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Powering Your Future
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| The Water and Power Community Credit Union in 1951 at what was then the DWP main office in the Washington Building. |
Water and Power Community Credit Union Builds a Solid Foundation
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In Depression-era 1936, 10 Los Angeles Water and Power Department employees formed the Water and Power Employees Credit Union, pooling their limited savings to make low-cost loans available to other employees in need. At the time, credit was tight, and interest rates on loans could top 1,000%.
The credit union's growth, expansion and promise closely matched that of Los Angeles. As the city grew from an outpost town "way out west" to "Tinseltown," to the nation's second largest city, the credit union also grew from a savings-based provider of small loans and a 16,000-member organization to a $438 million, full-service financial institution with six branches, and more than 54,000 members.
In 2000, the credit union became state chartered and changed its name to Water and Power Community Credit Union, reflecting its new ability to serve DWP and other local company employees, as well as members of the Los Angeles community.
Today, WPCCU strives as it did in the early years to improve each member's financial future by offering low rates and better terms, as well as sound financial advice. It also has made a strong commitment to improving the communities in the neighborhoods it serves through support of local chambers of commerce, youth organizations and civic groups, and by sponsoring its own financial literacy activities.
WPCCU's deposits are backed by more than seven decades of reliable and solid service and support for the community and by the National Credit Union Administration, up to at least $100,000 per account.
For more information, visit wpcu.org.
page 22, 11/5/2007
© Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to re-distribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
In Depression-era 1936, 10 Los Angeles Water and Power Department employees formed the Water and Power Employees Credit Union, pooling their limited savings to make low-cost loans available to other employees in need. At the time, credit was tight, and interest rates on loans could top 1,000%.
The credit union's growth, expansion and promise closely matched that of Los Angeles. As the city grew from an outpost town "way out west" to "Tinseltown," to the nation's second largest city, the credit union also grew from a savings-based provider of small loans and a 16,000-member organization to a $438 million, full-service financial institution with six branches, and more than 54,000 members.
In 2000, the credit union became state chartered and changed its name to Water and Power Community Credit Union, reflecting its new ability to serve DWP and other local company employees, as well as members of the Los Angeles community.
Today, WPCCU strives as it did in the early years to improve each member's financial future by offering low rates and better terms, as well as sound financial advice. It also has made a strong commitment to improving the communities in the neighborhoods it serves through support of local chambers of commerce, youth organizations and civic groups, and by sponsoring its own financial literacy activities.
WPCCU's deposits are backed by more than seven decades of reliable and solid service and support for the community and by the National Credit Union Administration, up to at least $100,000 per account.
For more information, visit wpcu.org.
page 22, 11/5/2007
© Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to re-distribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
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