Credit Union History
Tri Boro FCU Story:
Tri Boro started in 1935 as a “suit club” with a group of men from the Homestead Plant of United States Steel. Each member of the group contributed $1.00 from each pay, at which time a winner would be chosen and he would be able to purchase a suit of his choice from a local men's store.
A member of the group had been reading about the newly formed credit union movement. After discussion, it was decided to form a credit union for all of the employees of the Homestead Works Steel Mill. After a request to the National Credit Union Administration was completed and approved, the $25.00 from the suit club went to purchase the charter for "The Homestead Steel Works Employees Federal Credit Union". The charter was granted on November 30, 1935 and we were assigned Charter Number 794.
A Board of Directors was formed and these men spent countless hours as volunteers to assure the success of their newly formed credit union. On pay days, the board members and others from the original charter stationed at the mill gate, collecting money from fellow employees who had joined the credit union. This money was either deposited into share accounts or used to make a payment on a loan.
The first business address was 701 Ann Street, which housed Howdens Tailor Shop, and the first monthly board meetings were held in the kitchen of the Kaliden residence. After acquiring several temporary offices, the credit union was finally moved into the "old hospital building" in 1957, were we remained until 1990.
In 1985, with closing of the mill in sight, directors of the credit union agreed to change the name from "The Homestead Steel Works Employees Federal Credit Union" to "Tri Boro Federal Credit Union". They received a charter permit from the National Credit Union Administration for those who lived in Homestead, Munhall, West Homestead, and Whitaker. This Multiple Group permitted varied groups with a common bond to enjoy membership in Tri Boro.
In 2006, Tri Boro moved to an expanded "Community Charter." On March 16, 2006, the National Credit Union Administration granted Tri Boro FCU a "Community Charter" that read, "Persons who Live, Work, Worship, or Attend School in and Businesses and other Legal Entities in Allegheny and Washington Counties, Pennsylvania, along with Immediate Family Members." The new expansion allowed for opportunities to market the products and services we offer.
Credit Unions versus Banks
Credit Unions are “non-profit” organizations where as banks are “for profit” organizations. Credit Unions are member-owned, which means they exist to serve their members and community! Membership eligibility is determined by location of residence, employer, church, or school. You become a shareholder, with your initial membership deposit, which entitles you to vote and have a voice in the decisions made in the best interest of the credit union.
Credit Unions give you that personalized home town feeling. Joining a credit union is rewarding because the profits are given back to the members, by working for you and not against you.
to a bank, credit unions offer many of the same products such as deposit products, loan products, and other financial services. Credit unions offer a safer place to save and borrow, usually with more reasonable rates.
Why Tri Boro
- Serving members since 1935
- Well known in the community
- Personalized & Friendly staff that focuses on your needs
- Competitive rates & lower fees
- Federally Insured with National Credit Union Administration (NCUA) - Share Insurance
- Nonprofit, volunteer board of directors elected by the members versus banks who are for profit & driven by stock holders