ST. JOSEPH, Mich.—At 97 years old, John Soos has witnessed innumerable historical events-including air and sea battles on the Pacific Front during World War II. But perhaps his most important legacy is being part of the founding of Nineteen Hundred Employee Federal Credit Union in 1949.
Just a few years after returning to Michigan from his service as a U.S. Naval radar operator for the USS LSM-420, an amphibious assault and transport ship, Soos was one of five people who plunked down $5 each to form a credit union for the employees of the Nineteen Hundred Corporation, which later became better known as household appliance manufacturer Whirlpool.
Soos served as president of Whirlpool Employees FCU from 1949 until he left Whirlpool in 1960. After a stint as an insurance agent, he settled in to a lively retirement of golf, travel and horse racing. The credit union, meanwhile, lived on through a series of acquisitions and mergers and today is $1.5 billion-asset United FCU, which was NAFCU's National Federal Credit Union of the Year for 2013.
Credit Union Journal asked Soos to look back at what he helped create, with a look at the many differences between 1949 and 2013.
Credit Union Journal: What are some of the most significant landmarks the credit union has achieved since you were part of the founding of Nineteen Hundred Employee FCU? Presumably asset and member growth have been significant?
John Soos: In 1949, Nineteen Hundred Corporation (Whirlpool) Personnel Manager Glenn Clark thought it would be good for Whirlpool employees to have a credit union like the teachers had.
Al Marble from the Michigan Credit Union League came to visit and explained how credit unions worked. Five men applied for a charter. The cost was $25 and five guys each put in $5. This included myself, Bob Russell, Martin Hunt, Frank Murtz Sr. and Phil Goldenberg.
The board included five people from the factory, and three people from Whirlpool management. The credit committee included four from the factory, and one from management. The supervisory committee included one from the factory, and two from management.
I had no idea it would grow this big. We started with 100 people!
The credit union was so helpful when people started coming back from the service and buying houses. The credit union gave members down payments and the banks gave us mortgages. We invited the banks to the annual meetings.
If an employee was about to have their wages garnisheed, they were encouraged to get a loan from the credit union so they could pay their bills!
The annual meetings became a big deal. There was very little meeting going on! It cost $1 a person to attend, and about 1,200 people attended! There was a catered meal by Mrs. Fellberg, and there were not enough tables so people had to eat off of their laps. Every gal that attended received a vial of perfume, and each guy got a cigarette lighter. It was a big party with a band, and everyone brought their own drinks.
CUJ: Please talk about the differences in credit unions in 1949 versus today. There must be several differences you have observed over the years-which ones are the most significant in your mind?
Soos: The number of branches. We only had one.
Automation was a big pain. I don't like to hear "dot com" because it seems so impersonal, but that seems to be what the young people want.
The annual meetings are so different. We had 1,200 people come and they were a big party. Now less than 50 people attend.
We only had a dozen employees. Now there are almost 500.
CUJ: Where do you see credit unions going in the future?
Soos: I am happy to see the scholarship program. United does not want to just be the biggest, they are doing a lot of good along the way.
CUJ: Please give a few details about the name changes over the years. Was there a strategy behind the name changes? Did you lose your sponsor company? What about mergers?
Soos: We were independent of Whirlpool, so no, we did not lose a sponsor company.
