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Credit Union History

Members First Credit Union originally organized as the Sub-Zero Credit Union in May of 1954 with 13 employees as members. The credit union became chartered in 1955 with the following board members. Don Lien as President, Jack True as Vice-President, Gerald Ring as Secretary, Richard Hurd as Treasurer and William Jerisha as Director.

Despite tough times for Sub-Zero during the 1960’s and 70’s, the board worked aggressively to recruit new members. Membership and assets grew substantially from the original 13 to 262 members at the end of 1979, as well as increasing the assets from $32 to $194,540. In 1981, due to the unexpected death of the president, Dick Hurd, Nick Kessenich was appointed the new President, a position which he still holds.

In 1987, the board decided to expand and in 1988 Federal Industries employees were welcomed into the credit union. In the 1990’s the credit union continued to expand with new SEGs (select employee groups) and Nick started running the credit union full time out of his basement.

In August of 1990, with all of the mergers, the credit union was no longer just for Sub-Zero employees and it was time to change the name to Members First Credit Union. As membership and assets continued to grow it became necessary to move the credit union out of Nick’s basement to rented offices at the Sergenian’s building on the West Beltline Highway and Nick hired a full time employee.

Members First Credit Union has continued to add SEGs (Select Employer Groups) and grow its membership and assets. Members First Credit Union, which started with 1 part time employee and 13 members offering savings and loans out of a shoebox, now operates as a full service community credit union located in their own building, which was built in 2011, at 3401 West Beltline Highway, Madison, WI 53713 at the entrance to Arbor Hills with 2800 members and assets of 20 million.