UpDate - Vol. 13, No. 8, Page 3
October 21, 1993
Silver anniversary; U-DEL Credit Union marks 25 years of service

     It's perfectly appropriate, during National Credit Union Week, that
the Board of Directors and the members of the U-DEL Federal Credit Union
pause to commemorate the financial unit's 25-year existence.
     In a recent interview, to be published in an upcoming credit union
newsletter, co-founding member Gerald Cole, professor of food and resource
economics, recalled how the University organization started in 1968 with
seven charter members, all from the agricultural college.
     The important role of treasurer was handled by the late Coral Morris,
co-founder and an agricultural extension specialist in family financial
management.
     Since her duties concentrated on financial counseling, she was aware
of situations where local individuals were forced to borrow from lending
institutions, other than banks, at interest rates that exceeded 20 percent.
Being familiar with consumer cooperatives, which were operating
successfully in rural areas in the Midwest, she and Cole discussed the
possibility of establishing a similar financial service institution for
members of the University community.
     Soon thereafter, the U-DEL Federal Credit Union started. Originally
open one day each week, it grew slowly at first, taking several years to
reach $1 million in assets. But membership increased more quickly when the
board was able to pay dividends.
     Cole recalled the assistance of then President E.A. Trabant and
Wallace N. Nagel, former director of University investments, who ensured
that the credit union was incorporated into the University family by
providing office space and mail service and assisting with the accounting
modifications needed to allow for payroll deductions.
     Today, the credit union operates from its third campus home, at 417
Academy St.
     From 10 a.m.-2 p.m., Tuesdays, Thursdays and Fridays, the organization
serves 2,500 members and its assets are over $4.25 million.
     A four-person, part-time staff runs the daily operation, according to
Trudy Yingling, U-DEL Federal Credit Union manager. The three other credit
union staff members are Kathy Totten, Diana Moyer and Anna Brown. A group
of 30 active volunteers play very important roles, staffing the board and
seven advisory committees, Yingling said.  This year's president is
Virginia Tomlinson, administrative assistant in University Media Services.
     The long-term stability of the University's credit union is unique,
Yingling added, especially when so many other credit unions have been
merged with larger credit unions.
     Tim Miller, assistant director for housing in Housing and Residence
Life, has been a credit union member for 15 years and a volunteer for the
last 10. A former member of the credit committee, he currently serves as
chairperson of the education and publicity committee.
     There is a high degree of personalized service, Miller said. He
explained that the credit committee meets weekly to render decisions on
loan applications for its active members, all of whom must be employed at
the University, their dependents or retirees.
     Miller said the University is very supportive of the credit union, and
much of the work that the financial unit conducts for employees is able to
be accomplished by volunteer committee members during the work day.
     Yingling added that, since the University provides office space and
utilities, the credit union's expenses are reduced.
     Yingling said personalized attention is one of the big services that
the credit union is able to provide its members. Since the office is closed
two days a week, Yingling said members are able to request deductions by
answering machine messages left over the phone or e-mail correspondence.
     Many employees take advantage of that service, she said.
     In addition to personal, auto and home equity loans-often at rates
below those offered at nearby larger commercial institutions-the credit
union tries to respond to the needs and suggestions of its members. A
recent example was a special loan program instituted for those who wanted
to purchase personal computers.
     In the coming years, Yingling sees the campus credit union increasing
in size and continuing to respond to the needs of its membership. For her,
satisfaction comes when she is able to provide individual counseling and
help members who may be in a state of financial confusion solve their
problems.
     At a special open house held Oct. 19 at the credit union in
conjunction with the 25th anniversary celebration, founding member Cole was
honored with a certificate of appreciation and gift for his quarter century
of continuous service.
     "Helping to establish U-DEL has been one of the most gratifying
experiences during my 30 years at the U. of D.," Cole said. "Watching the
rapid growth after some initial difficulties and observing the dedication
of our staff and volunteers has been particularly rewarding."
                                                  -Ed Okonowicz