Membership Qualifications

Anyone living or working in Edgar, Clark, or Vermilion Counties in Illinois and Fountain, Warren, or Vermillion counties in Indiana.

History

Our beginnings... In 1951, regulations did not allow employees or directors of credit unions to borrow at their own credit unions. As a result, it was decided to form a new credit union to serve employees and directors of the credit unions within Vermilion County. We received our State of Illinois charter in 1951 under the name of Vermilion County Chapter Credit Union.

Initially, we operated out of the home of Taylor Clark, our first Treasurer. Sometime later, we moved to a garage on Fairchild Street and then eventually near the corner of Fairchild and Oak Streets.

In 1970, the credit union moved to 811 Oak Street where we shared office space and personnel with five other credit unions. Eventually, all but one these credit unions merged with us.

In the early 80's, the Vermilion County Chapter Credit Union charter was changed to an "associational" charter which permitted us to serve members in Vermilion, Edgar, and Clark Counties. Anyone living or working within the three county area was eligible for membership. To reflect the expanded membership base, our name was changed to First Illinois Credit Union on April 1st, 1984.

In January of 1985, we opened our branch office at the corner of Bowman and Voorhees, which provided members with two locations and drive-up service. The credit union was growing, and by June of 1987, we relocated the main office to our present location at 323 North Gilbert Street in Danville.

In September of 2009, we merged with the L&N & C&EI Credit Union. Over 400 members joined First Illinois Credit Union and are now enjoying the myriad of services offered to the Membership. In December of 2010, our membership welcomed Danville Holy Family Credit Union into the fold by adding another
400 members. In November of 2013, the State of Illinois has granted our charter revision to now include anyone living or working in Fountain, Warren, or Vermillion counties in Indiana.

In April of 2014, we opened a full service office in Covington, Indiana to accommodate our growing membership

FAQ's

  • What's a Credit Union?
    A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members.
    It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
  • Who owns a credit union?
    Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
  • How did credit unions start?
    The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a
    credit union member.
  • What is the purpose of a credit union?
    The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
  • Are savings deposits insured?
    Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
  • Who can join a credit union?
    A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.

Newsletters

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To download our app, go to your app store and search First Illinois Credit Union. Install the app created by iParse or simply click on the appropriate icon below.


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