Alabama’s APCO Employees Credit Union celebrates 70 years of service
APCO Employees Credit Union shown in foreground, with Alabama Power's Birmingham Corporate Headquarters behind it. (contributed)
APCO Employees Credit Union (APCO ECU) is commemorating the care and trust it has exhibited for its clients in Alabama, and beyond, for 70 years.
In 1953 a gallon of milk was ninety-four cents and a loaf of bread was sixteen cents. It was the year the Chevrolet Corvette saw its first release to the public. Frank Sinatra won an Academy Award and Dwight Eisenhower was president amid the height of the Cold War. And it was the year the Alabama Power Company Employees Credit Union came into fruition.
On July 1 that year, APCO ECU was created when Western Division Credit Union, which served Alabama Power employees in western counties, the Birmingham Electric Company Credit Union (Alabama Power acquired Birmingham Electric Company in 1951) and Alabama Power’s General Office Credit Union merged into one. The combined company offered a larger capital base to serve customers.
Today, with more than $3 billion in assets, APCO Employees Credit Union is Alabama’s second largest, and the largest state-chartered credit union in Alabama. It serves 73,000 members, with 20 branch offices and works through more than 5,000 Credit Union Service Centers located across the country. In all, APCO ECU partners with more than 250 businesses and organizations whose employees can join the credit union.
APCO ECU leaders recently invited the public to a modest 70th anniversary celebration at the credit union’s headquarters in downtown Birmingham. It has been a particularly significant year for APCOCU, considering the milestone anniversary and its recent merger with Georgia-based Powerco Federal Credit Union.
Effective April 1, Powerco Federal Credit Union became Powerco Credit Union, a division of APCO ECU. The two organizations continue to work together toward a full systems conversion, which is expected to be completed next year.
Derrick Ragland, APCO ECU president and CEO, said the merger was an opportunity to take a proactive step in capitalizing on the two credit unions’ strengths and overall goals to ensure a strong future for the company.
“APCO Employees Credit Union and Powerco Federal Credit Union both have strong financial foundations , and have many shared members, values and approaches to serving our memberships,” Ragland said at the time of the merger.
Dan Blalock, Powerco president and CEO, shared in the excitement about the merger, calling it a mutually beneficial opportunity to ensure long-term sustainability and success.
“By joining together, our members will have access to enhanced customer service, a wider range of products and service, higher savings rates, and low fees,” Blalock said.
For more information about the APCO Employees Credit Union, visit apcocu.org.
