Chocolate Bayou Community Federal Credit Union has come a long way since its humble beginnings on July 13, 1962. That’s when seven chemical company employees had the foresight to obtain a federal charter to form the Monsanto Chocolate Bayou Federal Credit Union. The credit union’s stated purpose was to promote thrift among its members by affording them an opportunity to “accumulate their savings and to create for them a source of credit for provident or productive purposes.”
Edna P. Hendrix was the first of twenty-five original members, all employees of Monsanto Chemical Company, and by year’s end there were 173 members. At the close of 1964 the credit union boasted 461 members and a 92.8 percent increase in loans from the previous year.
Assets reached the $1 million dollar mark and the membership totaled 1,000 by the end of 1969. Loan growth continued steady in the mid 1970’s and by the fall of 1977 credit cards were introduced to the membership. In 1981 Conoco employees were admitted to the field of membership due to a partial sale of Monsanto operations. Alvin Community Colleges employees were allowed to join in 1984.
Gary Davis was hired as the eighth president and CEO in January of 1990 and the organization began to make remarkable strides in membership growth, financial condition and long-range planning. New services were introduced and the location at 1301 North Hwy 35 Bypass in Alvin underwent two expansions during the 1990s. Mr. Davis retired in July, 2016 and was succeeded by Gary Angeles, Chocolate Bayou’s ninth President/CEO.
Today, Chocolate Bayou remains a financial force in Brazoria County with $108 million in assets and nearly 14,000 members.