It began in 1937 with a group of MSU professors who wanted safe, accessible banking after the Great Depression.
Seventy-seven years later, the MSU Federal Credit Union has helped make it possible for students to study abroad, to see performances at the Wharton Center or to check out the artwork at the Eli and Edythe Broad Art Museum.
And it's a place where retiring President and CEO Patrick McPharlin has been proud to work for four decades.
"In 41 years, it's a much larger organization, but in many ways it hasn't changed," McPharlin said. "We still operate like a much smaller organization."
And that's something the community seems to appreciate — McPharlin said he's read hundreds of letters and feedback from people every year thanking the MSU Federal Credit Union for the services they have received.
In the beginning, the credit union allowed professors to get loans more easily — if one professor needed a loan, the credit union would reach out to the others for $10 loans to help.
Today, the MSU Federal Credit Union has 13 open branches in Greater Lansing, Haslett, Charlotte, Auburn Hills and Rochester with two more under construction. The credit union has grown to include 2.6 billion dollars in assets, more than 600 employees, 110 ATMs and 184,530 members nationwide.
April Clobes, the credit union's current executive vice president and chief operating officer, will be taking over that expanding company for McPharlin, beginning in March 2015.
"It's mostly about what I plan to continue," said Clobes, who has been at the credit union for 18 years. "I think it's highly important to continue to be a high-class operation for employees and members...every day we're told by a member we've done something to help them."
This year, the MSU Federal Credit Union will be receiving an award in July for the 2014 Best Federal Credit Union in the country from the National Association of Federal Credit Unions.
Sarah Bohan, the MSU Federal Credit Union's vice president of corporate relations, credited McPharlin's leadership.
"Pat has been an exceptional leader who has led the credit union to great success," Bohan said. "He continued the credit union's outstanding culture of providing superior service to our members and giving back to our community."
After spending 14 years as the credit union's leader, McPharlin said he is ready to move on and believes he is leaving the company in capable hands.
"I feel really good," he said. "I feel like we accomplished some important things. I have faith in April and the entire staff."
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