Who was Frank Conant?

In 1940, Frank Conant, the Director of the MIT Graphic Arts Department, took a leap of faith that would impact the financial lives of thousands in the MIT community for years to come. Along with eleven other MIT employees, Conant established the MIT Employees Federal Credit Union in the basement of Building 3 on the MIT campus.

Frank Conant, Member #1 of the credit union, recognized the need for a financial institution that would serve the specific needs of the MIT community. The credit union started with the basics: savings, loans, and thrift opportunities.

Under Conant's leadership, MIT Federal Credit Union quickly became an integral part of the MIT community. By 1949, MIT FCU had grown significantly, allowing members to save with deposits up to $2,000, and borrow with loans up to $200. This growth demonstrated the demand for a financial institution tailored to the needs of MIT employees, students, and affiliates.

Frank Conant's vision has stood the test of time. From its humble beginnings in a basement, MIT Federal Credit Union has grown into a full-service financial institution serving over 35,000 members. MIT FCU has grown to offer a wide range of financial products and services, including checking, savings, lending, and online banking.

As MIT Federal Credit Union celebrates its 85th anniversary in 2025, it continues to honor Frank Conant's legacy by empowering the diverse community to grow, thrive, and achieve. The credit union has expanded its reach beyond MIT, now serving select Cambridge and Lexington businesses, and has even opened its membership to the broader community through the American Consumer Council, while maintaining a focus on the MIT community.

Frank Conant's initiative in starting the MIT Federal Credit Union exemplifies the innovative and community-oriented spirit that MIT is known for. His foresight in creating a financial institution that prioritizes its members' needs over profit has made a lasting impact on the MIT community and beyond.