HOW WE STARTED
Cyprus Credit Union made history as Utah’s first credit union on October 1, 1928. Its founding members were 22 employees of the Utah Copper Company, formed in 1903 to mine copper in what was formerly known as Bingham Canyon (located in the Oquirrh Mountains). With a credit union, copper company employees now had a communal space to build savings and pool their funds to lend to one another as needed.
1928
William “Bill” Hook becomes the first president/CEO of Cyprus Credit Union. Cash is kept in a fireproof box on his desk at the Utah Copper Company’s Arthur Plant near Magna. Members are encouraged to save at least $1 per paycheck.
1936
The Utah Copper Company is purchased by Kennecott Copper Company. Cyprus continues operations on Kennecott property. Credit union board members are permitted to carry out responsibilities on company time.
1944
Muriel “Merl” Sandall is hired as Cyprus’ first full-time employee. She would later serve as Cyprus’ third president/CEO from 1966 to 1977.
1959
Membership requirements modified to allow immediate family members of Kennecott employees to join Cyprus, the first change of many allowing a greater number of people to join the credit union.
1975
Cyprus purchases its first computer to replace the existing ledger system. Prior to this, accounts were organized by Kennecott payroll numbers.
1980
Cyprus offers checking accounts for the first time (then called “share draft accounts”).
2008
Cyprus membership surpasses 75,600.
2019
Cyprus Credit Union’s assets reach $1 billion.
2023
Cyprus is ranked as one of the best credit unions to work for in the U.S.1 for the fourth year in a row and is named a “Best Credit Union in the State of Utah” by Forbes.
TODAY
As the longest-serving credit union in Utah, Cyprus has a long history of service and commitment to our communities. Our member-owned, not-for-profit organization is dedicated to improving the financial lives of Utahns by offering a wide array of financial services, including home loans, everyday banking solutions, business resources, consumer lending, and investment services. “Your future is our future” is not just our motto, but a reminder that we all succeed when we invest in the future together.