Celebrating 75 Years of People Helping People

On May 15, 1950, a small group of ALCOA workers wanted to do something to improve the lives of fellow employees. Repeatedly, their peers were being turned away from mainstream financial services when small dollar loans were needed for emergencies or to purchase coal to heat their homes. Members of this workforce wanted access to funds for a vehicle or put a down payment on a house and they were not being served. Credit Unions had been around in Iowa for about 25 years in 1950, and offered its members exactly what ALCOA workers were needing; a reliable financial institution, making loans to its members at a reasonable rate of interest, promoting thrift to its members (i.e., using money wisely), and serving each other. 

The courage and determination of these 10 ALCOA workers to launch a credit union started a mission of service that has lasted 75 years. We celebrate their desire to improve the lives of those around them, to make sure financial needs were being met, so that families could thrive knowing they had a trusted financial institution serving them.

On June 22, 1950, our charter was granted, and credit union operations began in the basement of building 800 of the former Alcoa Davenport Works plant in Riverdale, Iowa. By December 1950, the credit union had 379 members, 53 loans, and $5,638.64 in assets.

For 75 years Ascentra has stayed true to the mission of People Helping People, and our valued membership has journeyed and grown with us along the way! Today, we serve 42,951 members, have nine locations, 30,635 loans, and $577,600,709 in assets. We have 180 fabulous employees and have fostered authentic relationships with incredible non-profit community partners.

This past month Ascentra celebrated our first 75 years in meaningful ways. Our members and staff were treated to lunch celebrations at our branch locations, complete with food, prizes, fun and sometimes a little rain. We incorporated volunteer events, sending out our Leadership Team to the River Bend Food Bank to assemble 300 boxes of food that would serve those struggling with food insecurity. We honored our community partners with a small celebration at our home office, thanking them for continuing their mission of serving others.

As we look ahead to the next 75 years, our People Helping People philosophy will remain the constant, central focus of our mission. Serving our members, serving our staff, serving our communities and serving each other was the intent in 1950, remains the same in 2025 and will continue to be the difference that Ascentra brings to financial services every day. Thank you for being a part of our difference!