Hawthorne Credit Union began during the Great Depression in 1935, a time when many financial institutions were going out of business and those who were in business weren’t interested in serving the working-class people. In fact, there were fewer than six credit unions in Illinois when our founders, Senn Heath & other Western Electric employees, began their planning. They were intrigued by the concept of “people helping people”.
Each member joined the credit union with just 25 cents – their membership share – and contributed 25 cents each payday. Members saved together and made small loans to each other. Members paid back the loans each payday, a process that is still in place today. Many of our long-term members say they used the credit union to save for major purchases, like their first home.
The credit union provided working-class people an affordable loan source, as opposed to borrowing from family or from Al Capone’s gangsters, who ran their operations out of Cicero at the time.
Our first home (& our namesake) was at Western Electric's famous Hawthorne Works Plant in Cicero, Illinois. Our founding members made the Western Electric phones that were the mainstay of the U.S. telephone system. The credit union had an office at the Hawthorne Works Plant until the mid-80’s when the Western Electric plant was closed.
With nearly 12,000 members & more than $110 million in assets, Hawthorne Credit Union is among the largest credit unions in Illinois. Given our Western Electric beginnings, it's certainly not surprising that many Hawthorne Credit Union members come from Lucent Technologies, AT&T, Ameritech & other telecommunications companies. Today, employees at more than 100 different companies - ranging from hotels & car rental agencies to computer consultants & printers - are members of Hawthorne Credit Union.
