Farmway Credit Union – 66 Years Old and Going Strong
By Terry Bailey
When the Farmway Credit Union’s books were balanced after their first year in business on September 30, 1951 the organization boasted 153 members with shares valued at $22,248.48. Credit Unions were a bit of a new venture in North Central Kansas at that time so the members and officers had to feel positive that they had established a successful start to their new member-based financial organization. They had hopes for a prosperous future.
Sixty-six years later it is safe to say that the most optimistic dreams have come true. The Farmway Credit Union held their annual membership meeting on Wednesday, March 22. A capacity crowd of well over 300 members attended the meeting held in the St. John’s high school gymnasium in Beloit. The evening opened on a positive note with everyone being treated to the usual excellent meal catered by the St. John’s Ladies Guild.
The bottom line to all the reports given by the officers and committee chairs was that the Credit Union turned in another solid performance for 2016. Statistics worth noting show that from the first year’s membership of 153 in 1951, the membership now stands at 7,891. Shares have grown from the first year’s total of slightly over $22,000 to a total in 2016 of $30,295,807.
Income earned from loans and investments for 2016 totaled $3,745,080. Expenses for the year was $3,009,723. Also subtracted from the income was interest paid on member’s saving accounts. Once all the math was completed, the net grain for the year was $494,161 or right at a half million dollars.
The meeting was chaired by the Credit Union’s President/Manager Joe Deneke. Deneke introduced the Board of Directors consisting of: Jim Peroutek, Chairman of the Board, Max Roberts, Vice-Chair, Ken Tolbert, Secretary Treasurer, Eugene Friesen, Mike Liggett, Jonell Schenk, Pan Krier, Mark Marzolf, and Leland Baxa.
Deanne Winkel, Vice President in charge of Finance, read the minutes of last year’s meeting. They were approved as read by acclamation.
Interspersed throughout the course of the meeting were drawings for gift cards. By the time the meeting adjourned, three $50 gift cards, seven $25 cards and the grand prize of two $150 gift cards had been given to those whose ticket numbers matched the numbers of the one’s drawn.
Deneke noted that when the Farmway Credit Union was formed in 1951, it was named Farmway Credit Union. Sixty-six years later it remains the Farmway Credit Union with no mergers or takeovers. All the loans and business accounts are serviced locally by the employees of the Credit Union. They are not sub-contracted to other anonymous multi-national institutions. Member’s financial affairs are handled by their friends and neighbors in North Central Kansas.
Farmway has twenty-seven full time employees who work in offices in Beloit, Mankato, Lincoln, and Osborne. The business creates a strong base of employment opportunities for local folks who want to find employment and remain in their home communities. Farmway employees are strongly involved in local churches and civic organizations.
Following the adjournment of the business meeting the members were treated to high quality entertainment provided by Wade Richard.