Battle Creek Enquirer from Battle Creek, Michigan • Page 43

Sunday, February 16, 1958 THE BATTLE CREEK ENQUIRER AND NEWS Section A 7 Assets 874.14 in assets. Both are in Credit Unions Serve 20,000 ployes and members of their families. Total assets amount to $3,518,741.53. During 1957 a a total if 2,823 loans amounting to $2,509,369 were made. As a comparison, the credit union had but $2 ISfi in accctc in 1 Qdl Battle Creek.

On the other hand, there are smaller organizations, such as the Battle Creek Municipal Employees Credit Union, which was chartered in 1942. At one time assets were as low as $800. In recent years there has been a gradual growth albeit slow and only 262 members. purpose. Interest on loans is never more than' one per cent per month on the unpaid balance and there are no other charges.

Many credit unions refund to borrowers a portion of the interest they paid on loans. In the South Central Cities Area, there are some 30 credit unions which are associated with the Battle Creek-Kalamazoo Chapter of the Michigan Credit Union League. Virtually all the credit unions in the area are chapter and MCUL members. More than 20,000 members have built up assets of around $10,000,000. 5 Counties Included Actually, the chapter includes Allegan, Barry, Eaton, Kalamazoo and Calhoun Counties and has some 64 credit unions affiliated with it Largest in the area is- the Kellogg Federal Credit Union in Battle Creek which has 5,096 accounts from Kellogg Co.

em the Allen Industrial Federal Credit Union. It is composed of former employes of Allen Industrial Products, which sold its plant in Battle Creek and closed down. Employes have scattered, but some still wish to retain the credit union organization. The credit union principle goes back to 1848 when Friedrich Wilhelm Raiffeisen, mayor of a small German village, evolved the idea as an answer to usury. Other "over-the-million" cred people who agree to save their money together and to make loans to each other at low interest." One Pet.

a Month it Unions in thp arp inMiiHo the Post Products Emnlovees but with authorization of Credit Union with 2,257 members and $1,676,903.78 in assets, and the Eaton-Rattl CtppV Vm. payroll deductions by the city some five months ago, members now total 165 and assets Members of a particular group organize the credit un have passed $5,000. ployees Federal Credit Union with 2,363 members and "This is the age of credit unions." Mrs. Ethel Boarts, treasurer-manager of the School Employees Credit Union, which covers Battle Creek area schools, happened to make that remark recently. It is an appropos comment because the South Central Cities Area and the rest of Michigan have seen a boom in credit unions during the past 10-year period.

Even the Federal Reserve Bank in Chicago was moved last year by the rapid growth of credit unions and singled out Facing an unusual problem is Michigan as being especially outstanding. When 1957 came to a close, there were 720.000 members in 1,036 credit unions in Michigan. Assets during the year jumped S55.000.000 to raise the grand total to an estimated S325.000.000. Ninety-four new credit unions were organized and 78.000 new members were added. Few people today have never heard of a credit union.

No better definition can be found than the one used by the Credit Union National Assn. It says. "A credit union is a group of ions. For instance, these can be people working for the same employer; people who belong to me same iratcrnal order, church or labor union; or peo ple who live in the same close ly-knit community. Members are encouraged to save regularly.

From this ac cumulated capital, loans are made to members for any good Creek AO IT ooo nJ! til L2 MORE THAN 2500 INDEPENDENT AGENTS IN 48 STATES PROVIDE AMERICA WITH INSURANCE COVERAGE BY THE BATTLE CREEK COMPANIES COVERAGE FOR EVERY INSURABLE HAZARD! 3 Stamping out car parts with 900-ton hydraulic press at Simpson's. PATTERNS for PROGRESS Simpson's Adds to Line LITCHFIELD Simpson Manufacturing Co. of Litchfield grew out of an auto agency and into the building of auto parts. From 1921 to 1932, it was a Ford Sales Service agency. In 1932, R.

J. Simpson, the founder, went into the manufacture of parts for the Ford Motor Co. Six years ago, the company-sold the auto agency and concentrated entirely on parts manufacture. There are 120 persons on the payroll. Last year the company added another Litchfield firm, Game Time, to its production.

Game Time makes playground equipment for schools and institutions. NEW PRODUCTS are made possible through the patternmaker's craft. MASS PRODUCTION depends upon the translation of the designer's blueprint into wood or metal patterns in short, the patternmaker's creative craftsmanship. WE WORK with the foundries through the designers to produce the best possible working castings. FOR QUALITY work backed by service call Bowers for Patterns.

Ill PS '1 1 2 RI ill 8 Comprising two companies, each a national leader In its own field of specialized Insur-ance protection, the Battle Creek Companies rank among the top in America's list of fastest-growing Insurance organizations. In our Home Office community, we of the Battle Creek Companies are proud of the part we have played in the progress and development of our city. Employing more than 500 people in our Home Office, the Battle Creek Companies provide a level, stable economic influence in the community. As we have grown, we have added immeasurably to the growth of the community through added employment and expansion of office and building facilities. As we continue to grow, so will we continue to maintain our contribution to our community's growth.

It is with pride, then, that the Wolverine Insurance Company and the Federal Life and Casualty Company have adopted the name of the Battle Creek Companies and carried that name to every Quality Insurance Market in America, "A modern pattern shop" BOW This year, Simpson intends to davote 4,000 square feet of its space to short-run parts production. Last year, the company added pulleys for air conditioning equipment, and power steering and air suspension devices for automobiles. The company's officers are R. J. Simpson, N.

B. Purdv, H. P. Arnt Jr. and K.

E. Neil-' igan. riiiiSiiip 91 i I Pattern Works 202 McGrath Ave. WO 4-7929 5 4 5 ibr i S3 1 AROUND The Clock WlTi -i mi in mi mi i 21 HOURS A 7 DAYS A WEEK The HART HOTEL 3 is dedicated to serve YOU Wolverine Insurance Company AUTOMOBILE, FIRE, CASUALTY AND LIABILITY INSURANCE Federal Life and Casualty Company LIFE, ACCIDENT AND HEALTH AND HOSPITAL INSURANCE Vottfe Gmb Companlm SERVING and THE NATION 100 Modern Rooms and Suites with FREE Radio and TV Banquets Parties Wedding Receptions Exctllent FREE Excellent Dining Facilities PARKING Facilities Facilities for Conventions Private Dining Rooms I.