The First 25

Plains Bell FCU was organized on May 9, 1940 in the Telephone Business office in Amarillo, Texas and was operated out the a Board member’s home.  The Credit Union was formed to serve employees of the local telephone company in Amarillo.  The Credit Union started with 15 original incorporators and established a maximum share balance amount of $20 with a potential loan amount of $50 maximum.  By September 1941, the Telco management had authorized direct deposit for members. 

Ten years after its creation, Plains Bell FCU had over 300 members and over $43,000 in shares. With this growth, the Board decided that it was now time to hire a part time employee that would receive $125 a month.

In 1953, the Credit Union began to look for areas to grow and expand its field of membership. The Credit Union decided to amend its charter to include all Southwestern Bell Telephone employees in 17 counties of the Texas Panhandle.  

Within the next 2 years, Plains Bell FCU membership more than doubled, and by December of 1956, the Board was discussing the need for a full time employee for the Credit Union. There was also an opportunity to move the office from one of the Board member’s homes to a permanent office space at the Telco office.  The Board was also expanded from 7 to 9 members. The following year, the Credit Union moved into an office space at the Telco building.  The credit union board adopted the title of general manager and outlined the responsibilities for that position.  At the end of 1957, the Credit Union was again looking towards growth and decided to amend its charter again.  This time, it would be adding the employees of AT&T who worked in the same 17 counties. 

By 1959, the Credit Union was again in need of more space.  The Board of Directors made arrangements and began leasing a building located at 1003 Harrison and moved in on June 27, 1959.  Toward the end of the following year, the Board of Directors deemed it necessary to reevaluate the general manager position and in doing so forced the resignation of the current general manager.  In June of 1961, Lois Hankins was named office manager. In June, the following year the Credit Union reached $1,003,478.13 in assets.  Its membership was now above 1200.  The Credit Union also remained over 100% loaned out.  

In January of 1964, a new location was again discussed due to the continued growth and prosperity of the Credit Union.  This would be Plains Bell FCU’s last move to date.  The Board of Directors discussed a lot located at 804 South Madison valued at $10,500.  In April of 1965, the Credit Union moved into the new office.  

The Next 25 

In January of 1966, the Credit Union’s Board of Directors was again looking at expanding its field of membership.  The board decided to include Western Electric based in Amarillo. 

Also in 1966, the Credit Union made its first significant purchase of technology.  It purchased an E1100 Burroughs electronic computing accounting machine.  The Credit Union continued to struggle with its lending policies concerning co-makers. 

Over the next few years, the Credit Union continued to make gradual but steady growth.  While continuing to look at better and more efficient ways of serving its membership, the Credit Union established a Supervisory Committee that was comprised of 5 members with 3 year terms in October of 1968.   

In 1969, the Credit Union entered into a contract with the TCUL Data Systems to be able to provide better service to its members. 

As the Credit Union continued to grow, member service was always at the forefront and in 1971 with the threat of a strike, the Credit Union put in place a policy to help its members financially if a strike were to occur. 

From 1974 to 1984, outside forces were evolving that would eventually affect the Credit Union.  In November 1974, the Department of Justice filed suit against Bell Telephone with the intent of breaking up the telephone communications giant. By 1984, it had succeeded.   

As the Credit Union continued to pursue new technologies, the Board decided to make an agreement with SBC data processing in June of 1976.  SBC would later become XP Systems, an in-house data processing system the Credit Union would use for the next 28 years, with obvious upgrades and enhancements. On May 17, 1976 the Credit Union had 1990 members, shares of $3.5 million, and loans of $2.9 million. 

On October 17, 1977 the Credit Union presented an application for Share Drafts and in October of the following year introduced Share Drafts to the membership.  The remainder of the 70s saw continued slow and positive growth for the Credit Union. 

Forty years after Plains Bell FCU had started its membership, it had reached a total of 2,377 members and the Board of Directors was looking to remodel the office at 804 South Madison. 

In 1984, the Board of Directors determined that the credit union needed new leadership; the Board then removed Lois Hankins, who had been the manager of the Credit Union for 23 years.  Over that time, Mrs. Hankins had established a loyal following among several members, but in December 1984, the Board of Directors hired Terry McCormick.  Mr. McCormick continues to lead Plains Bell FCU to this day.  The Credit Union membership struggled with the change of leadership in the beginning. In March of 1985, Plains Bell FCU had shares that totaled $6.8 million, but by April of 1985, that total had dropped to $4.2 million.  Mr. McCormick and the Board of Directors set out to reestablish excellent and fair member service and set a course of “steady growth” for the next 20 years.