Exclusive Membership

[ 0 ] October 12, 2018 |
Data as of 09.30.18

HQ: Bloomington, IL
ASSETS: $247.4 M
MEMBERS: 16,486
12-MO LOAN GROWTH: -1.27%

The August 2018 Credit Union National Association (CUNA) “Monthly Aggregates Report” indicated that 117 million Americans now belong to one or more of the Nation’s 5,596 credit unions. These credit unions aggregately manage nearly $1.5 trillion in assets, $1.04 trillion in loans, and $1.2 trillion in deposits.

At the highest level, credit unions are not-for-profit financial cooperatives serving groups of members who have something in common. The Federal Credit Union Act recognizes three types of credit union charters: 1) Single Common Bond 2) Multiple Common Bond 3) Community (membership based on geography).

Credit Unions are growing and while many have transitioned from their original “Common Bond Charter” to a “Community Charter,” IAACU has continued to focus on the distinct needs of the Illinois Farm Bureau Family of Companies. We are proud to be a part of this Family and look forward to our continued niche in meeting your expectations with the products and services you desire.

For your reference, IAACU membership is exclusive to: employees of the Illinois Agricultural Association and Affiliated Companies; County Farm Bureaus in Illinois; and the American Farm Bureau Federation and its Affiliated Companies. Eligibility also includes employees of the following companies in the Bloomington, IL area: Ralston Purina Company; Cargill, Inc.; Corn Belt Energy Corp.; and Farm Credit Services. In addition, Members of the Illinois Agricultural Association; Customers or Agents of COUNTRY Financial; Patrons of GROWMARK, Inc.; Member Cooperatives; Retirees from the above-referenced Companies; immediate family members of any of the above-referenced persons; and organizations of such persons are also eligible for membership.

IAACU is an autonomous, member-owned institution with an independent board of volunteer directors.   We exist to build financial relationships to enrich our members’ lifestyles; it is our desire that the products and services we offer will make us the first choice for the retail banking needs of our membership base.

Thank you for your continued support and membership!

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Category: CEO Corner

About the Author ()

Sean has held the position of Chief Executive Officer at the IAA Credit Union since June of 2005. In this position, he is responsible for the overall management of the $200 million financial institution, assuring financial strength while providing maximum value to its members. Also, he ensures that the Credit Union complies with all State and Federal laws and operates within the policies and expectations of the IAACU Board of Directors. He is a 1986 graduate of Illinois State University where he received a Bachelor of Science Degree in Agribusiness with a minor in Economics. He has also completed the coursework and received the CPCU, ChFC and CLU insurance industry designations. Sean served a combined 20 years in the United States Air Force and Air National Guard as an Aircraft Maintenance Officer retiring in 2002 at the rank of Major. Sean and his wife Kim have five children and reside northeast of Eureka, Illinois in Woodford County.

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