Eulogy For Small Credit Unions...

Yew-r-hairies

Badin Employees Federal Credit Union is tucked up against the Uwharrie Mountains on the banks of the Yadkin River, about 40 miles east of Charlotte - the hometown of banking giants Bank of America and Wells Fargo. If the Town of Badin were a nudist colony, it would be located smack dab in the middle of no wear. But, it isn't.

The Uwharries are thought to be the oldest mountains in the U.S. The Rockies these ain't! These mountains are well worn and rounded, much like ... well, never mind. Let's just say the Uwharries have fewer points than the teeth on a 25 year old bird dog.

"Meaning unknown"...!

Uwharrie is an old Indian word. It's a bit tricky to pronounce, much like La Jolla, Yakima, Albuquerque, and Butte. "Yew -whar-eee" is correct";  "you-are-hairy" isn't. Been searching for years for the original Indian meaning of the word. Last year a friend told me he knew the answer. "Look", he said, "it's in the dictionary. Uwharrie means 'unknown' ." "Well, great", I said. "Send me a copy of the definition for my files". The following week, sure enough, in came a photocopy of the dictionary definition. It said: "Uwharrie - probably from an ancient tribal name; meaning unknown." Perhaps I just need to pick better friends....

A journey back...

Badin, North Carolina is a company town. In 1917 Alcoa dammed the Yadkin River to produce hydroelectric power for a new aluminum ingot plant. The lake and town which sprang from those efforts are quietly picturesque. Driving into town, down Falls Road, under a new, unwashed denim sky, is a journey home, a journey back in time.

All things revolve around the plant. Even the offices of the United Steel Workers of America, Local #303, face the front gate; close enough to keep careful watch, but distant enough not to be tainted. And, the gravestones at Badin Baptist Church, also, are aligned toward the plant in dignified silence, with allegiance permanently fixed.

The town is just two blocks long, but makes the most of it. The Alcoa Conference Center has a circular drive which makes depositing dignitaries at the front door an easy task. One suspects, however, that the circular drive results more from efforts to save the magnificent, ancient magnolia in the center than from any great affection for the needs of the company brass. 

"... likes girls."

Up past the Masonic Lodge #637 is the post office with its single window, fleet of post office boxes, and community bulletin board. Posted on the board was a notice for a lost dog with a fringe of tear off phone numbers. It read: "NOTICE: LOST DOG, $30 reward. Cataracts in one eye, blackish-brown, vicious, likes girls". Can't tell you much about the pooch, but the owner is one sly dog of a marketer. Most of the number slips, of course, had been pulled away for use.

At the Barrel...

Next to the post office is the memorial park, flanked by a cedar tree honor guard for the seven Badin men who died in World War II. And, up the road is the best named roadhouse on the planet: The Bottom of the Barrel Disco and Cafe; now vacant having recently been destroyed by fire. My kind of place! Bet the last party was a great one! Sure sorry I missed it.

But the center of attraction is the Badin Employees Federal Credit Union, which sits next to the candy striped awnings and improvised handicap ramp of Badin Town Hall and Police Department. The Credit Union is housed in a one story, red brick building with blue shuttered windows and a bright, "no-way-to-miss-it", burgundy door. The Credit Union is closed for lunch from 12:30 to 1:30 pm, but you can sneak a look into the office through the partially drawn, real wood Venetian blinds. It's a comfortable, inviting looking place.

An original idea...

Badin Employees Federal Credit Union is prosperous and growing. Assets are $4 million, capital 18%, loans are booming, delinquency is negligible. Everyone in town is a member; no local banks remain. Badin Employees has achieved market dominance without checking accounts, credit cards, a CUSO, off-balance sheet items, or a website. And, get this, the Credit Union has absolutely no plans for a website in the future. The members seem to like it that way. Yep, the folks in Badin have a strong opinion about their Credit Union. And, they're the kind of folks, as you might suspect, who don't need talk radio in order to form an opinion!

Most of us long ago discovered that the beauty of

Credit Unions is that we're something you can't

Think it through...
chat about it...

easily wrap, bottle, or "spin".  So maybe the next time the folks "up there" want to know if, why, and how Credit Unions are different; they can just drop by Badin Employees Federal Credit Union and talk to the manager. Y'know, sit a while, have a cup of coffee, talk it over a bit, think it through.

But don't come during lunch – okay? **

**  Unfortunately you've missed your chance... an independent Badin FCU is no longer there to make a difference. The plant's gone too; something about over-regulation, compliance costs, and political risk... seems as if we're getting awfully close to the Bottom of the Barrel on a lot of important things...