News Release -- 2004

Church of the Brethren Credit Union is
now available to all denominational
members and employees

February 27, 2004, Elgin, Ill.

The Brethren Employees Credit Union took a historic step on Monday, Feb. 23, as it changed its name and charter, and approved a new slate of national board members.

These moves during the Credit Union’s annual membership meeting at the Church of the Brethren General Offices were the final steps needed for Brethren Benefit Trust to become the Credit Union’s administrator and sponsoring agency, beginning April 1. All of these steps were taken with the goal of increasing the Credit Union’s services and membership.

“The approval of these changes voted on by the Credit Union’s owners — its members — sets in place the foundation on which new services to more people within the Church of the Brethren can be built,” said Wil Nolen, BBT president. “We are excited about the future of the Credit Union and how it will positively impact the lives of Brethren members and employees in the years to come.”

The new name, Church of the Brethren Credit Union, reflects the change in charter, which greatly expands membership eligibility. Until Monday, the Credit Union was open for all Church of the Brethren members and family members in Illinois and Wisconsin, and all Church of the Brethren pastors and staff of denominational agencies and organizations and their family members nationwide. Now all Church of the Brethren members and their families; all staff of denominational agencies and organizations and their families; and all congregations as institutional members can join.

The vote by the membership was the last step needed for the Credit Union to forge a new direction in a process that began two years ago when it began exploring partnership possibilities with BBT. Much work has been done since then to define the scope of the partnership, with the boards of both agencies in late 2003 approving BBT becoming the Credit Union’s administrator and sponsor. In addition to ratification by the Credit Union’s membership, the proposed changes also needed approval by the Illinois Department of Financial Institutions. That approval was granted last week.

These changes are sure to be remembered as significant milestones in the history of the Credit Union, which, in fact, traces its origins to two credit unions. The Brethren Employee Credit Union was organized and chartered as an Illinois corporation in 1938 by the employees of the Brethren Publishing House. In 1958 the name changed from the Brethren Publishing ECU to Brethren Employees’ Credit Union (BECU). In 1986, BECU merged with the Brethren Parish Credit Union, which was organized in 1941 by the members of the Highland Avenue (Elgin, Ill.) Church of the Brethren.

A transitionary process now begins for the Church of the Brethren Credit Union as BBT prepares to assume all staffing and administrative functions on April 1. Staffing the Credit Union for BBT will be Dennis Kingery, director of Credit Union Operations, and Connie Sandman, member services representative. Other BBT staff will also be called on to assist with customer service, financial operations, marketing, and promotions.

The new Church of the Brethren Credit Union Board will consist of 12 nationwide members, many of whom have expertise in accounting, financial planning, investments, law, or marketing. The members, who will convene for the first time in March, are —

• Janice Bratton, investment officer of the Hershey (Pa.) Trust Company.

• Darryl Deardorff, Chief Financial Officer of Brethren Benefit Trust and Director of the Brethren Foundation.

• Nevin Dulabaum, Director of Communications and Information Services for Brethren Benefit Trust.

• Jennie Gardner, currently a student at the Elgin (Ill.) Community College Culinary Institute and a former bank employee.

• David Gerber, Vice President of Finance for the Brethren Home Community, New Oxford, Pa.

• Eric Kabler, owner of a financial planning firm, Ebensburg, Pa.

• Janet Marquez, Accounts Payable Specialist, Church of the Brethren General Board.

• Russell Matteson, Co-pastor of Modesto (Calif.) Church of the Brethren.

• Wilfred Nolen, President of Brethren Benefit Trust.

• Don Post, collector and handyman, Elgin, Ill.

• Ann Quay Davis, Co-Managing Partner of Vicenti, Lloyd, and Stutzman, a CPA firm based in Glendora, Calif.

• Ed Woolf, Gift Management/Resources Assistant of the Church of the Brethren General Board.

The Church of the Brethren Credit Union’s phone and fax numbers will remain the same. However, its e-mail and Web site addresses will change. Those will be cobcu@brethren.org and www.cobcu.org respectively. The Church of the Brethren Credit Union will unveil its new Web site on April 1.