Clarksburg Area Postal Employees Federal Credit Union (CAPE) was chartered August 18, 1947. Mr. Leslie Shreve, a Clarksburg USPS employee, had attended a Postal Convention where he learned of other post offices starting their own credit union. Mr. Shreve brought the idea back to Clarksburg and approached Mr. Alex Xenakis about the idea. Mr. Xenakis was also a USPS employee and had the financial experience to help implement this idea.
Mr. Xenakis, after contacting NCUA to find out what was needed in order to get a credit union started, spoke to other postal employees about this idea. They got the required documents and original share requirements together and submitted their information to NCUA and CAPE Federal Credit Union was born.
In the early years of CAPE there was no office. It was originally run out of the back of a Postal Truck. If someone needed a loan, they would ask Mr. Xenakis. He would, then, consult with the other officers of CAPE, and they would ask around other members to deposit $5.00 so they could get enough together to give this loan. The maximum a member was allowed to borrow was $50.00
The first five years of CAPE were tough. No dividends were paid to the members. Despite being discouraged, Mr. Xenakis kept working to get members, building their shares, and giving loans.
The first volunteer/Office Manager and office without wheels was at the home of Mrs. Radcliff. At this time there were no paid staff, only volunteers.
Eventually, in the 1960’s, a large janitor’s closet was emptied in the basement of the Clarksburg Post Office and CAPE set up its first official office and had their first paid employees. All transactions were hand posted and pass books were provided to members to record transactions. $25 bought a share in the credit union.
In 1987-1988, CAPE purchased their first computer system. No cash was provided to members, and office hours were 2 days a week, 7 hours per day with only 2 employees. CAPE steadily grew over the year as new services became available. Field of membership opened up and created new interest. Payroll deductions created an easy way to save. The credit union growth allowed the credit union to open 3 days a week, then 4 days a week.
CAPE worked out of that small office until the Postal Processing Plant was built at Eastpointe Shopping Plaza and was invited to move to a larger office there. CAPE was able to hire a 3rd employee, and eventually a 4th. Checking accounts, credit cards, and debit cards were added to the services provided.
What started with savings and loans has grown into a 12 million dollar financial institution with all the products and services we have today. We are continually learning so that we can improve our products and services to the members and researching every area in order to keep the cost to the member at the lowest possible fee, if not, free and the best rates on savings and loans. CAPE FCU has always been and continues to be a solid organization.