History of Ashland Credit Union

1942 - Ashland Oil Employees Credit Union (AOECU) was incorporated under the laws of the Commonwealth of Kentucky with the purpose of providing financial services to the employees of the Ashland Oil and Refining Company.

1982 - Drew Chemical, Scurlock Oil and Tresler Oil were added to the Ashland Oil Employees Credit Union field of membership.

1983 - A new computer system was added to the Credit Union increasing the number of services available to members including a semi-annual statement of accounts for each member.  Vehicle loans were expanded to retired members.  Stock secured loans were also added to the lending program for active members.

1986 - Signature loans were expanded to retired members.  A home equity lending program was approved by the board of directors.

1987 - AOECU included Home Equity loans and recreational vehicle/camper loans to the lending program.  Members began to receive quarterly statements as well as the accrual and payment of dividends on a quarterly basis.

1988 - AOECU completed the first Holiday Loan program.  Membership eligibility was expanded to include APAC-Arizona employees.  Total assets exceed $50 million for the first time.

1990 - A new credit union facility opened at 1300 Central Avenue in Ashland, KY.

1992 - Several new services were added to the Credit Union in 1992.  The Visa Credit Card program providing members a $5,000 maximum line of credit with a 12% interest rate;  the new Audio Response Telephone (ART) system providing members touchtone access to their accounts, 7 days a week, 24-hours a day; New and Used Boat Loans were added to the lending program; and the Conversion to an In-house Data Processing System enabling the Credit Union to be more responsive.  Total assets reached $71.3 million.

1993 - AOECU instituted the First Mortgage Loan program.  Membership increased to 13,000 and total assets increased to $72.8 million.

1995 - On January 1, Truth-in-Savings regulations went into affect for credit unions.  Ashland Oil Employees Credit Union changed to Ashland Inc Employees Credit Union (AIECU) to reflect the name change of Ashland Inc.  Several new services were added to AIECU.  A Vehicle Leasing program giving members the option to lease new vehicles; a new Visa Gold Card program was added; an Automated Voice Lending Message System was added so members could initiate a loan request, leave a voice mail message, or obtain rate information 7-days a week, 24-hours a day.  Total assets reached $78.4 million.

1996 - A Credit Union Home Page on the Internet was introduced.  AIECU joined the Kentucky Credit Union League.  Computer Loans were added to the lending program.  Assets grew to $81.8 million.

1997 - AIECU increased their field of membership to include the employees of Marathon Ashland Petroleum LLC and Arch Coal, Inc.  Motorcycle Loans were added the Credit Union lending program.  Assets grew to $86.6 million.

1998 - Checking Accounts, ATM/check cards, ACH, and direct deposit were added to the Credit Union services.  Membership guidelines were modified to allow the spouse of a member to also become a full-fledged member of the Credit Union.  Adopted the credit union industry standard of "once a member, always a member".  Credit Union assets reached $91.9 million.

2000 - Membership increased to 15,000.  AIECU utilized technology to provide Internet Teller (IT) home banking.  IT allows members to check their account balances, transfer funds between their accounts, pay bills and perform many other functions from the convenience of their homes 24-hours a day, 7-days a week.

2001 - AIECU went through several changes throughout the year.  The Credit Union installed an ATM in Marathon's Catlettsburg facility; joined the Alliance One ATM network; incorporated used RV loans and Balloon vehicle loans to the lending program; implemented GAPP Insurance; and raised the ceiling on Home Equity loans.  AIECU reached the $100 million mark in total assets.

2002 - AIECU continues to expand and improved products and services to be more responsive to member needs such as:  expanded the membership bylaws to include family and began the implementation of a 24/7 Call Center.  Total assets reached $110 million and membership reached 17,368 with members.

2003 - A new phone system was added to the Credit Union.  The 24/7 Call Center began operation.  Implemented a Managed Credit Lending program.

2006 - In August, Ashland Inc Employees Credit Union had a new name change and became Ashland Credit Union.

2008 - Ashland Credit Union opened its second branch in Dublin, Ohio on the Ashland Inc campus. Internet Teller and the CU website underwent a major overhaul, adding many new features aimed at bringing all the capabilities of a local financial institution to our remote members.

2010 - On January 1, 2010, Ashland Credit Union merged with Norco Credit Union in St Paul Park, MN, adding over 1,000 new members. Many of the local employees of the St Paul Refinery and Supermoms were already members of both institutions, and the merger was seen as a great benefit to all involved. Later that April, the Lexington campus of Ashland Inc became the location for ACU's fourth full-service branch office.

Links: