Our Mission & History

OUR MISSION

Greater Kentucky Credit Union's mission is to provide the best financial services possible to our members while maintaining the financial soundness of the credit union. We are a not-for-profit, cooperative financial institution that provides services to the individuals who join it � its members.

At Greater Kentucky, the members are the owners. Members who maintain a Savings Account with a minimum balance of $10 own a share of the credit union. This share gives them the right to a full range of financial services and a vote in electing the Board of Directors who set the overall direction of the credit union.

Credit unions operate by providing Loans to members while paying dividends on deposits. Typically these loans are available at lower interest rates than those offered by other financial institutions. The interest received from loans is used to cover the credit union�s operating expenses and pay dividends to the owners.

Membership is offered to the employees and family members of nearly 90 Select Employee Groups. To learn more about becoming a Greater Kentucky CU Select Employee Group, please contact our Vice President of Business Development at 859-231-9300, ext. 1235.

Membership is also available to people who work in the Central Kentucky counties of Fayette, Anderson, Bourbon, Boyle, Clark, Estill, Franklin, Garrard, Harrison, Jessamine, Lincoln, Madison, Mercer, Nicholas, Powell, Scott, and Woodford (excluding anyone who works for a school, hospital or the state of Kentucky).

HISTORY OF Greater Kentucky CU

1953: Nine employees of the Lexington Telephone Company founded the Lexington Telco Credit Union to serve employees in the Lexington, Kentucky area. They each put up deposits of $10 each. The credit union was operated part-time in a small office located at the phone company. Account balances were limited to $1,000. Initially, when someone made a withdrawal, they were given their money in check form which then had to be cashed elsewhere.

1954: The first dividend was paid at a rate of 4%.

1957: Southern Continental Telephone employees were invited to join the credit union.

1962: Unsecured loan limit increased to $750, but only for employees with over 7 years of service on the job.

1967: The credit union moved from the General Office to South Reporting Center.

1971: Assets reached $1,000,000.

1974: Name changed to GTKY Employees Credit Union, Inc. since the phone company was then called General Telephone of Kentucky.

1982: Office moved to Southland Drive.

1983: Checking accounts were first offered. Cash withdrawals became the norm.

1984: The credit union expanded its field of membership to include groups outside of the phone company.

1989: The credit union moved into its current office on Red Mile Road. Membership exceeded 4,000.

1990: Assets reached $15,000,000. Mortgage lending and 24-hour account access via telephone (CALL-24) were offered.

1993: Membership reached 5,000. Assets were over $22,000,000. Optional Financial Services, Inc., a wholly-owned subsidiary of the credit union, was formed.

1994: 'Employees' was dropped from the credit union name.

1996: The Member Service Center on Regency Road, through a partnership with Kentucky Telco FCU, was opened in April. Kemba Credit Union joined the agreement by the end of the year.

1997: Assets reached $30,000,000. Membership was almost 6,000.

1998: VAMC Employees Credit Union merged into GTKY. Membership exceeded 7,000.

1999: Membership grew to more than 8,000.

2000: Assets increased to more than $40,000,000. Versailles branch opened for business in March.

2001: Dixie Cup Credit Union merged into GTKY. The main office building expansion on Red Mile Road was completed in August.

2002: Jockey International Credit Union merged into GTKY. Assets reached $50,000,000 and membership increased to more than 9,000.

2003: Launched our website. 50 years of service to the members was celebrated by giving away a new car, a home entertainment system, and a cruise.

2004: The ability to apply for loans online was added and the website was revamped to further enhance services to the members.

2005: Assets grew to $60,000,000.

2006: Added CU 24/7, giving members access to their accounts online.

2007: Changed name to Greater Kentucky Credit Union. Added electronic bill pay.

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