Business Spotlight: Postal Federal expands with building, Web site

Most people think you have to work at the post office or be employed by the federal government to belong to Postal Federal Community Credit Union. That used to be true, but the Postal Federal Community Credit Union now serves members of the community who work or reside in a 10-county area around Springfield.

Postal employees founded the credit union in 1929, and it is Springfield's oldest and largest credit union. Back then, it was called the Postal and Federal Employees Credit Union, and it served postal workers and federal employees in a 26-county area.

Four years ago, however, the credit union changed its name and its criteria for membership.

According to Steve Pierson, president of Postal Federal, government downsizing had reduced the ability of the credit union to grow, and a decision was made to give members of surrounding communities an opportunity to join. The credit union also works with many local businesses that want to offer the benefits of a credit union to their employees.

In 1996, the credit union's name was changed to Postal Federal Community Credit Union.

The credit union now has more than 13,000 members who live or work in Greene, Christian, Stone, Taney, Newton, Jasper, Lawrence, Polk, Webster or Howell counties and more than $62.3 million dollars in assets.

"We provide many of the same services your local bank does," Pierson said. "It's not what we do; it's how we do it. Banks answer to their stockholders. We answer to every person here who has an account. Our members own this credit union."

Each member of Postal Federal Community Credit Union gets one vote when it comes time to elect the credit union's board of directors. Members also help determine the services the credit union provides.

For example, when the federal government furloughed employees in 1995, Postal Federal Community Credit Union provided many members with interest-free loans to help them until they went back to work.

According to Pierson, the credit union also tries to keep account fees to a minimum.

Members also raise money each year for various charitable organizations, such as the Children's Miracle Network.

Recently, Postal Federal began offering its members more electronic banking services. A Web site at

www.postalfed.org

was added in 1999.

The Web site contains a consumer-loan application, as well as information for new- and used-car buyers. Members also can access their accounts online and make transfers, loan payments and withdrawals.

Pierson said Postal Federal is considering adding an online bill-paying service in the not-too-distant future. Another new service being added will allow members to trade securities online 24 hours a day through AmeriVest at its

www.amerivestinc.com

Web site.

AmeriVest will allow members of the Postal Federal Community Credit Union to settle trades with an automatic deposit or withdrawal from their checking or savings accounts.

The Web site also allows Postal Federal Community Credit Union to better serve account holders who don't live in Springfield, Pierson said.

Currently, there are four branches in Springfield, one in Branson and one in Joplin.

Pierson said credit unions are sometimes reluctant to build their own branches because such capital expenditures cost members more money.

Instead, some credit unions rent out space to other credit unions within their facilities.

Postal Federal Community Credit Union is no exception, and one of its branch offices is located within another credit union's building. Another branch is shared with five other local credit unions.

Last year, however, Postal Federal Community Credit Union's building reached maximum capacity, Pierson said, and it became apparent that a new building was needed.

This summer, the credit union's main office will move. A new 6,500-square-foot building at the corner of Sunset and Kansas Expressway was completed in May of 1999.

Eventually this building will be enlarged and become the main facility and the credit union's building on East Seminole will become a branch office.

"Our goal is to provide an alternative full-service financial institution for area residents that is focused on service and value and not profits," Pierson said.

Postal Federal Community Credit Union

Year founded: 1929

Owner's name: Postal Federal Community Credit Union Inc.

Address and phone number: 1983 E. Seminole 65804; 887-1983