Dow Chemical Employees Credit Union

Photo by Lori Qualls

Dow Chemical employees organized a new money-lending organization – called Dow Chemical Employees’ Credit Union – on July 28, 1937. The credit union was Michigan’s 182nd credit union at the time.

All Dow Chemical employees were eligible for membership upon payment of 25 cents. Once members, employees could purchase shares of the credit union at $5 a share. Savings deposits were postponed until the organization “got some of the other business details under control”, according to a 1937 Daily News article.

Other actions from the time set the maximum unsecured loan at $50 and the maximum secured loan at $300. The interest rate was set at 1% per month on outstanding balances.

The Chemical State Savings Bank of Midland was designated as the depository bank.

The credit union’s 1940 financial statement listed assets at $125,734, nearly doubling the $67,508 in 1939.

Throwback is compiled by former Daily News editor Lori Qualls. She can be contacted at [email protected].

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