History | Board & Staff | Mission Statement
The History
of Upper Darby Belltelco Federal Credit Union
Eight Bell Telephone employees who had the vision of
providing financial services to their colleagues formed the credit union in
1941. The initial offerings were share accounts and small loans. Instead
of payroll deduction, collectors visited various offices and garages to get
deposits for as little as $0.25 per week and loan payments of $2.00 per
week.
The credit union experienced a slow, steady growth through
the years, with the core group of Bell Employees, and the merger with Local 623,
representing the UPS Drivers. Further mergers with Breyers, and the Knights of
Columbus helped expand and diversify our membership. Recently we have had
the fortune of having companies request credit union service.
In the 1980's the credit union offered the Super Share Account, and deposit growth
exploded with this competitive service. Certificates of Deposit were introduced in the early 90's
giving our members more options for their savings. Upper Darby Belltelco
was among the first credit unions in Pennsylvania to offer share draft (checking) accounts.
The growth in savings enabled the credit union to offer more
complex loans to its members, with car
loans and home equity loans leading
the way. Various tax code changes in the 1990's made real estate loans
more appealing to borrowers, with the tax deduction of the interest and the
lower rates compared to unsecured debt.
Along the way the credit union presented payroll deduction,
VISA, STAR and Debit Cards, Telephone
Teller, Personal Lines of Credit, Loan Specials and Computer Loans to its
membership and we're not finished. We entered a Shared Branching network in 2008
to offer our members over 3.200 branches nationwide, with over twenty in the
immediate Delaware Valley region.
From the modest start of the credit union in 1941, it has
grown to serve over 4,500 members with a variety of deposit and loan
services. Today there is over $43,000,000 on deposit, with $32,000,000 in
loans. While products have been offered and changed over the years,
service has remained the cornerstone of our success.
How does
the credit union manage to offer such a diverse line of services in an efficient
way? Two groups of people are responsible: the Board of Directors and the
office staff. These are the people entrusted by our membership to insure
the strong, steady financial growth of the credit union. In today's
turbulent economy, their efforts are what make it possible to offer attractive
savings and loan rates while preserving the capital of the credit union.
We'd like to recognize the direction of
Bob Irvine, Rich Votta, Andy Laloup, Jack Muldowney and
Andy Dougherty on the Board, along with Supervisory Committee members Anna Buzan,
Tom Tryson and Andy Dougherty. They are charged with analyzing financial conditions, guiding
the management of the credit union, keeping abreast of services and delivery and
positioning us for future growth.
The office staff takes the direction of the Board and makes
it work. Johann Miller oversee the daily activities and the
financial accounting. Jack Muldowney and Cathy
Sharkey review loan applications and monitor credit risk. Sue
Vagnoni, Peggy McGrath and Leeydra Wilson are on the front line
for member services, and can answer virtually any inquiry regarding your
specific account. Eleanor DelRossi is our contact for ATM and ACH
questions. Andy Laloup monitors the investment portfolio and John Schmidt is the
manager. Together this group has over ninety-five cumulative years at the
credit union and almost as many years in other financial services. It is a
team of innovative people offering a wealth of solutions.
The next time you have a question or a recommendation for the
credit union, talk with one of our qualified staff members. You'll be
dealing with a professional.
If you would be interested in volunteering for a role in your
credit union's future, please give us a call. We'd be pleased to review
the opportunities.
Mission
Statement
The Mission Statement of the Upper Darby Belltelco
Federal Credit Union has been since its inception in 1940 and continues to be
one of SERVICE to its membership. It still believes in the national
credit union credo of "not for profit, not for charity, but for
service".
All our goals are dedicated to providing a financially sound
and cost effective organization that meets the needs of our Owner/Members.
The Board of Directors feels that this can be best met by a small, member
sensitive organization. Its philosophy continues to be one of slow,
sustained growth, e.g. three to five percent annually. They feel that a
smaller credit union can better serve its membership through personal knowledge
of its members' needs and their financial habits.
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