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Credit Unions are people oriented financial institutions. They are non-profit cooperatives that are formed, owned and operated for a single purpose: to help members help one another financially.
The first credit union in the United States was established in 1909. From that day to this, the credit union philosophy has never varied from its basic principles of self-help and mutual aid.
To accomplish its purpose, your credit union operates on the basis of these four objectives:
*Encourage thrift among the members, thus creating a pool of lendable funds.
*Make member loans at reasonable rates of interest.
*Pay a fair rate of return on member savings.
*Provide helpful member financial services.
The credit union exists not for profit, nor for charity, but to serve the economic well being of its members.
Credit Union Volunteerism - Without the dedication of countless volunteers, the pioneers of the credit union movement would not have won the battle to create an organization that would serve the financial needs of people of modest means.
When the movement began in 1909, very little money was available to pay employees. The elected officicials served as volunteers without pay, and they continue to do that today. Volunteers and enthusiastic members joined in spreading the revolutionary idea of people helping people by pooling their resources to back one another financially. The credit union movement was on its way!
Credit union volunteers have done their work well. By their steadfast loyalty to the credit union philosophy, volunteers have made the nation's credit union movement what it is today...thousands of unique financial institutions, owned and controlled by millions of members/owners.
Credit Union Ownership - The members own the credit union. People join the credit union by establishing share accounts for their savings. Your share account is your share of the credit union.
Annually, the credit union membership elects individuals from its own ranks that have agreed to serve designated terms as members of the Board of Directors, or Supervisory Committee.It is these fellow members of your credit union who exercise control of the credit union's activities for the benefit fo the entire membership.
This unique method of electing members of the credit union to serve on the Board or on a committee ensures that there is a cross section of the views of the vast majority of its members. As a result, Board decisions generally reflect quite closely the interests of the membership as a whole. Like all volunteers, the members of the credit union's Board of Directors, and Supervisory Committee receive no compensation for their services.
To find out just click here and see all the companies presently in our credit union.
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