Missouri Farmers Union Credit Union Takes First Steps JEFFERSON CITY, MO (January 5, 2005) – For the first time in seven years, the Missouri Department of Economic Development’s Division of Credit Unions chartered a credit union – the Missouri Farmers Union Credit Union (MFUCU). On December 13, 2004, John P. Smith, director of the Division of Credit Unions, presented certificates of approval and organization to MFUCU to start a fully insured financial institution dedicated to serve its members’ financial needs. “The credit union is a really big step for MFU,” said Steve Burdic, president of MFUCU. “It adds to the other services we provide and fits well with the value-added agricultural projects and co-op development projects that are already successful.” “Our last step is to have our deposits insured by the National Credit Union Agency and then we can take deposits. That may happen as soon as January 2005” Burdic said The credit union is a government charted, fully insured financial institution dedicated to serving its members financial needs. According to the members of the formation committee, MFCU is built on the belief of those who still believe that small town, local independent people are the backbone of America’s success and future. The credit union is a means of capturing and circulating wealth throughout communities to develop viable, local economies. “We will have to start small with consumer type loans but we are looking forward to the day when we can start making farm operating loans to our members.” As of December 31, 2003, Missouri ranked eighth in the nation in the number of state-chartered credit unions. The Division of Credit Unions currently regulates 161 credit unions with assets exceeding $7.8 billion. There are approximately 1,236,259 members of Missouri credit unions. ###
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