Utah Power Credit Union Information

The Great Depression of the 1930s had a devastating impact on the entire nation and Utah was not immune to its destructive influence. With unemployment rates rising to the fourth highest in the country and per capita income plummeting to half of pre-depression levels, Utah employers looked for ways to combat the effects of the depression. Utah Power & Light Company was no exception. Forced to reduce its workforce as well as its wages, the Company laid off more than one fourth of its workers (nearly 600 employees) between 1929 and 1932 and cut wages by almost 20% by 1933. Company management tried various methods to lessen the impact on employees. They asked employees to limit their workweek to three or four days, resulting in fewer layoffs, but also in decreased paychecks. For a time, management even allowed employees to borrow against their next paycheck, but this quickly became a burden to the Company. Finally, management asked employees to band together and form a credit union. Today, 80 years later and decades from the turmoil imposed by the Great Depression, Utah Power Credit Union continues to support its members, in times of struggle and instability or times of prosperity. Recognizing the legacy of its origin, the Credit Union will continue as a secure financial entity and an advocate for its members.