Recent News Events of significance will be periodically added and recorded here. Keep up to date with what is going on at your credit union.
August 2020: In documenting our history, one cannot forget the COVID-19 Pandemic that has shocked the world. To date, the world has seen many illnesses and deaths caused by the virus and many lives have been interrupted due to job and incomes being impacted by the restrictions and shutdowns imposed to help control the spread. Gale Credit Union remained fully operational during this time. While we limited out lobby access to appointment only for over 3 months, we adjusted our systems to be able to perform every service and product either electronically or through our drive-up windows. Our amazing staff proved that we will do whatever it takes to serve our Members - in good times and in tough times. We will survive and we will continue to serve our Members.
March 2020: The 73rd Annual Meeting was held this year under different circumstances as the world battled the COVID-19 Pandemic. COVID-19 limited lobby access to appointments only, however, Staff was able to perform all services through our drive-up without interruption - taking good care of our members during the crisis which will be remembered in history. While State of IL orders limited in-person attendance to our quorum, several members joined to listen electronically, a first for Gale Credit Union. Gale Credit Union reported that the we had one of the best years in our history as we saw significant growth in many aspects such as loans, membership, services, and products offered to our members. The credit union also ended the year with a very healthy level of income to continue our growth going forward. Of note, was the announcement that the credit union opened our first mortgage loan in many years and, to the pleasure of many members, we now have many mortgage loan options available including Conventional, Rural Development, VA, and other low down payment options. Management also recognized the Staff for their achievements over the past year serving our members.
November 2019: Gale Credit Union announces that they are once again offering residential mortgage loans to their members! Gale Credit Union partnered with Servion Mortgage to provide expert back office underwriting and servicing processes along with enhanced volume to ensure our members get amazing expert service from staff who are dedicated to mortgage lending. The partnership's volume will also allow our members to obtain some of the best industry rates and terms while keeping closing costs to a minimum. Members will have the choice of a portfolio loan held by Gale Credit Union which helps our credit union grow, or an Agency loan sold into the secondary market. Members will be able to make loan payments at Gale Credit Union as well. We are excited about this new option for our members as it completes the consumer related package of loans a family needs.
March 2019: The 72nd Annual Meeting was held to celebrate a successful year at Gale Credit Union for our members. The credit union made several enhancements for our members in addition to those listed below, including the addition of IRA Certificate of Deposits, Certificate of Deposit Specials, Share Secured VISA Credit Cards, Hobby Farm equipment financing, in-office Debit Card activations, a new phone system with live answering, new office carpeting, and more. Gale Credit Union is strong, growing, and here to serve our membership for life. Thank you to our membership for your dedicated support for 72 years.
September 2018: In an effort to provide the best member data security, Gale Credit Union successfully migrated to a state-of-the-art member data storage system. Our new service bureau environment protects our member data in a top level security facility using the latest technology. In this day when data is too often compromised, we felt this was the right move for our members. Along with this change, we have converted to a faster, more reliable internet service provider to make our transactions even more efficient. We have also installed a new system that will allow us to perform basic transactions like deposits, cash withdrawals, payments, and transfers if we ever experience internet outage. This project was 9 months in the works, but this achievement is a great one for our members.
August 2018: Gale Credit Union unveils to the public at our Member Appreciation Day celebration our new modern logo and announces our new community charter. Our new, modern logo projects our new image of growth and progression in serving our members with our latest products and technology enhancments. Along with this, Gale Credit Union has now opened our doors for membership to all who live or work in Knox. Warren, Henderson, Mercer, Henry, and Stark County. Gale Credit Union is here to serve our members and many people who may not have qualified before can now join and take advantage of the credit union benefits with Gale Credit Union.
June 2018: Home Equity Lines of Credit are back! After a few years of not being available, HELOC loans are now being offered to our members. Secured by your personal real estate, a HELOC provides you with your own line of credit where you can draw funds with a check or debit card for any purpose. Repayment terms are very favorable and great credit scores are rewarded with great loan rates.
May 2018: Gale Credit Union takes steps to ensure the long-term viability of our credit union by opening up our membership to those who work or live in Knox, Warren, Henderson, Mercer, Henry, or Stark County, Illinois. After a lengthy analysis of our current member groups and the realization that we were unable to admit many great members with our member business group only qualifications, the Board of Directors approved to add to our existing qualifications to allow those in our communities to join. Gale started with Gale Products years ago and added several other business groups through mergers. As time changes, our membership pool was diminished due to member business groups either closing or selling off to another entity. Products and services offered by Gale Credit Union continues to attract people in our community that previously did not qualify under these member business groups, but now, people in our communities can benefit from the credit union advantage at Gale Credit Union. This is a historic event for Gale Credit Union, but one that will allow us to grow over time and remain a sound and viable credit union now and into the future.
April 2018: We listened to our members when they asked for the ability to change their Debit Card PIN numbers! Now, members can visit our office to reset their PIN to any number of their choice. A long standing member request, now made possible by the GCU Staff.
March 22, 2018: The GCU Board of Directors approved a new Gale Credit Union logo as part of a new, fresh branding of our long-standing credit union. The fresh new look coincides with the many new aspects coming for our members and it will start appearing on statements, signage, websites, etc as we begin to roll out our new look. The same great service, products, and staff all mixed in with some new and exciting things to come.
January 2018: GCU Staff unveiled for the first time the offering of Health Savings Accounts for our members. The HSA, for short, is a tax-advantaged savings account used to save money to help offset high deductible health insurance plan costs. Tax-free contributions and withdrawals for qualified expenses along with greater dividend earnings makes this a great account for many members.
June 2017: Platinum Draft Checking and Platinum Savings Accounts are now available. These new account types provide greater dividends for those who maintain higher balances in their savings or checking accounts. The Platinum Draft works like a checking account, pays like a Money Market Account. GCU also introduced new options for Share Certificates of Deposit for those looking for longer term certificates or a super special dividend deal.
April 2017: GCU Staff announce a new Youth Club Savings Account to promote savings for our youth. Earning enhanced dividends starting at a lower balance for youth under the age of 18 will help them learn the value of saving money. With each account, the youth receive a small token such as a new softball, stuffed fish, etc.
January 2, 2017: The Board of Directors hired Randy McElwee as the new President/CEO of Gale Credit Union. Local to the area over the last 23 years, McElwee brings over 18 years of experience in the financial industry having been involved in all aspects of an area financial institution, most recently overseeing a large lending department.
Prior to 2017: Gale Credit Union has a long tradition of offering products and services to help our members in many ways. Our historical news goes back many exciting years, too many years to recount here.