WOODMEN FEDERAL CREDIT UNION TURNS 90!
On October 16,1934, the Morris Sheppard W.O.W. Federal Credit Union was officially chartered. Under the newly enacted Federal Credit Union Act, the Credit Union received Charter #16. The Federal Credit Union Act is the law that allows the establishment of all federal credit unions and it has direct connections to WoodmenLife.
In the early 1930’s, home office employees of Woodmen of the World Life Insurance Society informally pooled their resources to help their fellow employees with their financial needs. This ‘cooperative’ effort spread under the leadership of Morris Sheppard, then Treasurer for Woodmen of the World Life Insurance Society and a United States Senator from Texas.
Senator Sheppard not only wrote the bill, the Federal Credit Union Act, but he also championed it to unanimous consent in the United States Senate. Upon the signing of the Federal Credit Union Act into law by President Franklin D. Roosevelt in 1934, Senator Sheppard immediately chartered two federal credit unions. The very first federal charter was issued to the Morris Sheppard Texarkana Federal Credit Union in Senator Sheppard’s home town and charter #16 was issued to the Morris Sheppard W. O. W. Federal Credit Union.
In 1990, the charter was amended to include all, what was then, Woodmen Tower and the adjoining World Building business tenants, their employees, and their relatives. The name was changed to Woodmen Federal Credit Union as it is known today.
Woodmen Federal Credit Union now stands as one of the five oldest federally chartered credit unions in the country. We celebrate and thank all our members who have brought us this far. We may be 90 but we are continually evolving to meet the financial needs of our members, now and into the years to come.
The Credit Union continues to uphold the principles with which it was founded, members helping members. We are a non-profit cooperative organization, owned by and for our members. Woodmen Federal Credit Union is proud of our history and our connection with WoodmenLife. We are here because of their leadership and their vision to provide superior quality of life benefits and assistance to their employees and families. Their sponsorship and unquantifiable support are truly appreciated.