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Groundbreaking ceremony is held for new credit union

August 12, 2002|by RICHARD BELISLE

waynesboro@herald-mail.com

GREENCASTLE, Pa. - Ground was broken Wednesday for a new building for the Grove Community Federal Credit Union at the intersection of Bemisderfer Road and Pa. 16 about two miles east of Greencastle.

The credit union has outgrown its existing building at 1542 Buchanan Trail East, said Dave Richmond, first vice president of the credit union. More space is also needed so the credit union can increase its membership and expand its business, he said.

The new building, scheduled to open in January, will cover 1,600 square feet. It will have an automatic teller machine and a drive-up window, Richmond said.

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The credit union had only been open to Grove employees. In February, it applied for and received a community charter from the National Credit Union Administration. Now, any Franklin County resident or anyone working in the county is eligible to join, Richmond said.

"There's a niche for a credit union in this part of the county to serve Greencastle, Antrim Township, Shady Grove and the Fort Loudon areas," Richmond said.

John Wheeler, president and chief executive officer of Grove Worldwide, speaking at the groundbreaking, said Grove has supported the credit union since its inception in 1966.

"It's been a good resource for our people and we want it to continue," Wheeler said.

Richmond said the credit union will retain its original Grove name in honor of John L. Grove, a community benefactor and one of the founders of Grove Worldwide.

Unlike a bank, a credit union has no stockholders, is member-owned and is run by a volunteer board of directors. Credit unions only serve their members and generally offer loans at low interest rates.

The Grove credit union, one of six in Franklin County, has 2,000 members and assets of $6 million, Richmond said.

The credit union has three employees. Richmond said more would be added as business grows.

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