First American's Roots
     In October 1933, a small group of Beloit Iron Works employees organized, formed, and received a State Charter for the BIW Credit Union. The BIW Credit Union was operated from an office space provided by the Beloit Iron Works, known to many as the "Gatehouse". The credit union served 112 members and had total deposits of $124.50. In 1962, Beloit Iron Works became the Beloit Corporation, but the credit union remained BIW Credit Union.
    By 1967, the BIW Credit Union was ready to expand its field of membership. Membership was extended to both employees of the Beloit Corporation and their immediate family. As the BIW membership requirements changed, it became apparent that a separate facility was needed to adequately serve new members. Directly across from the Beloit Corporation on 4th Street, BIW Credit Union offices were opened in 1968.
    In 1982, the Cranston BIW branch was opened to service Beloit's growing east side. In 1983, the BIW Credit Union was granted a community charter by the State of Wisconsin. The community charter enabled BIW to serve any person who lived or worked in the cities of Beloit, Clinton, Avalon, Newark and Turtle.
    On July 7, 1989 BIW was granted its letter of Federal Deposit Insurance by the National Credit Union Administration (NCUA). The Federal Deposit Insurance greatly enhanced BIW's ability to attract funds.
    In 1990, the BIW membership voted to expand the charter. Upon receipt of approval from the Illinois Banking Commission and the Wisconsin Commissioner of Credit Unions, BIW offered service to all of Rock County, and the Northern half of Winnebago County in Illinois. A special meeting of BIW's membership was called with the purpose of renaming the credit union. BIW had many members and an opportunity to service new members that were not directly related to the Beloit Corporation. Given the new charter and projected growth, a new name was proposed and accepted. The new name was intended to reflect all the membership and to enhance the marketability of the Credit Union. Thereafter, Beloit Iron Works Credit Union became known as First American Credit Union.
    Many new changes would come in the following years. The third full-service branch was opened in Rockton, Illinois in 1994. A fourth location followed in 2002 on the south side of Janesville. Green County, Wisconsin was added to the credit union's field of membership that same year.
    The field of membership was once again expanded in 2003 to include all of Winnebago County, Illinois.
    As space constraints became evident at the Cranston Road location where the majority of administrative departments were housed, the search for the more space began. In October of 2003, many of the credit union's administrative employees relocated to one of the former Beloit Iron Works/Beloit Corporation buildings, now known as the "Ironworks" building in Beloit.
    Again in 2004, the field of membership expanded to include all of Walworth County, Wisconsin; only the western half was included to this point. The current field of membership now includes all of Rock, Green, Walworth and Winnebago Counties.   
    In 2005, our fifth full-service branch was opened in Janesville across from the Janesville Mall.                                                                                                                                           Top of page