Purdue News
Purdue News
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June 7, 2004 PEFCU opens full-service branch in Purdue Memorial UnionWEST LAFAYETTE, Ind. – Purdue Employees Federal Credit Union will open a full-service branch in Purdue Memorial Union on Tuesday (June 8), bringing full banking services to the union for the first time. A grand opening and ribbon cutting ceremony take place at 11 a.m. at the new branch in Room 163 on the first floor of the Union, the former location of the Purdue Alumni Association offices. The branch will be open for business the same day. Taking part in the grand opening events are John Sautter, Purdue vice president for housing and food services; Bill Connors, president and CEO of PEFCU; and John Trott, PEFCU's chairman of the board. "We have waited a long time for this," Connors said. "Since the credit union was formed in 1969, it has been the goal to have a branch at Purdue. We expect this branch to be very successful and are looking forward to better serving the Purdue campus." The move was made possible when the alumni association moved to its new home in the Dick and Sandy Dauch Alumni Center. "Putting a branch of Purdue Employees Federal Credit Union in this prime space makes sense according to the mission and purpose of the union, which we see as the center of the Purdue community," said Bob Mindrum, PMU director. "It benefits us financially because it has staying power. It performs a service, because even with the advent of ATMs, full-service branch banks are still popular. Also, it will increase traffic to the union, because many faculty, staff and students are members of PEFCU." PEFCU officials expect the PMU branch to be a high-transaction location. In addition to teller windows, the branch will offer other financial services including consumer, mortgage and commercial loan origination, credit counseling, and investment consultations. Regular business hours will be 9 a.m. to 5:30 p.m. Monday through Friday and 9 a.m. to noon on Saturday. About 46,000, or 83 percent, of PEFCU's more than 56,000 members are connected with Purdue, either as students, faculty, staff or family. The credit union was founded in 1969, and in the 1990s merged with the student credit union at the request of the National Credit Union Administration (NCUA). More than 20,000 of PEFCU's current customers are students. PEFCU has more than $400 million in assets, with three branches and 19 ATMs on and near the West Lafayette campus. It is a financial cooperative owned by its members and, therefore, cannot be bought by another institution. Writer: Reni Winter, (765) 496-3133, rwinter@purdue Sources: Robert Mindrum, (765) 494-8901, mindrum@purdue.edu Kristy Robb, (765) 497-7442, krobb@purdueefcu.com Purdue News Service: (765) 494-2096; purduenews@purdue.edu
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