ICUL Service Corporation

ICU Foundation Perpetual Awards
John "Jay" McCaughey Memorial (1997)


This award came as a surprise to Jay. His credit union and chapter wanted to honor his years of service to the credit union movement in a lasting way, so they established a perpetual scholarship, originally as a Tribute in 1997. However, Jay is now forever remembered with a Memorial award with his passing on October 2, 2009.

John “Jay” McCaughey Sr. was a strong proponent for small credit unions, a staunch supporter of the Illinois Credit Union System, specifically the Thomas W. Doig Chapter of Credit Unions, and advocate in his local community.

Jay, as his friends called him, dedicated his life to serving people. He was a lifetime resident of Gurnee, Illinois.

Jay's career began in 1956 when he took over as treasurer of the Warren Township Credit Union (now Community Trust CU) and ran it out of his basement. All the while, he maintained his full time position as postmaster. When he retired from the post office in 1978 he assumed the duties of president full time. He retired in June 1997 but continued his involvement as the board treasurer until 2006.

Jay’s commitment to the credit union movement was evidenced by his involvement in the Doig Chapter. He served as chapter chairman, treasurer and league director. The Doig Chapter golf outing was renamed the McCaughey Open in honor of him. He served on the ICUL board of directors from 1992 to 1996. Jay was also inducted into the Illinois Credit Union Hall of Fame in April 1997.

ICUL Chairman of the Board, John Bratsakis, who also served at the helm of Community Trust Credit Union from 1999 until 2007 and has been serving as League Director of the Doig Chapter since 2001, recently reflected on the impact McCaughey had on him.

"Jay's legacy of more than 40 years in the credit union movement is known to many and his contributions to the credit union movement and the local community have been significant," said Bratsakis. "Jay touched a lot of us in many ways, whether it was personally or professionally. He was always there to lend a hand for whatever you might need."

ICUL President/Chief Executive Officer, Dan Plauda, also offered a warm remembrance about Jay and added, "Jay was a very special person and I spent many pleasant hours with him. I had the honor of speaking at one of his retirement parties and at many of his community events. He will be incredibly missed."

"I have known Jay for many years and the thing that will always stay with me is his love of people and his willingness to go out on a limb for them. That is what made him such a great fit for the credit union movement and especially CTCU (Community Trust Credit Union)," said Madeline Lipka, the credit union's President/CEO. "He lived the credit union motto of 'People Helping People'. His legacy lives on through his daughter Betty Fallos, who is now a branch manager at Community Trust."

He is survived by his wife of 67 years, Elaine McCaughey; his son, John J. Jr.(Nancy); daughters, Ann, Mary (Steve) Furrer, Betty (Elmer) Fallos; numerous loving grandchildren, great grandchildren, nieces, and nephews.

Jay quietly gave of himself to the credit union, the movement and to his community.

The boards of directors of Warren Newport Credit Union and the Thomas W. Doig Chapter of Credit Unions made it possible to present the John "Jay" McCaughey Perpetual Award annually.

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