In 1953, the young Rector of St. Peter's Cathedral, Father Nolan McKevitt, introduced the virtues of credit unions to his parish. At that time, loan sharks and pawn shops were charging outrageous rates for people to borrow money with some charging as much as 33%. People that could afford to save made very little return on their money. He wanted his congregation to encourage thrift and create a source of credit at legitimate rates of interest. He knew a credit union would give them the opportunity to use their money on a democratic basis in order to improve their economic and social condition. Fortunately, some parishioners shared his vision and on September 2, 1953 the St. Peter's Cathedral Credit Union was organized with a state charter.
Within four months, there were 67 members, assets totaled $3,208 and 9 loans had been disbursed for a combined total of $1300. Most business was conducted by loyal volunteers in the basement of the church, then the custodians house when it was empty and then the small office behind the Holy Family Home Orphanage.
St. Peter's Cathedral Credit Union was doing so well that members of three other parishes wanted to join. In 1960, the name was changed to Marquette Catholic Credit Union to reflect the addition of the other parishes. In 1965, the office was relocated to 500 South Third Street and was operated by three paid staff serving 2,169 members and assets slightly over $1,100,000. In 1976, the office was remodeled to accommodate the staff of 6 who served the 3,749 members and assets increased to more than $4,700,000.
In 1991, the office moved to its present location at 1001 W. Baraga Avenue with 17 staff serving 7,105 members and assets of over $38,000,000.
March 2002 saw the opening of a branch office at 1600 S. Front Street in South Marquette.
In January 2006, our field of membership expanded and in May the name was changed to U.P. Catholic Credit Union in order to better reflect the change. The current field of membership includes: Persons who live, work, worship or are educated in the Upper Peninsula of Michigan, which includes Alger, Baraga, Chippewa, Delta, Dickinson, Gogebic, Houghton, Iron, Keweenaw, Luce, Mackinac, Marquette, Menominee, Ontonagon, and Schoolcraft counties in the State of Michigan, employees of this credit union, members and immediate families of the foregoing, any legal entity that is comprised for the most part of the same general group as the membership of the credit union as outlined above, a spouse of a deceased member if accepted into membership prior to remarriage. January 2012, we opened a branch in Negaunee to help service the needs of our expanding membership. As of month end December 2017, there were 51 staff serving 12,550 members with assets of $164,256,454.
We are thankful that our founder, Monsignor McKevitt, had a vision and we hope that we can continue to consistently remain one of the largest credit unions in the Upper Peninsula providing a wide variety of competitive services while maintaining that personal touch our members have come to depend on.