VASCO Federal Credit Union Blog Proudly serving our community since 1967

18Apr/110

2010 Annual Report

Welcome to the 44th Annual Membership Meeting of VASCO Federal Credit Union.  Your credit union was founded on September 24, 1967 to serve the employees of VASCO.  In the credit union's first month of operations we enrolled seventy-seven members and collected $565.75 in deposits.

The following were elected to the Board of Directors on September 24, 1967:

Joe Healy, President; Stan Falenski, Vice President; Eugene Chinchok, Secretary; Dan Heckel, Treasurer; Bill Albaugh, Director; Howard Keller, Director and Ed Sobota, Director.

A loan limit of $200 was implemented provided that collateral was pledged.  If no collateral was pledged the loan limit was $100.

By the end of 1967 there were 456 members and $14,929.55 in assets, including 73 loans totaling $12,567.

In 1968 Dan Heckel resigned his position as treasurer and on July 25, 1968 Annalee Flack was appointed as treasurer to take his place.  The treasurer at the time also served as manager of the credit union.  Lee would serve the credit union in the position of manager until her retirement in August 1989.  Debra Goodman replaced Lee as manager and served the credit union until her retirement in December 2006.

Later in 1968 Joe Healy resigned as president of the credit union and was replaced by Stan Falenski.  Stan served as president through his resignation for health reasons on February 12, 1974.  Ed Davis was elected president at that time.  Also, Skip Skubick was first elected to the Board of Directors in 1974.

Ed Davis served as president until March 24, 1977 when William Sobota was elected president.  Leonard Ridilla was first elected to the Board of Directors in 1977.  The credit union also celebrated its tenth anniversary in 1977.  The credit union grew to 1426 members and $1,851,356 in assets.  George Stumpf was elected president of the board on April 10, 1979.  Leonard Ridilla was elected president on February 19, 1980.  George Stumpf served another period as president beginning April 9, 1985.  Leonard Ridilla was elected president on April 5, 1988 and has served the credit union in the capacity of chairman of the board to this date.

By 1989 the credit union has expanded its field of membership and had begun accepting new members from Pennsylvania Container Corporation, Chestnut Ridge Foam, Specialty Spraying and Palmer Motors.  We now have forty-five employee groups that we serve.

In 1992 the credit union celebrated its 25th anniversary.  A new building was being constructed along Depot Street in Latrobe to house the credit union.  We have 1536 members and $7,824,354 in assets.  The new office was opened for business on May 10, 1993.

Today your credit union celebrates its 44th anniversary and serves 1973 members and has assets of $20,555,753.

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