Archive for MMCCU History

History of Marshfield Medical Center Credit Union

Marshfield Medical Center Credit Union (MMCCU) is a closed charter, not-for-profit financial institution dedicated to exclusively serving the financial needs of employees in the medical community and their immediate families, therefore designed to best serve the financial needs of this specific group of people.

Everyone from doctors to chiropractors to dentists can take advantage of what MMCCU has to offer, included savings accounts, health savings accounts, checking accounts that earn dividends, auto loans, financial planning services, surcharge-free ATMs, and more.

Organized on October 21, 1965 under the name “St. Joseph’s Hospital Employee Credit Union,” 75 individuals attended the organizational meeting at St Joseph’s Hospital.

Prior to this meeting, these individuals had submitted an application for charter to the Wisconsin State Bank Department, which subsequently had been approved. The purpose of this meeting was to officially set up the credit union, a task which included the election of a board of directors and a credit committee.

From October 21 to November 3, 1965, 69 individuals applied for membership in the Credit Union. Original membership was restricted to hospital employees and members of their immediate families only. In 1973, membership adopted an amendment to change the name to Marshfield Medical Center Credit Union and to extend members to include all medical personnel and all personnel related to the medical field employed in Marshfield.

In 1985, the Credit Union relocated from within St. Joseph’s Hospital to its own location on St. Joseph’s Ave. At this time, MMCCU added a drive-up window, more parking, and a separate loan office for privacy.

Carol Adler joined MMCCU as President in 1985, a role she continues in to this day. At the time, the credit union held more than $2 million in assets.

“When I was hired, I felt that Marshfield was unique with world class healthcare situation and I was just very excited to be able to lead a credit union that’s emphasis was on personnel working on health care and their families,” she said.

In 1997, MMCCU built what is their current facility at 302 W Upham. At this time, the credit union held more than $14 million in assets, with 4,472 members. In 2003, the building expanded with a 4,200 square ft addition, at which time MMCCU held $30 million in assets with a total membership of 5,305. The new addition celebrated an open house in winter 2004, celebrating an expanded space for staff to better serve customer needs.

Today, as the credit union approaches its 55th anniversary, MMCCU holds close to $70 million in assets.

MMCCU has survived by adapting and listening to its members. One example Adler shared was mortgage lending.

“In those early years, we didn’t have mortgage lending, but we’d get calls all the time about it. I kept telling the board and other staff people there’s a golden opportunity here. People are reaching out to us for these things,” she said. “One of the things we tried to do early on was try to find a solution for that and we did by 1989. I had found out that there was a secondary market of loans and you could originate loans and sell them – therefore not impacting your balance sheet, but offering the service. We found a massive channel and that’s really what drove our growth.”

Other innovations throughout the decades have included expanded services, online banking, a young adult checking account program, vehicle financing, and IRA’s.

“We’ve just grown and continued to grow,” said Adler. “We continually try to add services that our members need.”

MMCCU recently underwent a full interior remodel. An open house and member appreciation event are in the planning stages.