History
The year our Holiday coloring contest began (within 3 years)
What is 1994?
The average number of debit card transactions per month, PIN and signature, in 2024 (within 5000).
What is 95,000?
Fun Fact: The average monthly dollar volume is over $4 million.
Our projected total revenue or income for 2024 (within $250,000).
What is $6,371,000?
The current asset size of the credit union (within $5 million).
What is $120 million?
The average number of checks written in a year by each checking member in 2004 (within 10).
What is 134
The year of our first merger, and the first time we added employees other than Iowa-Illinois or MidAmerican Energy to our field of membership (within 2 years).
What is 2001?
Fun Fact: We were approached by the Employees Credit Union of Rock Island, resulting in the merger in 2001. They had operated out of the fire station on 9th Street and 31st Avenue, with a single employee, Nancy Hanna, who we brought on board.
The average monthly revenue from our debit card program in 2024 (within $3000).
What is $32,765.
Our largest category of loans (auto loans, first mortgages, home equity loans, credit cards, unsecured consumer loans, recreational vehicles).
What is first mortgage loans?
Fun Fact: We have $82 million in outstanding loans. First mortgages are $37 million, or 45% of those loans, followed by auto loans at $21.6 million.
What is 5633?
The average number of checks written in a year by each checking member in 2024 (within 10)..
What is 14?
The year our SAV-MOR newsletter was first published (within 3 years).
What is 1958?
Fun Fact: Our newsletter has always been called the SAV-MOR. Member Elsie Clossen won a contest to name the newsletter.
The average amount of purchases and cash advances made per month with our credit card (within $50,000).
What is $995,834?
The % of our total income generated from interest on loans (consumer loans, mortgages, VISA, student loans) within 5%.
What is 70%?
Fun Fact: Mortgage interest is by far our highest income line item, earning over $190,000 per month in interest, followed by consumer loans at $150,000.
The year we first passed $10 million in total assets (within 5 years).
What is 1991?
Fun Fact: By 2001, assets doubled to $22.6 million. It took 7 more years to double again to $43.5 million (2008). And 11 more years to double again to $82.47 million (2019).
The perfect of our membership who have a checking account (within 3%).
What is 69%?
The year we took the name Gas & Electric, switching from our original name of People's Power Employees CU (within 5 years).
What is 1943?
Fun Fact: In 1941, Iowa-Illinois Gas & Electric Company was formed from 10 small companies. In response, the Credit Union changed its name to Gas & Electric Credit Union in March 1943.
The average monthly revenue derived from our credit card program in 2024.
What is $37,200? ($22,700 in interest, $14,500 in interchange).
Fun Fact: Although debit card transaction volume is 4x that of cards, credit cards are more profitable due to the interest earned in addition to interchange.
The average monthly income earned from surcharges on our 7 ATMs (within $200)
What is $1600?
Fun Fact: While we surcharge $3 per transaction, only about 15% of transactions incur a surcharge. 30% of transactions are our own members, and 55% are Privileged Status members.
What is -20 members?
Fun Fact: While we have averaged 259 new members per year, we have closed on average 279. 2019 and 2021 were particularly bad years, closing 137 and 90 more accounts than we opened, which are skewing this average a bit.
The average number of remote deposits per month (within 50).
Fun Fact: This volume is actually down from our peak a few years ago. Why? Check volume continues to drop as Venmo and other P2P options have increased.
Our Credit Union was founded in 1935. How many members did we have at the end of that first year (within 100).
What is 165?
Fun Fact: By 1949, membership doubled to 336 members. Then 804 by 1955, and 1130 by 1965.
The average monthly loss incurred due to fraud on our card programs (within $100).
What is $960.
The average monthly income from overdraft fees from ACH and share draft transactions (within $2000).
What is $11,400?
The year we first moved out of an Iowa-Illinois sponsored location into our own building.
What is 1998?
According to Callahan & Associates Return to Member Index, where do we rank among 4600 credit unions nationwide, of all sizes, for returning to our members (within 100).
What is 60th?
Fun Fact: This places us in the top 2% for ALL credit unions. In our asset range, we rank 7th (out of 700), and #1 in member service usage.