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Get to know Community 1st Credit Union

Monday, April 18, 2016

Community 1st Credit Union, located at 999 N. 18th in Centerville, Iowa, has its roots in Ottumwa, Iowa, during the Great Depression. In 1936, 12 employees of Dain Manufacturing in Ottumwa came together to form their own credit union, named, appropriately enough, the Dain Employees Federal Credit Union. The company grew slowly, but steadily, becoming the Deere Employees Federal Credit Union in 1948 and operating out of a hallway at Dain Manufacturing.

The credit union finally got its own space, a small office in the Dain Manufacturing plant, in 1951. By 1962, the credit union was large enough to move into a new building constructed on the John Deere Ottumwa Works property specifically for its use.

Growth of the Deere Employees Federal Credit Union continued, reaching 4,300 members and assets of $24 million by 1988. The credit union’s lease with the John Deere company was not renewed because it needed space to expand and built at a new location in Ottumwa. The name of the credit union was changed to Deere Community Federated Credit Union at this time and membership opened to the public.

The 1990s saw the establishment of a number of branches of the credit union in other Iowa communities. The Centerville branch opened in 1996.

On January 1, 2006, the credit union changed its name to Community 1st Credit Union in order “to reflect the field of membership [it] served, the growth into many different communities and to send the message that membership is open to all of the community.” (http://www.c1stcreditunion.com/about-c1st/history.aspx)

Currently, Community 1st serves over 54,000 members in 57 Iowa counties and 8 Missouri counties. It has over $500 million in assets.

Community 1st is a member of the Appanoose Economic Development Corporation at the level of Industry Leader.

To find out more about Community 1st Credit Union’s financial services, visit http://www.c1stcreditunion.com/

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