Mutual Credit Union celebrates 90th anniversary

Published 2:39 pm Thursday, January 21, 2021

Mutual Credit Union announced a milestone anniversary in 2021.

Established in 1931, 2021 marks 90 years of serving members and communities. Over the last 90 years, Mutual Credit Union has grown from a credit union with 56 members and assets of $542 to a credit union with over 22,000 members and over $240 million in assets. Jerry Dean, 2020 chairman of the Board of Directors for Mutual Credit Union said he was honored to celebrate the milestone.

“Serving on the board since 2005, I am proud of the work the board of directors has played over the years in serving our members and our communities,” Dean said. “Happy anniversary, Mutual Credit Union!”

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Mutual Credit Union invites members and community partners to be a part of celebrations during the 2021 anniversary year. Each month, Mutual will focus, share and celebrate by highlighting different aspects of Mutual Credit Union. Celebrations will feature giveaways, mementos, recognitions and recaps of the credit union’s storied history. Please make sure that you are signed up to receive emails from Mutual Credit Union and are following Mutual’s social channels for each month’s details.

Beginning on April 10, 1931, the first credit union charter granted in the state of Mississippi was issued to the Federal Credit Union of Vicksburg. Later in 1934, the name was changed to The Mutual Credit Union of Vicksburg and then again in 1954, the name was changed to what we know today as Mutual Credit Union. Starting from a cigar box in the old post office building in downtown Vicksburg, Mutual Credit Union has seen exponential growth over its’ 90 years. In 1974, Mutual moved out of the old post office building to 1411 Cherry Street and then again in 1985 to the present-day location of 1604 Cherry Street. To accommodate growth, branch locations were established on the campus of Waterways Experiment Station, South Frontage Road Branch (2003), Clay Street (2006), Raymond (2010), Yazoo City (2012), and most recently Lakeover Road, Jackson (2020). In 2006, the Mutual Credit Union charter was adapted to open membership to all those who live, work, worship, volunteer or attend school in Warren, Hinds, Yazoo, Issaquena, Sharkey, Claiborne, and Copiah Counties.

Mutual Credit Union was the fourth credit union in the United States to offer online account access and related internet services. Mutual has grown from savings and membership accounts only to offering a full range of financial services paired with digital and electronic service options. Today, members of Mutual Credit Union enjoy access to CO-OP ATMs, one of the largest ATM networks in the United States. All Mutual Credit Union ATMs are full-service ATMs featuring deposit and withdrawal features. Mobile Deposit, Bill Pay, App and Digital Wallet features are available on all Mutual Credit Union spending accounts, as well as access to a full-suite card manager for both debit and credit cards. Featuring online account and loan opening, document signing, and a full suite of loan options from mortgages to autos to rewards credit cards, Mutual is thrilled to be a digital champion expanding and meeting the needs of our members both near and far.

“During my 10 years at Mutual I have seen many things change,” said Mutual Credit Union President Michael Mathews. “One constant has always been the attention to service and responsiveness to our membership. I am reminded daily of the great work our team does assisting members with their financial needs. I look forward to what the future holds for our great organization.”

The Credit Union Movement began in 1847 in Flammersfeld, Germany. The poverty of farmers and workers was so appalling that a cooperative savings institution allowing them to pool their money and make loans to each other was established. The popular idea spread across Europe and in 1900, the first credit union was organized in Canada. The first credit union to open its doors in the United States was the Caissee Populaire St. Marie known today as St. Mary’s Bank, in 1909 in Manchester, New Hampshire. With the passage of the Federal Credit Union Act in 1934, credit unions could be organized anywhere in
the United States. During the Great Depression, while other financial institutions were closing their doors, credit unions demonstrated that ordinary people could organize and provide for their own financial security. Cooperative effort was and still is, the key to credit union success.

Mutual looks forward to all that 2021 will bring while reflecting on their dynamic history and is thankful for the continued support of the credit union movement in Vicksburg and Warren County.