebration on Sunday, November 20, 2022.

Based in East Lansing, MSUFCU became the largest college credit union in the world and the 73rd largest credit union in the nation in 2003, according to its website.

It is far from the first days. The college faculty and staff who started the credit union ran it themselves for 20 years before hiring their first director, Frances Lesnieski, Clobes said.

Clobes, who has served since Pat McPharlin retired after 42 years in 2015, said it was very progressive of the board to have a female leader at the time and that Lesnieski is the reason. for which the company’s online chatbot is called Fran.