FT. WAYNE, Ind. – Public Service Credit Union is celebrating its 90th anniversary.
The history of PSCU began with Clarence Hensch, a NIPSCO employee who started lending money out of his own pocket to his co-workers during the Great Depression. In 1932 Hansch founded Public Service Credit Union with the help of five volunteer board members. He operated the credit union out of his home on Eckart Street on the south side of Fort Wayne. Clarence’s granddaughter remembers him working in his office and writing transactions into passbooks, which contained the handwritten records of each individual account, the credit union said.
According to PSCU, membership at that time was open to Fort Wayne’s NIPSCO employees and their families. In the beginning years, the credit union had only 25 members and the first loan granted was for $25 to purchase a cow. As Public Service Credit Union grew, NIPSCO offered up an office space in their Hale Avenue location which the credit union operated out of for many years.
In 1984, a main office was built at 1209 Reckeweg Rd. establishing the first location on the southwest side of Fort Wayne.
When Public Service Credit Union merged with Kunkle Valve Credit Union, it acquired a branch, which was a trailer in what is now FXI’s parking lot on Commercial Rd., and expanded membership eligibility to employees at several local businesses in Waynedale.
“2004 was a big year for Public Service Credit Union as the board of directors hired a young CEO, Carolyn Mikesell, to help PSCU compete with other financial institutions in Fort Wayne,” PSCU said. “She moved quickly and expanded the field of membership to include anyone who lives or works in Allen County. Another major focus for Mikesell was improving technology, including updating the core system and providing online banking solutions to benefit the entire membership.”
PSCU merged with Pinnacle Credit Union in 2014, doubling its membership size and acquiring an office at 4025 W Jefferson Blvd, the site where PSCU’s newly constructed main office sits.
“While PSCU was not Fort Wayne’s first credit union, it was its merger with Pinnacle Credit Union that made it the oldest surviving credit union in Fort Wayne,” the CU said. “Today, Public Service Credit Union is a thriving, full-service financial institution with approximately 5,000 members and $75 million in assets.”
PSCU said it is excited to celebrate their 90th Anniversary and is offering special promotions for their members. It are passionate about the Fort Wayne community and helping their members save money.