By Jalen Maki
Tomahawk Leader Editor
BRANTWOOD – Brantwood Credit Union (BCU) celebrated its 90th anniversary with a picnic on Saturday, Aug. 13.
Despite gloomy weather, around 70 people attended the celebration at the Brantwood Community Center.
Brantwood Credit Union history
BCU originated on March 9, 1932 because banks were not lending at the time.
BCU President/Treasurer Jason Kivela explained that the founding members were local farmers, who organized and began with $100.00 in assets.
“To join as a member, a $5.00 deposit was required, which is still the required initial deposit to this day,” Kivela said.
The original BCU board was made up of Sulo Loyva, Jacob Perkio Jr., Erick Simola, Jacob Gustafson, Victor Hautala, Herman Keto, Gabriella M. Kinnari, F.V. Saari, August Waisanen and Kalle Heikkinen.
The office was in the Brantwood Co-Op Store, located on County Hwy. D.
Kivela noted that the manager of the co-op also served as the credit union manager, and there was a board of five voted-upon members and a credit committee of three, who would meet every Saturday morning at the co-op for members coming in to apply for a loan.
1948 was the first year that interest was charged on loans.
“Before that, there wasn’t a need for the credit union to generate income, as it was a part of the Co-Op Store,” Kivela explained.
The store closed in 1964, and the credit union was moved to the Co-Op Station on U.S. Hwy. 8.
Prior to the Brantwood Community Center being built across Stadium Rd., credit union meetings were held in the basement of Zion Lutheran Church on County Hwy. D. The last meeting at the church was in 1979.
The first office in the station was a small storage room in the back of the building. In 1988, the credit union began using a remodeled office in the southeast corner of the garage.
In March 2003, the credit union purchased the building from George Rick. The west side of the building was renovated to add a new office and lobby with storage rooms, and BCU remains at W1505 Hwy. 8 in Brantwood today.
Throughout the years, membership, shares, assets and loans at BCU have climbed.
A 1953 audit report said the credit union had 173 members, $51,704.00 in shares and $12,123.00 loans.
The credit union grew across the board through following decades, reporting 820 members, $6,918,486.00 in assets, $6,109,206.00 in shares/certificates and $ 5,647,733.00 loans in 2021.
Past credit union board members include John Hoffman, Eino Hervi, Urho Wasti, Adolf Hendrickson, William Stauner, Rudolf Komula, Paul Peterson, Oiva Maki, Elizabeth & Donald Radtke, Leroy Perkio, Hubert Straveler, Wilho Luhtala, Joseph Hoffman, Ronald Raleigh, Peter Peterson, Joseph Raleigh, Carol Cummings, Eino Lammi, Raymond Hakala, James Hill, Rodger Nyberg, James Raleigh, Carl VonNeupert, Michael Bacholl, Lance Gustafson and Beverly Heikkinen.
The board is currently made up of Kivela, Dianna Gustafson, Kenneth Hoffman, Karin Kivela and Bradley Swenson.
