From the ITD Vault:
IDAHY Celebrates Anniversary

Editor's 2017 Note: IDAHY (ICON since 2010) celebrates 65 years this month in service to ITD employees. Below is the 50th anniversary story that appeared in the Transporter in 2002.

February 1952 was a memorable month. The African Queen drew capacity audiences in New York; Rocky Marciano recored 39th straight win; Liz Taylor married for the second time; Red Skelton and Sid Caesar won Academy Awards; Winston Churchill announced England's development of an atomic bomb.

And in Boise, a small cash drawer in the basement boiler room at the Highway Department Building spawned what would become a full-service credit union for employees. Austin Milhollin, Harry Turner, Frank Methit, Locke Alsup, Robert Smith, Dean Headrick and Dan Herman contributed $5.25 each to create the capital behind the new IDAHY (pronounced Ida-High) Federal Credit Union. Their individual investments bought one share in the credit union ($5 each), and included 25 cents for registration. Robert Smith was elected its first president, and office hours were set from 12 noon to 1 p.m. on Mondays, Wednesdays, and Fridays. Four months after the first deposit, membership mushroomed to 100.

Today, 50 years later, the credit union has 7,725 members and more than $51 million in assets (share accounts, cash, investments, member loans and fixed assets). It his resided at the same location at Rose and Jordan streets, in the eastern shadows of the transportation department's headquarters, since 1964.

The credit union formally marked its golden anniversary on Feb. 27.

After its humble birth downtown, the credit union moved when the highway department relocated to 3311 W. State Street in 1951. At the time, membership had grown to 1,529 and its first full-time manager, Jerry Dulaney, came on board. Assets approached $500,000 and loans were available at eighth-tenths of a percent per month (or 9.6 percent APR). Six credit union members Charles Payton, Joe Taylor, Loyd Bell, Harry Turner, Mike Eshaia and Gerald Dulaney - turned over the ceremonial first shovel of grass and dirt on Feb. 18, 1964, preparing the corner lot for what now is a modern building of 11,000 square feet. Inside, 25 IDAHY employees are responsible for a full range of financial services, including savings accounts (time certificates, money market accounts, lRAs, and educational and medical accounts), checking, loans (from personal to auto, home equity and home mortgages), electronic access via phone and the Internet, an electronic bill-paying system, member discounts, Visa credit and debit cards, money orders.

Although it was established for highway department employees, the nonprofit credit union now welcomes members of the Idaho State Police and other state agencies. Membership also is open to individuals who work in, reside in, worship in or attend school in its central operating core that extends from Hill Road at Glenwood to the downtown business district and most of Garden City.

2017 Note: The credit union now has 23,000 members and $260 million in assets.

 

Published 02-24-17