JOHN TROTT introduced Bob Falk, CEO of PEFCU, who shared with us the history of "The Credit Union Movement". A wealthy American's trip to Europe in the 1800's uncovered farming co-ops. Perceived as a company benefit, unionized industries organized credit unions in 1934. They are now regulated and insured with the slogan "Not for profit-not for charity-but for service." PEFCU, founded in 1969, had $590 Million in assets; a low delinquent rate; an average credit score over 720 (max is 800); 200 employees, 2 high school branches; and ties to Purdue with interns and scholarships. Several good questions concluded Bob's presentation.
