A credit union is a not-for-profit, tax exempt, financial cooperative organized to provide its members with a place to accumulate savings and a source of loans at reasonable rates. Credit unions are cooperatives. This means credit unions are member-owned. The only means of primary capital for the credit union is member deposits and the retained earnings derived from interest income (loans), non-interest income and investments.
Crane Credit Union is a state chartered credit union. The credit union was chartered in 1955 to serve the employees of the Crane Naval Base. The credit union’s initial name reflected those to be served – Crane U.S. Naval Depot Employees Federal Credit Union. Mr. Ajax Arvin, the credit union’s first member, was tasked in 1954 by Captain Eugene Rook, Commanding Officer of Crane Naval Depot, with the creation of this credit union. Mr. Arvin not only organized the chartering process, but also served as its volunteer manager from his work office. Mr. Arvin remained an active member of CFCU attending the annual meetings and participating in member appreciation days until his death in 2011.
As the missions at the Crane Base evolved, the name of the base changed. In order to standardize the credit union name, the “U.S. Naval Depot” was dropped and the name changed in 1975 to Crane Employees Federal Credit Union. In anticipation of extended services to groups outside the fences of the Crane Base in nearby communities, the “Employees” was dropped and the name changed in June of 1991 to Crane Federal Credit Union.
From the credit union’s inception in 1955, the corporate headquarters for the credit union was located on the Crane Base in Building 1817. A new corporate building was completed in March of 2007 within the new WestGate @ Crane Technology Park. The Corporate facilities houses Administrative and Support staff including the executive team, accounting, IT, asset recovery, risk management, card services, lending personnel and the WestGate branch. CFCU continues to serve the Crane Base with a new branch structure completed in 2009.
In 1996, Crane Federal Credit Union’s charter was amended to allow Select Employee Groups (SEGs) into the field of membership. During 1996, the credit union opened the first branch location outside of the Crane Base, and it was located in Washington, IN. Additional locations followed with branches serving members in the Linton, Bedford, Bloomington, Loogootee, Terre Haute, Plainfield, Franklin, Camp Atterbury and Evansville areas. In the years to come, the credit union continued expanding through mergers and acquisitions. In December 2008 the credit union merged with PSI (T.H. Div) FCU. In 2015 two mergers were completed; the first with AA Federal Credit Union in Terre Haute and the second with Centurion Federal Credit Union in Evansville. Later, an acquisition of Community State Bank of Southwestern Indiana (2020) and an acquisition of Our Community Bank in both Spencer and Cloverdale (2021) were completed. The most recent addition to the credit union was in 2022 when a merger with Hulman Field Technicians Federal Credit Union was completed.
Effective close of business December 31, 2015 Crane Federal Credit Union changed from a federally chartered credit union to a state chartered credit union dropping the “Federal” and becoming Crane Credit Union. On January 22, 2016 the articles of incorporation were changed to add 27 counties in southern and central Indiana to the field of membership.
The field of membership has expanded with the charter change and recent acquisitions to include anyone living or working within 28 Indiana counties, 1 county (Clark) in Illinois and 1 county (Henderson) in Kentucky.
We serve the members of Crane Credit Union by providing products and services at competitive rates and minimal fees.
Specifically, our member-driven objectives include:
- To provide products and services in a professional, personal and competitive manner.
- To support the advancement of the communities we have branches in through monetary means and participation in community events.
- To provide an environment in which credit union volunteers, employees and members can achieve personal growth.
- To provide favorable savings and loan rates.
- To continuously maintain and improve the quality of current products and services to meet the changing needs of our membership.
- To market to increase membership, product and service penetration and member education.
- To utilize technology to enhance cost effective service and information delivery.
The following core values and principles help to guide the decisions and actions of our board, our leadership team and our dedicated staff:
- Fair Dealing
- Ethical Conduct
- Personal Integrity
- High Standards of Conduct