Redbrand Credit Union is a member-owned, not-for-profit, financial cooperative. Our continuing goals are to promote thrift and to provide the highest quality, competitive services and benefits for our members.
The credit union philosophy of "people helping people" has been in practice for more than a century. In 1849, Friedrich Wilhelm Raiffeisen, of Flammersfeld, Germany, devised a credit union concept to help his townspeople combat poverty and usury. His efforts were based on the premise members could save money together and make loans to each other at a low interest rate. Before Raiffeisen's death, he organized 423 credit unions throughout Germany.A French-Canadian jounalist, Alphonse Desjardins, introduced the credit union idea to North America in 1900. Troubled by the economic problems of his friends and neighbors, Desjardins established a credit union in his home. Based on his success, he established many other credit unions.
Two Americans were influenced by Desjardin's effort: Pierre Jay and Edward A. Filene. While on world tour in 1907, Edward A. Filene, a wealthy Boston merchant, observed a credit union operation in India. He was so impressed, he helped pass the first general state credit union act. With this action, Filene began a 30-year crusade to establish credit unions in this country. Filene is known as the "Father of the United States Credit Union Movement."
In 1921, Roy Bergengren, an associate of Edward Filene, lobbied across the country to pass credit union laws. In 1934 Bergengren was instrumental in creating the Credit Union National Association (CUNA). CUNA was formed as a confederation of state associations (leagues). It represents credit unions as a voice in Washington D.C. and provides training, data-processing, insurance services, and business forms to credit unions nationwide.
In the fall of 1951, two Keystone employees, James Mahannah, Sr. and Edward C. (Clay) Feldman learned about a credit union that was in operation at Corn Products in Pekin. After contacting them, they concluded that having a credit union for Keystone employees would be a great idea. They presented their idea to Keystone's president, Dan Sommer, who agreed to the formation of a credit union.Dan Sommer suggested the name of Redbrand, after Keystone's fence, but spelled as one word instead of two. Our office was located in the back room at Keystone's Employment Building and additional space was provided in 1953. The cost to join the credit union was $5.00 per share and a $0.25 membership fee. We initially had 700 members. By the end of our first year, we had over 1200 members and assets of $203,600.
It was not until January 1956 that we had a full time Credit Union Manager. Clay Feldman who previously served as Board President and Board Treasurer, became the Manager upon retirement from Keystone. When he retired from the credit union in 1978, Ron Alexander became Redbrand's Treasurer/Manager. Ron served until his death in July 1988. In July 1988, Anna May Nichols was named President/Manager.
Several significant changes came about which influenced the development of our credit union. The by-laws were amended in October 1953 to permit retired Keystone employees to join the credit union. In 1958, the by-laws were again amended to allow credit union employees to become members. Much later, in 1986, the Peoria County School Employees Credit Union merged into Redbrand Credit Union. Most recently, in 1996, Redbrand's charter expanded to include anyone living or working in Peoria county.
We found the space in the back of the Employment building was inadequate. In May of 1956, we began to study the idea of having our own credit union building. One very acceptable site was at Collier and Washington Streets, our present location. Due to Keystone's generosity, we leased the land for twenty years at a total cost of $1.00 per year. We occupied our new headquarters in 1957. After 20 years we renewed our lease for the same price and in 1983 we exercised our option to purchase.
In March 1962, we added a 31' x 66' addition to our office and in 1987 we expanded with the addition of a branch office located at the corner of Lake and Knoxville in Peoria.
The year 1989 was a growth year and overcrowding has accompanied this growth. Addressing the issue, the Board authorized the installation of a drive-up facility in 1990, located at Washington and Peru Streets. The congestion within our lobby improved greatly.
In 1997, our branch office moved to a new building at 201 E. Lake, Suite A.
January 1, 2001 brought along another important change for Redbrand. Pekin Area Credit Union merged into Redbrand, giving us new Pekin location. This location has since been renovated and a drive-up ATM has been installed.
 |
Pekin Office | |
Main Office | |
Peoria Office |
|---|---|---|---|---|---|
|
2910 Court St. | |
820 McKinley | |
201 E. Lake |
|
Pekin, IL 61554 | |
Bartonville, IL 61607 | |
Peoria, IL 61614 |
|
(309) 346-2077 | |
(309) 697-1447 | |
(309) 686-3800 |
| M-Th. | 9:00 a.m.- 5:30 p.m. | |
8:30 a.m.- 5:00 p.m. | |
8:30 a.m.- 5:30 p.m. |
| Fri. | 9:00 a.m.- 6:00 p.m. | |
8:30 a.m.- 5:30 p.m.* | |
8:30 a.m.- 6:00 p.m. |
| Sat. | 9:00 a.m.- 12:00 noon | |
9:00 a.m.- 12:00 noon* | |
9:00 a.m.- 12:00 noon |
*Bartonville drive-through service open from 7:00 a.m. - 6:00 p.m. Fridays and from 9:00 a.m. - 12:00 noon on Saturdays. The Main Lobby is closed on Saturdays.