KU Credit Union is what some may call a late bloomer.

After opening the first branch on Kansas University’s campus in 1963, the local business was steady, but it wasn’t until the 21st century that the financial institution really started to prosper.

In the last five years, KUCU has increased its membership by 42 percent and more than doubled its personnel, going from five to 12 employees to accommodate the increased membership and a new branch.

This growth was cited as one of the reasons that KUCU was honored by the Lawrence Chamber of Commerce with the 2006 Excellence in Commerce Small Business Award.

KUCU president Ginger Wehner said it was good to see that her work, along with that of her colleagues, has paid off.

“We were so excited to be able to be recognized in our community for the efforts that we’ve made,” she said.

KUCU, which has been affiliated with 66 Federal Credit Union since 1990, provides financial services to Lawrence residents, KU students and employees of area corporations. As an independent, not-for-profit credit union, KUCU provides members with lower interest rates and higher dividends than other banking institutions, Wehner said.

Wehner said considerable changes have been made in recent years to serve, recruit and keep members.

“Our vision has been to find new and innovative ways to enhance convenience and membership,” she said.

It would appear those changes have been successful.

Ginger Wehner

On Oct. 1, KUCU expanded its services geographically by opening a branch at 2221 W. 31st St. Wehner, who has been with the union since 1998, said it became apparent the one branch at 3400 W. Sixth St. wasn’t enough for the growing business as membership surpassed 8,000.

“We found that the community was in need of a branch on that side of town,” she said. “Our results have surpassed our expectations for the first 90 days.”

However, the credit union has not only grown physically but also virtually with expanded services online. KUCU offers online features that allows members to make transactions from all over the world, which Wehner said is unusual for such a small institution.

Within the last two years, KUCU has began to provide e-pay and e-deposits among other Internet features.

“The technology is just extremely good,” Wehner said. “That’s helped not only to maintain but also to recruit.

“Being member owned, it provides us the opportunity to offer lower loan rates and higher dividend rates, so it’s really on the cutting edge of the financial industry.”

Wehner said the changes, as well as additional financial services, have all been made to suit the needs of KUCU members. As a not-for-profit organization, KUCU provides better benefits for its clients, she said.

“The members are the owners of this organization, so loyalty is utmost,” Wehner said. “Each member that walks through is an owner of our credit union.”