History of the Credit Union

In September 1952 the Kaiser Frasier Employees Credit Union in Willow Run was granted a federal credit union charter to serve their employees with a safe and prudent source to save and borrow. The credit union grew to 3,300 members with $615,000 in total assets.

In June of 1953 an aircraft contract was cancelled and the plant had soon closed its operations. The credit union was in trouble due to the massive layoffs. The Board of Directors knew it would only be a matter of time before the credit union would fail. In 1953 the credit union had to suspend member withdrawals and could not pay member dividends. The credit union’s doors were closed for four months.

In March of 1954, the Board took action and submitted an amendment to change the charter of the credit union and become a community credit union. This amended charter was approved in April of 1954, and under its new charter, the name of the credit union was changed to Wayne Community Federal Credit Union, located at 3911 Newberry Street in Wayne, Michigan. The amended charter received attention from around the nation to help set standards for other credit unions where there were similar plant closings.

In 1974, when Nankin Township became the City of Westland, the credit union changed its name to the Wayne Westland Federal Credit Union.

This year marks 63 years for Wayne Westland Federal Credit Union and its member - owners. Today, the credit union currently has over 11,000 members with an asset size of $99 million. There was a need by the community for this credit union in 1954, and you can see that need still exists.

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