GECU powers up for its 90th anniversary 

After a few mergers with smaller, neighboring credit unions and two name changes later, the Gas & Electric Credit Union (GECU) is looking back and celebrating its 90 years of serving members. “I am so very proud that we have not only survived for 90 years, but have prospered due to the dedication of our […]

After a few mergers with smaller, neighboring credit unions and two name changes later, the Gas & Electric Credit Union (GECU) is looking back and celebrating its 90 years of serving members. “I am so very proud that we have not only survived for 90 years, but have prospered due to the dedication of our board of directors and staff, and our relentless focus on improving the well-being of our members,” GECU President and CEO Daryl Empen said.  

Simply known today as GECU, with headquarters in Rock Island, the credit union traces its roots back to May 8, 1935. That’s when the People’s Power Company Employees Credit Union was officially formed during a meeting between the Illinois Credit Union League and the 45 employees of People's Power Company, the electric company at the time, and the Moline-Rock Island Manufacturing Company, the gas company. In the beginning, the People's Power Company Employees Credit Union was formed with a 12-member board of directors.  In 1941, the new Iowa-Illinois Gas & Electric Company was formed when 10 smaller power companies, including People’s Power, came together as one. In response, the credit union in March of 1943 adopted the new name of Gas & Electric Credit Union, which has carried on ever since. Mr. Empen told the QCBJ that company history indicates that the Gas & Electric Credit Union name was immediately chosen, in part, to avoid the need for other name changes in the event of future mergers.  And the mergers did come. In fact, since 2001, GECU has expanded with the acquisitions and mergers of four other area credit unions. These are the former credit unions and the years that they joined GECU: Employees Credit Union of Rock Island, 2001; Bituminous Employees Credit Union, 2004; Rock Island District of the Corps of Engineers Federal Credit Union (RID FCU), 2015; and QC Postal Credit Union, 2022.  Today, GECU serves the employees and family members of dozens of sponsor companies, beginning with the original company, now MidAmerican Energy, and many others based in Rock Island including the Rock Island/Milan School District, City of Rock Island, and now anyone working in downtown Rock Island.   Ninety years later, Mr. Empen said, GECU is still dedicated to that same mission – to improve the financial well-being of our members.  Today, GECU serves more than 5,600 members and has $125 million in assets. It consistently ranks in the top 1% of all credit unions nationwide for returning value to members and is No. 1 in the country in its peer group for member service usage.  In addition to its downtown Rock Island headquarters, GECU has a branch office in Moline. It currently employs 17 people total.   “Being the biggest institution has never been our goal; simply the best,” said Mr. Empen, who has proudly led the credit union for 30 of its 90 years. “... while we now offer products and services that couldn’t even be imagined back in 1935, our goal is still really the same – offer lower rates on loans, better rates on savings, and charge fewer and lower fees than our competitors – all to save our members money and set them up for financial success.”  Over the years,  GECU has won national awards for how much it saves members through lower loan rates and fees as well as higher deposit rates.   “Thank you to all of our members, volunteer board of directors – past and present – and our employees who have helped us over these past nine decades,” Mr. Empen said. “You all share in our success.” To mark the milestone, GECU is planning a private 90th Anniversary Celebration with area food trucks and fun for its customers and families on Friday, May 9. Participants will have a chance to win $90 gift cards and enjoy a dunk tank that will raise money for the YWCA’s future Alan’s House, a new youth shelter being created at the Y’s former downtown Rock Island location.