The San Gabriel Valley Postal Credit Union was founded on February 5, 1932, by nine men with a vision. Their aim was to give Postal Service employees in the San Gabriel Valley area a place to save their money and, as a result, a source for lower-interest loans, borrowed from the members’ pooled resources. These founding fathers adopted the credit union movement’s philosophy: “Not for profit, not for charity, but for service.” This philosophy makes credit unions unique among financial institutions, and it continues to guide our Credit Union today.
The first Credit Union’s meetings were held in the homes of members Frank Sanders, Roy Spangler, Lowell Decker and Warren Doty. New members were signed up, deposits were accepted and loans were disbursed in the kitchens of these early members. Officers of the first Board of Directors were Frank Sanders, President; Carson Weaver, Vice President; and Ellis Platt, Treasurer. The first board meeting was held in the Pomona Post Office on February 13, 1932.
During that first year, the Credit Union made 16 loans for a total of $3,100.42. The loan rate was 12%. The Credit Union placed a limit of $200 on each loan and required one co-maker for each $50 borrowed. Income for the first year amounted to $33.93 after expenses, and a dividend of 3% was declared and paid.
Our Credit Union has come a long way during the ensuing three quarters of a century, but our basic philosophy remains unchanged. We are still a cooperative union of people with a common bond and a common goal: to provide the best financial services possible for all members of our group. Our Credit Union truly is “people helping people.”
We acknowledge our nine original founders for their foresight and cooperative spirit: Vernon Cash * Joseph Berry * Edward Batchelor * Ellis Platt * H. Roy Spangler * Elmer Boots * Carson Weaver * James MacInnes