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A dedicated police officer is one who performs services for a community for less compensation than could be made at other occupations. Police officers often had to borrow money at an exorbitant rate of interest. A few members of the Department decided to create their own "credit bureau", now known as a "credit union," where they could borrow and get a better deal than from other local lending and savings organizations. There would also be the advantage of being well-known to their lenders, and receiving a loan in a matter of minutes.
The Police Department, with the approval of Mayor Wilson W. Wyatt, Director of Safety, Joe Donaldson, and Chief of Police Arthur E. Kimberling, received Articles of Incorporation from Secretary of State George Hatcher on February 11, 1942. Sergeant Walter C. Jones was responsible for lending, and loan collection. The limit on unsecured loans was $50 and secured loans, $100. A minimum of one share, and a maximum of fifty shares were allowed each member at $5.00 per share. In the beginning, the Credit Union paid a small amount of interest to one cop, and loaned it to another cop who needed a helping hand. By 1975, assets exceeded $2.4 million with over 1100 members. Things have not changed a lot. We are still helping one another, but now must have professional help to run the $20 million organization. Retired, and active police officers still volunteer their time to help our credit union.
It is the mission of Louisville Metro Police Officers Credit Union to make a positive difference in the financial lives of our members and the communities we serve. We are committed to providing the best possible financial products, service, and technology at competitive rates.