About Willow Island Federal Credit Union
Willow Island Federal Credit Union was chartered on March 4, 1953.
The chartering members were Raymond E Leach, Earl D Ellis, R C Lantz,
Alfred T Hall, John H Cramer, D Ernest Wilcox, & R K Britton.
The credit union was organized due to the need for employees to
be able to obtain loans at a reasonable rate. At the time the credit
union was chartered the American Cyanamid Company plant at Willow
Island was still being built and this made local banks reluctant
to make loans to the employees. The original field of membership
for the credit union was Employees of American Cyanamid Company
who work in Marietta, Ohio, and Willow Island, West Virginia; employees
of this credit union; members of their immediate families; and organization
of such persons.
The name of the credit union was shortened to Cyanamid Federal
Credit Union on July 3, 1967. Then on March 4 ,1994 the credit union
once again changed it's name to Willow Island Federal Credit Union.
This name change was due to American Cyanamid Company Willow Island
Plant splitting into two companies: American Cyanamid Company and
Cytec Industries Inc. The name was changed to the place where the
credit union office is located. The Board of Directors felt a name
change was necessary since we went from being a one company credit
union into a two company credit union and didn't want the membership
to feel that the credit union would favor one group over the other.
In 1995 it was recommended by NCUA (National Credit Union Administration)
to the Board of Directors that we try to get other employee groups
that did not have credit union services available to them to join
our credit union. Over 57 % of our shares were owned by members
who were 55 years old and older and 35 % of that being owned by
members who were 65 years old and older. NCUA stated that with our
membership getting older and the sponsoring two companies having
very little new employee growth, we would more than likely start
to see a decline in membership growth and see the loss of our shares
due to the death of our membership. Since the credit union had seen
the number of members remain the same and the amount of shares remain
the same for several years the Board of Directors decided to try
to get new groups into our credit union. The first group was added
October 18, 1995, they were the Employees and Officials of the City
of St Marys. Since then we have added six additional groups.
If you live, work, worship or attend school in Pleasants County
you can become a member of Willow Island Federal Credit Union.