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Show CREDIT j UNION j Bountiful's South Davis Credit Union will be "going for the silver" sil-ver" this October, celebrating its 25th anniversary as part of this community. In the autumn of 1961, the organizers. orga-nizers. Reed Spafford, Lee Erick-son, Erick-son, William Newsome, Abram Bywater, Sheldon Colemere, Coit Erickson, Ray Hooker, Robert Kellersberger, Lewis Myers, and Thaes Webb, recognized some needs in this growing community of young families - the need for low interest financial help to plant laws and trees, build fences and retaining walls, install sprinkling systems and sewer pipes (as septic tanks became increasingly obsolete). obso-lete). These were primarily people who did not have access to a credit union at their places of employment. employ-ment. The forward-looking organizers borrowed money on their signatures signa-tures from the Utah Central Credit Union, and their charter was approved Oct. 5, 1961. Two months later, at the close of the year, the South Davis Credit Union Un-ion had 32 members, assets of nearly $7,000 and a loan limit of $250. Total expenses for the year were $11.75! The Credit Union office at this time was in the basement of Lee and Thelma Erickson's home at 401 W. 2600 S. Their friendly accommodations were an asset for the new venture. With a membership of 32 members, mem-bers, there were 22 in attendance at the first annual meeting. - As the credit union steadily grew, it moved to new offices in September 1973, at 361 W. 500 S. and in October of 1982 moved to its present location at 390 South Main where it operates as a full service financial institution, one that has enjoyed excellent leadership elected from the membership which has grown to over 3500, with assets of about $9 million. The year 1986 has been a year of consistent and stable growth due to a membership of responsible, industrious in-dustrious people, friends and neighbors of Davis County, who are invited to attend an open house at the Credit Union offices on Oct. 10 from 3-6 p.m. as we celebrate 25 years of "people helping people." BELIEVE IT OR not, South Davis Credit Union has been around a quarter of a Jj century. It has steadily grown over the years, moving to its present 390 S. Main . location four years ago. 3 |
