Greater Iowa Credit Union was chartered in June 1932 in Ames as the Building and Grounds Credit Union, its first members employees of Iowa State College. Early business was conducted out of a desk drawer in the office of the superintendent of buildings and grounds in the Old Office Building on the campus of Iowa State.
By July 23 membership applications were received, and the credit union found a home wherever the treasurer or assistant treasurer worked. In the beginning, the actual location of the credit union was constantly on the move, finding a temporary home in a variety of Iowa State offices, including Old Office, the Veterinary Clinic, Physical Plant, College Laundry, Graphite Shop, Buildings and Grounds and others.
In 1947 the credit union changed its name to Iowa State College Employees Credit Union, and by the end of 1958 membership had grown to 2,208 members. By 1960 another name change was in the offing, this time Iowa
State University Employees Credit Union. The field of membership was limited to "all Iowa State University employees and their immediate families except members of the faculty."
That charter was short lived, however. In 1961 the field of membership expanded to include all employees of Iowa State and any of the state or federal departments located on campus. Employees of the Memorial Union, the Iowa State University Press, credit union employees and members of the immediate families of all were included in the new charter.
ISU Credit Union was chosen as the new name in 1975, and in 1985 students were allowed to join, considered by many at the time to be a radical move. The next field of membership change occurred in 1999 when the credit union expanded to include persons who live, work, go to school or worship in Story and contiguous counties. This move was coupled with another name change: The ISU Community Credit Union.
In the fall of 2002 after a series of mergers and rapid expansion, the credit union's membership voted to change the name to Greater Iowa Credit Union as a reflection of the credit union's enhanced geographic reach. Today, Greater Iowa has some 85 employees, 30,000 members, an asset size of more than $329 million, and six locations throughout central and western Iowa.
Click here to download a detailed history of Greater Iowa Credit Union with pictures.