Grantsville Federal Credit Union turns 50

Born on April 16, 1959 in the basement of Joe and Fern Wilson’s home on Hale Street in Grantsville, the Grantsville Federal Credit Union celebrated its 50th birthday this year.

“We have grown from the original 18 members to 1,345 members today,” said Anne Goins, president and manager of the local credit union. “Today we have assets totaling $5.1 million.”

Goins has been with Grantsville Credit Union since 1987.

“The credit union started out as kind of a farming cooperative,” Goins said. “The credit union made loans to local farmers for the purchase of farm equipment.”

Gary Sutton, who has served on the board of directors for the credit union for 40 years recalls the early days of business.

“We used to accept water shares as collateral to help farmers get loans to buy equipment,” Sutton said.

Gradually through the years Sutton said the credit union changed to fit the needs of the people in Grantsville.

Today the credit union offers savings and checking accounts with ATM access along with auto and other personal loans. They do not offer home loans.

When the credit union first began, members had to live in Grantsville, Rush Valley, Lake Point or Wendover. Today membership is open to anybody who lives or works in Tooele County, according to Goins.

Fern Wilson served as secretary/treasurer of the credit union in 1959. As business grew the credit union moved out of the Wilson’s basement and into the back of the Bluebird, an ice cream store that used to be on Main Street across from Grantsville Elementary, according to Goins.

The credit union is currently located at 50 N. Commercial Avenue in Grantsville next to Soelberg’s Market.

Sutton recalls the credit union employing four managers/presidents over the years, including Linda Miller, Pat Eatough, Emily Millward and currently Anne Goins.

“We’ve been through four managers, one robbery, and one embezzlement,” Sutton said.

Todd Castagno became chairman of the board of directors a year ago, taking over from Tom Randle who served on the board of directors for more than 30 years. Other current board members include Clara Walters, Gary Sutton, Anne Goins, Barbara Grygierczyk, Lisa Johnson and Verl Johnson.

The board of directors are elected at the annual meeting of the credit union membership. The board members serve on a voluntary basis and hire and supervise the president/manager. The board has the responsibility to represent the credit union membership in supervising the operations by setting policies and reviewing financial statements.

Castagno, who owns Willow Creek Lending and is on the Grantsville City Council, grew up in Grantsville and had a savings account at the credit union as a youth and the first car he purchased with a loan, a 1972 Mustang, was financed through the credit union.

“Although we have grown we are still very much a hometown credit union,” Castagno said. “We may be able to approve loans other institutions will not because we know the person. At the same time, making loans to local people, our default rates on loans is very low.”

Castagno said that the board had expected more defaults on loans during the current recession with people having more problems with employment.

“We have really experienced very few problems as a result of the current economic problems,” Castagno said. “We are solid financially and continue to offer loans at very competitive rates.”

“People come in here to the credit union and they are treated like people,” Verl Johnson said. “At Grantsville Federal Credit Union you still do business face to face with people that know you by your first name.”

Tim Gillie: tgillie@tooeletranscript.com