90 Years of Service: Public Service Credit Union's Journey Through Economic Change
As we celebrate Public Service Credit Union's 90th annual meeting, we can't help but reflect on the remarkable journey we've shared with our members since 1935. From the challenging days of the Great Depression to today's digital banking era, our credit union has remained a trusted financial partner for Wisconsin's utility workers and their families.
Let's take a journey through time to see just how much has changed in the economy and financial landscape over these nine decades.
Life in 1935: Perseverance Through Hardship
When Public Service Credit Union first opened its doors in 1935, America was still in the grip of the Great Depression. The economic landscape was drastically different:
Unemployment rate: 20.1% of Americans were without work, compared to today's rate of around 4%
Average annual income: A typical American worker earned about $1,700 per year
Home prices: The average home cost approximately $3,900 in 1935
Mortgage rates: While the 30-year fixed mortgage as we know it today was just being introduced by the FHA, interest rates for home loans typically ranged from 5-6%
In 1935, the banking system had recently collapsed, with nearly 25% of the labor force unemployed just two years earlier. Factories were shuttered, farms foreclosed, and many Americans struggled to meet basic needs. It was during this challenging period that credit unions like ours became vital community lifelines.
The Social Security Act was signed into law in 1935, providing unemployment insurance and social security for the first time in American history. Before this landmark legislation, the United States was the only industrialized nation without some form of unemployment protection.
Setting the Foundation: The Birth of Modern Banking
The 1930s weren't just defined by hardship – they also marked the beginning of many financial protections we take for granted today:
The FDIC was established in 1933 to protect bank deposits
The Securities and Exchange Commission was created in 1934 to regulate the stock market
The Federal Housing Administration (FHA) was formed in 1934, introducing the long-term amortizing mortgage
The National Labor Relations Act of 1935 strengthened workers' rights to organize and bargain collectively
Public Service Credit Union was part of this new wave of financial institutions focused on serving regular working people. While commercial banks were closing or turning away average workers, credit unions offered a community-based alternative where members pooled their resources to help one another.
Fast Forward to 2025: A New Financial Era
Today, our financial world looks remarkably different:
Average annual income: The average U.S. salary is approximately $66,622
Home prices: The median home price nationwide is around $408,800
Mortgage rates: The 30-year fixed mortgage rate is approximately 6.8% as of May 2025
Banking access: Online and mobile banking provide 24/7 access to financial services
The modern banking landscape is almost unrecognizable from 1935. Members who once had to visit our branch in person during limited hours can now manage their finances anytime, anywhere through digital tools. Our new Surge Checking Account with its industry-leading 10% APY on the first $1,000 would have been unimaginable to our founding members.
What Hasn't Changed: Our Member-First Philosophy
Despite these dramatic changes, some things have remained constant. Public Service Credit Union continues to be guided by the same core principles that inspired our founding:
People over profits: As a not-for-profit financial cooperative, our members' financial well-being remains our primary focus
Community focus: Our deep connection to central Wisconsin and the utility workers we serve continues to shape our priorities
Financial education: Just as we helped members navigate the economic challenges of the 1930s, we remain committed to providing guidance through today's complex financial landscape
Personal service: Even with all our technological advances, we maintain the same personalized approach with our four dedicated staff members ready to assist members directly
“While commercial banks were closing or turning away average workers, credit unions offered a community-based alternative where members pooled their resources to help one another.”
Celebrating Milestones: From Simple Savings to Digital Banking
Over nine decades, we've continually evolved our services to meet members' changing needs:
The Early Years: We began with basic savings accounts, allowing members to build financial security together
Expanding Possibilities: As the economy grew in post-war decades, we expanded lending options to help members achieve their dreams
Adapting to Change: Through economic ups and downs, we've adjusted our offerings to provide stability and opportunity
Embracing Technology: From paper ledgers to digital banking, we've kept pace with technological advances
2025: This year marks an exciting milestone with our first-ever checking account - the Surge Share Draft Account - bringing a new level of convenience with modern features
Looking Forward: The Next 90 Years
As we celebrate our 90th annual meeting, we're not just honoring our past – we're looking ahead to the future. Public Service Credit Union remains committed to:
Delivering innovative financial products like our new Surge Checking Account
Expanding digital services while maintaining personal connections
Providing financial education to help members navigate an increasingly complex economy
Preserving our member-owned cooperative model that puts people first
Thank you to all our members who have been part of this remarkable 90-year journey. Whether you joined us decades ago or are just discovering the benefits of credit union membership, you're part of a tradition that has weathered economic storms, embraced technological revolution, and remained true to its founding purpose: people helping people achieve financial security.
Here's to 90 more years of service to our community!