ADRIAN —  Back in 1969, Richard Werstler, a professor of education at Adrian College, wanted to do something about the fact that it was hard for teachers, like the new ones coming out of his program, to get loans because they weren’t paid year-round.

His solution was to form what was then known as Lenco Ed Credit Union to serve the county’s educational employees. The fledgling institution’s charter was approved on April 13, 1970. Two weeks later, the first meeting was held and the first board was elected, including Werstler as board president.

Eventually the “Ed” was dropped from the name as the credit union’s membership was expanded. What is now known as Lenco Credit Union is open to anyone who lives, works, worships, or attends school in Lenawee County as well as Hillsdale, Jackson, Monroe, and Washtenaw counties, along with their immediate family members.

The institution will celebrate its 55th anniversary on Thursday, June 12, with special activities for the entire community at both the main office, 615 W. Maple in Adrian, and the branch office at 1455 E. U.S. 223, Adrian.

Both locations will have food vendors, special prizes for new members opening an account that day, and referral incentives for existing members who refer a new member. People visiting either office can enter a drawing for a gift basket of area goods and services. Additionally, the branch office is hosting a remote broadcast by radio station WLEN.

The credit union has grown significantly over its 55 years. Today, according to president and CEO Ben Neal, it has 7,700 members and $135 million in assets and just recently hit the $500 million mark in loans.

“We’re not the biggest but I think we’re the friendliest,” Neal said.

Neal is only the second president/CEO in Lenco’s history. The first one was David Chambers, who in 1975 was just a year out of college and working at Household Finance when he was hired to run what was then Lenco Ed.

At the time, he was its only paid employee. Today, the credit union employs 19 people — “eighteen more than I had,” he joked.

He retired 40 years later at the end of December 2015 and was succeeded by Neal, who has his own long Lenco tenure.

Neal graduated from college in 1983 and, like Chambers had, went to work at Household Finance. But “I knew I didn’t want to work there,” he said, and answered a newspaper ad for an assistant manager at Lenco.

“I didn’t even know what a credit union was,” he said.

He started his new job in March 1985 and over the years became executive vice president and then president and CEO upon Chambers’ retirement.

Credit unions differ from banks in that banks are owned by their stockholders, whereas with a credit union, “our members own us,” Neal said. Credit unions can offer their members higher interest rates on deposits and lower rates on loans.

Lenco also gives back to its community through sponsorships and programs such as giving $100 to each child adopted in the county with which to open a savings account.

“The focus has always been on service to the community,” board chairman Sam Ewing said.

Ewing joined the board in 1978 and said he has enjoyed watching Lenco grow over that time. “We have a great board. They serve beyond belief in many respects,” he said. “And we have a super staff.”

Some of those employees have put in many years of service at Lenco, and Neal believes that’s because the credit union is a good place to work.

“David set a standard of treating our employees really well and taking a personal interest in them, and then he passed that on to me. … And we have a membership of good, kind people. We’re fortunate,” he said.

For more information, go to lenco.org, visit the Facebook page facebook.com/LencoCU, or call 517-263-0851.