Icon Credit Union began in 1952 as Idahy Federal Credit Union, when seven employees of the Idaho Department of Highways started with $35 and the idea of a credit union that reflected their values of integrity, service, and community.
Soon after Idahy opened its doors, it became apparent to its founders that there was a profound need in the community for a financial institution that put its members’ needs first. Decade after decade, Idahy’s growth was steady and durable, beginning with a few key employer groups and gradually expanding through the community based on a sterling reputation and commitment to the member experience.
It was in the late 2000s that this stable and pragmatic business model earned recognition from the Weiss Ratings – the nation’s foremost rating agency for financial institutions. As the highest-rated credit union in the State of Idaho, Idahy’s “A” rating places it in an elite group of financial institutions at the top five percent of the rating scale nationwide. In 2010, Idahy FCU changed its name to Icon Credit Union to better reflect its growing, diverse membership and it is with a continued dedication to stability and core values that Icon has now grown to serve more than 23,000 members from Boise, Idaho to La Grande, Oregon, with total assets nearing $260 million.
By our accounts, the most exciting things that happened in the 1950s were the invention of the Peanuts comic strip, the invention of the no-leak ballpoint pen (critical for our tellers at the time), the growing popularity of the home television and, of course, the founding of Idahy Federal Credit Union! Okay okay, maybe not the most exciting, but in only four months after the initial $35 deposit, Idahy grew to more than 100 members, and we think that’s pretty great. Turns out, people were excited to do business with a credit union that put integrity at the forefront of its business model. Fortunately, our founders recognized the need in the community.
Membership continued to grow through the 1950s and in 1961, Idahy moved into the Department of Highways building to be closer to its members, which were mainly Department of Highways employees at the time. At this point, the first full-time employee was hired to manage Idahy. In 1964, Idahy had grown to the point that it was getting a bit crowded in the Department of Highways building, so the credit union’s founders decided to build the first stand-alone branch on Rose St, right across the street from the Department of Highways.
Apparently distance makes the heart grow fonder, as the new move helped Idahy add the Department of Law Enforcement to its ranks and led to the hiring of two more full-time employees. By the time Neal Armstrong walked on the moon in 1969, Idahy’s growth had soared to an astronomical $1 million in total assets. That was a lot of money in the 60s!
1970s and 1980s
Quick – tell us the first thing that comes to mind when you think of the 70s. The doubling of Idahy’s growth to 6,000 members, right? Well, at least it had us talking about it! Besides the rise of the pet rock, disco everywhere and white tracksuits galore, The 70s and 80s were a blur of growth for Idahy, as we added 11 more employees our assets grew to over $21 million dollars, most of which was spent on Hammer pants by the time the late 80s came around.
By the 90s, Idahy was outgrowing the bell bottoms and it was time to grow up. Celebrating its 40th anniversary in the 1990s, Idahy blossomed again through their growth in membership, asset size, and employees. And with the rising popularity of technology (what are these computers everyone is talking about?), Idahy made significant advances in implementing new systems and procedures to bring the paper banking industry into the modern part of the 20th Century.
The 2000s held explosive growth with new locations and new products. In 2003, Sho-Pan Hi Federal Credit Union merged into Idahy, expanding our membership opportunities to Kootenai County in Northern Idaho. Only two years later in 2005, members voted to merge Boise Cascade Employees Credit Union into Idahy. Reaching over $100 million dollars in assets in 2006, Idahy launched a real estate department, dedicated to responsible lending, to keep up with the housing boom.
Then, in 2008, Idahy converted their federal charter to a state charter to expand their field of membership at minimal cost. Additionally, Connie Miller was promoted to CEO of Idahy, with the retirement of Dave Berent who had been CEO for 29 years.
Another significant change came to Idahy, as it changed its name to Icon Credit Union. The name Icon was chosen because what icons stand for: respect, admiration, strength, and significance. With the new name, Icon continued to grow and in the latter part of 2010, Icon began work on the new flagship Meridian branch. Also, a range of new services could now be offered to members through the new partnerships with Icon Financial Services and Greenpath. Icon Financial Services was launched to assist members with income and retirement planning. Greenpath Financial Counseling assists members by providing financial knowledge and training. With construction complete, the Meridian branch opened in 2011 and we have seen tremendous success in serving both Canyon County and Ada County members.
Looking to continue the success of the Meridian branch, Icon began construction of its fifth Treasure Valley branch in October of 2012. The new branch, located at 12598 W Explorer Drive (off Chinden) was opened with much fanfare in July 2013. Continuing the growth for the year, in October 2013, Northeast Oregon Federal Credit Union members voted to merge into Icon and NCUA approval was given to expand our field of membership to include individuals who live or work in Wallowa County, Oregon.
In early 2014, the Board of Directors at Boise U.S. Employees Federal Credit Union expressed interest in merging with Icon. Soon after, Boise U.S. members voted overwhelmingly to join Icon and on June 1, 2014, that partnership became official. With this merger, Icon added approximately 5,000 new members and three branches, allowing Icon to continue its mission of delivering the best service and member experience to its community.
Nearing $260 million in assets and serving more than 23,000 members, Icon continues to provide members with the advantage of credit union membership through outstanding products and services, great rates, and an elite level of service.
Through the years, Icon was blessed with a number of talented individuals to serve on its board of directors and committees, including Linda Slupe of 30 years and our longest serving volunteer of 47 years, Loyd Bell.