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Afena History

Afena Federal Credit Union, celebrating 52 years of improving financial lives…one member at a time.

Late 1957: Marion Creech was approached by Leonard Flannery and George Shively to form a credit union. All three were Fisher Body - GM employees.
December 17, 1957: First meeting with Indiana Credit Union League to establish Marion Independent FCU.

January 1958: The application for a Federal Charter was signed and approved. The field of membership was limited to employees of the Fisher Body Division of General Motors (Marion Plant), employees of the credit union, and members of their immediate families.

March 8, 1958: The first Marion Independent FCU organizational meeting was held. The first Board of Directors included Leonard Flannery, Marion Creech, Charles Sexton, George Shively, and Ray Byrd.

April 12, 1958: Marion Independent had 169 GM members.

May 1958: Board of directors voted to rent office space in a garage. Up to this point, the MIFCU office was located in the home of the Treasurer. The distance from the GM plant was inconvenient plus they had ruined the wall to wall carpeting and the treasurer's wife was very unhappy!

October 10, 1958: The first payroll deduction from Fisher Body was sent to MIFCU for $1000.00. The first loan was issued for $200.

June 15, 1959: The first teller hired for $1 hour, not to exceed 16 hours per week. This employee had been working for free prior to that.

September 15, 1959: MIFCU moved to a small concrete block building originally built for a machine shop. It was located at 1840 ½ West Jeffras. The credit union had 458 members with assets of $34,541.00.

January 1961: The first dividend was declared.

September 1965: Assets reach $1,000,000.00.

January 1975: MIFCU moved to its current location at 424 N. Bradner Avenue.

July 1, 1977: Checking accounts were offered at MIFCU.

1978: A 1% bonus dividend was paid on all share accounts for the entire year.

1980: Marion Independent FCU obtained a community charter.

1981: Each member account was insured up to $100,000.00 - up from $40,000.00 previously.
December 31, 1981: MIFCU assets reached $13,000,000.00.

1983: First Automatic Teller Machine was installed.

1984: Three new loan offices were added along with four drive-up lanes.

1994: First mortgage loan was made through CUNA Mortgage.

April 30, 1996: MIFCU converted to RE:Member Data Services, Inc.

December 1996: An ATM was installed at the General Motors Plant.

1997: MIFCU offered several new products: Alternative to Leasing Loans, Money Market Accounts, More terms on Share Certificates, five free ATM withdrawals for members with direct deposit, Visa Gold and Point of Purchase Lending. Assets reached over $23,000,000.00.

April 2001: MIFCU offered CU Online, Internet Banking and Bill Payment.

June 2001: Assets reached $31,500,000.00.

June 2004: Independent Coverage was added as a form of overdraft protection

Late 2004: Our indirect program grew as we added 3 new dealerships - including the local Harley-Davidson store

February 2005: Assets reached $40 million

May 2005: We introduced Visa Gift Cards

February 22, 2006: NCUA approved the name change to Afena Federal Credit Union