The Boilermakers union opened the doors of the Brotherhood State Bank in 1924, with $100,000 in capital and a $20,000 reserve. The bank quickly became popular with businessmen and working people alike, with deposits growing to well over $1 million the first year. Unlike many other banks, Brotherhood Bank has succeeded without interruption since its founding. The institution now known as Brotherhood Bank & Trust has remained independent for over 85 years.
And it has thrived.
Today the bank serves a broad customer base and has grown to over $500 million in total assets. As of April 2011, the bank’s trust division maintained assets under management for Taft-Hartley plans in excess of $200 million and provided custody for Taft-Hartley plans in excess of $5 billion. The Brotherhood Bank & Trust’s solid history and performance has led to it being rated among the top labor-owned banks in the United States. It is well-positioned to serve as “the bank of labor,” offering a safe haven for union funds as well as individual member banking needs.
The International Brotherhood of Boilermakers owns about 48 percent of the Brotherhood Bank & Trust and fills four of the 11 seats on the board of directors, with Boilermakers’ International President Newton B. Jones serving as Chief Executive Officer. Boilermaker local lodges own about 13 percent of the bank. Along with the main bank facility, still in the original 1924 building in Kansas City, Kansas, the Brotherhood Bank operates eight branches throughout the Kansas City metropolitan area.
At the bank’s Web site — www.brotherhoodbank.com — customers can open a CD, apply for a mortgage loan, and conduct checking and savings transactions online using the highest level of security available for Internet banking customers.
The key to the Brotherhood Bank & Trust’s success is the same as that of the Brotherhood itself. Both organizations acknowledge the importance of the worker. The individual member — whether that person is welding a tank, rigging a lift, or waiting in line at the teller’s window with a weekly paycheck — is the indispensable element that makes the economy work.
Just as the Boilermakers union seeks ways to improve its members’ lives by improving their working environment, the Brotherhood Bank & Trust seeks ways to better its customers’ lives by helping them make the most of their financial resources.
Start working with your union bank today.