Illinois Credit Union Hall of Fame
Jack Teausant grew up in the credit union movement. His grandfather Charles Munks and 35 other members of the Glass, Ceramic, and Silica Workers of North America Local 19 each pitched in $5 to organize Glass Workers Credit Union in 1951. Munks served as a volunteer board member until 1976. Jack’s mom Marilyn Dudgeon also served the credit union as its first full time employee and manager beginning in 1954.
At one point in his childhood Jack and his family moved into an apartment behind the Munks’ home where be became accustomed to hearing about the credit union and its members’ stories. Those stories shaped the kind of CEO Jack would become. Jack’s family lived and breathed the credit union philosophy of “members helping members” long before Jack could really understand the magnitude of volunteerism and what it would mean for him and how it would affect the work he was meant to do for credit unions. He was able to instill this same drive in the people that he has worked with at Financial Plus Credit Union over his career.
Jack officially began his credit union career on May 1, 1976 when he was hired as a manager trainee at Glass Workers Credit Union in Ottawa. Three years later Jack was promoted to president of Glass Workers CU and worked to change it to a community charter so it could serve the many groups asking for membership. The name was changed to reflect the community charter to Financial Plus.
Jack feels very strongly about community involvement and his staff works tirelessly to support local events and projects. His commitment to financial literacy is evident in the many Junior Achievement class his staff teaches and in the programs they offer to those with little means.
Jack also believes in getting involved with other credit unions through volunteering at the Chapter level. He has held many positions within the Tri-County Chapter since 1978, including Youth Involvement Rep, Legislative Forum Rep, ICU Foundation Rep, Chapter Board Member and Illinois Credit Union League Director.
Jack was honored by being named "Executive of the Year" in 1982 and 2000 by the Illinois Credit Union Executive Society. Financial Plus Credit Union has also won the distinguished US Chamber of Commerce Small Business Award for excellence in 2005, 2006, 2007, and 2009.
In addition, Financial Plus Credit Union has won 1st or 2nd place in the Dora Maxwell Social Responsibility Award for the last seventeen years.
Jack has always been the kind of volunteer that serves others without expecting anything in return. He strongly believes that everyone should give back to their community.
To say that Jack has been involved in the credit union movement is an understatement. He has been involved with the Illinois Credit Union League for more that 30 years. He has held various positions to include the prestigious position of Chairman of the Board in 2004 and 2005.
Jack was inspired after attending his first Government Affairs Conference some 30 years ago. Since that time Jack has put his heart and soul into the credit union movement. He has done an outstanding job legislatively on both a national and state level, to ensure that credit unions remain a healthy and viable option for consumers.
Jack has been part of historic events such as Operation Grassroots in 1991 and a rally in 1998 to pass HR1151, the Credit Union Membership Access Act. He has represented Illinois credit unions in Springfield and served thirteen years on the CUPAC Board of Directors (Credit Union Political Action Committee). Jack also served on CUNA’s Renaissance Commission in 2000 and 2001.
Jack has dedicated many hours of service to ensure Financial Plus Credit Union is a strong community credit union in LaSalle, Grundy, Bureau and Putnam counties. The credit union now has over $204 million dollars in assets and more than 23,000 members.
More importantly he has devoted and dedicated more than half of his life to the credit union movement on a national and state level to ensure that all people have a place to come where they feel respected, valued and able to conduct their financial business.
Jack Teausant is a role model for credit union leaders and has served as an inspiration for his board, staff and community.