DUBUQUE POSTAL EMPLOYEES CREDIT UNION

DUBUQUE POSTAL EMPLOYEES CREDIT UNION. Founded in 1927, the Dubuque Postal Employees Credit Union is the oldest credit union in Dubuque as well as one of the oldest in Iowa. In 2024 it served 310 members who had to be either postal workers or a postal worker's spouse, child, grandchild, stepchild or parent. In its history, the local union was housed in several basements, the Historic Federal Building, and finally at 115 Loras Boulevard--a former beauty salon.

The union began as a financial safety net for postal employees who needed money. The average postal employee in 1927 was $2,129 or the equivalent of about $25,000 in 2024. To receive a raise in pay took an act of Congress. The typical postal employee invested $5.00 from each paycheck. Membership was only permitted to postal workers. For nearly forty years, the membership remained around 300. It sank to 250 in 2012.

The nine-member board of the union was finally convinced in 2011 by Ray Pregler, the union's only employee, to expand membership to allow spouses to use the union's services. One year later, Pregler who was also a board member, to add children, grandchildren, great-grandchildren, step-children, and parents to become members. As Pregler explain, it was essential to expand membership to keep the organization financially sound.

In 2024 the union had $4.2 million in assets. It had no delinquent accounts, but unlike other financial institutions did not use online or electronic banking or have cash on hand. Reasons for the success of the union were the good dividend rates and good car loan rates.

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Source:

Joos, Nick, "'I Know Everyone by Heart,'" Telegraph Herald, May 12, 2024, p. 8C