BDCU celebrates 85 years of service

On Jan. 3, 1940 a group of employees from Hoover Dam decided to pool their money together, about $100 in all, to offer financial services to their family and friends in Boulder City under the name Boulder Dam Federal Credit Union.

Today, 85 years later, Boulder Dam Credit Union serves thousands of residents and businesses and has nearly $830 million in assets.

The named officially changed in 1990 after converting to a state charter. Over the years, it’s rare for a resident to have not been a member at one time or another. In fact, BDCU has a penetration rate of 80% in Boulder City.

“As I consider the time that has passed since the founding of Boulder Dam Credit Union, it is amazing to me to consider what has changed and what has stayed the same,” said Steele Hendrix, BCDU’s current president and CEO. “In 1940 the nation was emerging from the Great Depression. Trust in financial institutions was at an all-time low. Out of that backdrop, the prospective of cooperative or member-owned finance must have been a welcome reprieve.

“At our very foundation we were created to serve the special and unique interests of the people of Boulder City, and we continue that vision and mission today. As time has marched on, technology, economics, politics, and member needs have continued to change and we, as a credit union, have done our best to keep up. There are many things in our world that have not aged well over 85 years, but the credit union is not one of them. We are proud of our continued commitment to our members and of our members’ continued commitment to us. Thank you for making us who we are today.”

According to provided information, in 1953, the credit union’s charter was changed, to include employees of the U.S. Government who had headquarters in town, which included those from the National Park Service. In 1959 it was again changed to allow city employees and local elected officials.

Eric Estes, who served as the credit union’s president and CEO from 2010 (following the death of longtime CEO Bill Ferrence) until summer of 2023, said he’s proud to have been part of something that’s been part of the community for so long.

“Honestly, the anniversaries are nice, but the milestones to me were always the next member you served, the next member you helped, the next member or employee where you felt you made a difference in their life,” Estes said. “You take care of those milestones, and the anniversaries take care of themselves.”

As for BDCU’s success, Estes said the formula is fairly simple yet effective.

“Staying true to your mission and true to who you are,” he said. “BDCU never tried to be something it shouldn’t, and truthfully never tried to reach beyond the vision of our original founders. So many institutions have grown for growth’s sake. Growth has never been our goal. Our commitment to service, our commitment to the member relationship, and our commitment to this community has never changed, and those are our goals. Those commitments have enabled us to establish a wonderful and trusting relationship with each member and the Boulder City community. To me that is success.”

Hendrix echoed Estes’ words.

“As a credit union we are a not-for-profit cooperative,” he said. “That means that our mandate is to prioritize people over profit. There are many decisions we make every day and have made over 85 years that might not make economic sense on paper but that have created lasting relationships of trust and cooperation.

He said for instance, the credit union gave over $100,000 to local charitable and community causes in 2024, and they are constantly searching for ways to give back to the community. They also paid nearly 10 times the national average on regular savings accounts while discounting mortgage and consumer loans well below the national average.

Well wishes from others

“Boulder Dam Credit Union helped some of the earliest Boulder City residents get homes, cars, and put kids through college,” Mayor Joe Hardy said. “Today, they still give back to our community through their many charitable efforts, including the annual Angel Tree program, making sure all of our residents have a happy holiday season. In a day and age when many people handle their finances online, there is something special about the face-to-face contact you get in a community credit union, owned and operated by our neighbors. Congratulations to Boulder Dam Credit Union for celebrating 85 years of being a good neighbor.”

Boulder City Chamber CEO Jill Rowland Lagan said that for more than eight decades, Boulder Dam Credit Union has been the financial cornerstone of the community, providing unwavering support to local businesses and residents.

“Their commitment to integrity, service, and community investment has played a vital role in the economic vitality of Boulder City,” she said. “As we celebrate this incredible milestone, we extend our deepest gratitude for their dedication to strengthening our businesses, empowering our residents, and preserving the spirit of our hometown. Congratulations to Boulder Dam Credit Union on 85 years of excellence — we look forward to many more.”

Doug Scheppmann, a longtime insurance agent in town, has served on the BDCU board for the past 27 years. He just recently announced that he will be stepping down.

“It’s been an honor to have served our credit union for over 20 years,” he said. “The 85th anniversary represents a commitment to our members that we will always be their partner throughout their financial future. Boulder Dam Credit Union is built on trust. Our decisions at the board level have always been guided by the best interest of our members, and the financial security of our credit union. Creating a welcoming environment, by a dedicated and passionate staff, makes you feel like the ‘good old days’ in customer service has prevailed at BDCU.”