Direct Financial

HealthOne was founded in late April 1956. A group of 25 employees solicited Blue Cross and Blue Shield of Michigan. At that time, both companies were independent of each other. As the credit union move was increasing, this group of employees solicited their employers to sponsor a cooperative credit union where its members, through their deposits, w... ould assist other members. On April 24, 1957, the State of Michigan's Financial Institutions Bureau granted a State chartered license to Blue Cross Blue Shield Employees Credit Union. The credit union operated at 441 East Jefferson on the 5 th Floor just outside the cafeteria in which they had limited hours. The credit union staff was 100% volunteers. Along with the staff of volunteers, there were two committees required for charter -- the Supervisory Committee, also made up of volunteers, who were responsible for reconciling, auditing, and reviewing policies and the Credit Committee met on a regular basis to review loan requests. Two of the three-committee members were required for approval. At the beginning, the credit union's largest loan that could be obtained at that time was $400.00. Each member had a passbook where his or her withdrawals and/or deposits were recorded. After the first year of operation, assets totaled $73,443.22. The first Board of Directors was comprised of seven members. The first President of the Board was William Burke, Vice President was Don Trathen, and Treasurer was Warren Trathen. The first annual meeting had an attendance of 628 members. At that time, the credit union paid a dividend of 3.25% and a 2% rebate on those members that had loans. At that time, membership was open to employees and immediate family members. Several years later, the Board of Directors solicited the State of Michigan to expand the field of membership to include the healthcare industry, which allowed the credit union to expand in the seven adjacent counties. With the expansion of the field of membership, the Board solicited the State of Michigan to change the ...Read More