History
Heritage Credit Union's History
The story of Heritage Credit Union sounds much like the origins of the very first financial cooperative.
In 1850 crop failure and famine left many Germans poor and hungry. Hermann Schulze-Delitzch, realizing that something needed to be done, organized a cooperative that first sold bread to farmers at discounted prices. Soon after, Herman’s friends gave $140 of their own money to extend deposit and loan services to co-op members that were too poor to be served by banks.
Heritage also grew out of the desire to help ordinary people live better lives. Adolph C. Bolz, the brother-in-law of founder Oscar F. Mayer, recognized a similar need. It was during the struggles of the Great Depression when Bolz opened his own billfold to lend the employees of Oscar Mayer a few dollars between paychecks. In October of 1934, the practice was made permanent when Approved Credit Union was incorporated. Thus began the hope of giving the employees of Oscar Mayer a better life—a place where they could pool their resources together to help each other out. It was a time when a person’s desire to repay money borrowed was considered more important than their ability to repay.
We began our journey alongside the employees we served in Oscar Mayer in the basement of the Oscar Mayer plant in Madison. As more employees joined, a Quonset hut was built for us right in the parking lot. In 1965 the credit union changed its name to Oscar Mayer Credit Union to honor the employees we served. And, as Oscar Mayer expanded its operations to other states, the credit union was by their side.
Over the years Oscar Mayer went through changes as all businesses do. Some years they added plants or products and other years they consolidated. The Credit Union recognized the need to maintain strength and stability and did that by adding other employee groups to their membership for steady growth. In 1982, the credit union changed their name to Heritage Credit Union to better reflect our entire membership.
Today Heritage Credit Union serves over 26,000 members in two states. We have six Wisconsin branches in Madison, Milwaukee, Chetek, Ladysmith, Sauk City and Prairie du Sac. In Illinois we have two branches in Rockford and Galesburg. We are now able to help members in all communities we serve. One thing hasn’t changed; our mission of helping members’ live better lives is as strong as ever! Some things are just better left the same!
Mission Statement
"Our core purpose is to help members make their dreams come true by providing unbeatable service."
Company Values
Respect
Honor diversity by treating our members, colleagues, and business partners with dignity; valuing their individuality.
Teamwork
The essence of our success is our people; building our future together through a cooperative spirit.
Integrity
Conducting our business with the highest degree of professionalism; taking personal responsibility for our actions; treating all resources entrusted to us as if they were our own.
Member Commitment
Delivering unbeatable service by being proactive, listening to our members, and creating flexible solutions.
Innovation
Encouraging continuous improvement; responding to the needs of our members; leading through learning, sharing of ideas, and promoting creativity.
The Credit Union Difference
Credit unions are not-for-profit financial cooperatives owned by the people who save and borrow. The money members deposit with the credit union provides the resources to lend to other members. Because we are a not-for-profit organization we offer our members higher returns on investments, lower rates on loans and fewer service fees."People helping people" is the foundation of credit unions. We put people before profits. Because of our unique philosophy, we are in a better position to keep our rates favorable and affordable.
Every member has an equal vote in electing a volunteer board of directors who run the credit union. Heritage Credit Union's Board of Directors volunteers their time to set policies that are in the best interest of the members.
