CHROME credit union hitting 55-year milestone
Five dollars, of course, went a lot farther in 1971 than it does today. The five spot that seven employees of Washington Steel Co. each contributed at that time was enough to launch a credit union for them and their co-workers.
More than a half-century later, that collective investment of $35 continues to go farther and farther.
CHROME Federal Credit Union, based in North Strabane Township, has grown to 16,000 members, despite closure of the steel firm in 1999. CHROME鈥檚 ranks have expanded since the FCU began extending membership to the general public years ago and through five mergers, the most recent with Alcoa Pittsburgh FCU on Feb. 2.
That recent move resulted in the addition of 2,000 to the CHROME membership.
鈥淭his was a big deal,鈥 said Bob Flanyak, former president and chief executive officer of CHROME. He relinquished those duties to Broc Sleek on Feb. 2. Flanyak, who was in charge for 10 years, is assisting the FCU until his retirement May 1.
Sleek said at that time 鈥渢his merger brings together two strong credit unions focused on delivering great products, innovation and care to every member we serve.鈥
Building membership and community camaraderie have been keys to enhancing this credit union.
鈥淲e wanted to maintain the legacy of the steel mill, so we had to evolve, change gears,鈥 Flanyak said. 鈥淎t the time the credit union started, banks did not like to deal with blue-collar employees. After a while, we had to open up to more than employees of Washington Steel. This is a testament to our brand, how we treat people.鈥
CHROME will hit 55 years of existence Monday 鈥 all in Washington County. Since 2001, its chic two-story headquarters has sat on a grassy tract at 440 Racetrack Road, a short right turn onto Interstate 79.
鈥淲e were fortunate to get this location,鈥 Flanyak said, crediting Bob Orisko, a longtime CHROME CEO, for helping to secure it. 鈥淲e have the shovel from when we broke ground here.鈥
A not-for-profit cooperative, CHROME says on its website it 鈥渆ncourages鈥 community members to join. The FCU provides checking, savings, loans and business banking services. It employs 54.
鈥淲hile we do banking,鈥 Flanyak said, 鈥渨e are not a bank. We are a financial cooperative. As for being a not-for-profit, our primary goal is to make money for investors and stockholders. We鈥檝e invested a lot in technology.鈥
Sleek, who was hired following a national search, said 鈥渨e have to grow with technology. The more we grow, the more the credit union will get back.鈥
The FCU鈥檚 dedication to community has resulted in developing branch locations in Washington, Meadow Lands, Trinity Area High School, Wexford and Pittsburgh鈥檚 North Shore.
Flanyak, a Canonsburg resident, said Trinity students run that location 鈥渨ith our oversight.鈥
Membership in CHROME is open to anyone residing, attending school or worshiping in any of eight counties: Allegheny, Armstrong, Beaver, Butler, Greene, Fayette, Washington and Westmoreland.
The CHROME name, he said, is an acknowledgment to chromium and to Washington Steel. Chromium is the third hardest element, behind diamond and boron on the Periodic Chart, a metal that is essential to producing stainless steel. It is listed on the chart as Atomic Number 24.
鈥淲e have a CHROME Appreciation Day on the 24th of every month,鈥 Flanyak said.
CHROME is enabling that modest transaction from more than five decades ago to continue to grow.