Owned & Controlled by the Members
Unlike any other financial cooperative, a credit union is owned and controlled by the members it serves. Every credit union is formed in the same way. A group of people want to involve themselves with their own financial destiny so they pool their money as savings and make low cost loans to one another.
They define themselves in terms of membership whether it be employment, religion, geographic area, some other criterion or combination – and make voluntary membership available to everyone within that definition. Credit Unions are regulated either by Federal or State law, depending upon the source from which that group receives its charter.
What is the difference between a Credit Union and a bank?
Credit union’s exist to provide financial services for the purpose of improving lives. While our first responsibility is to our members, being a part of a cooperative movement means looking beyond our walls to the larger community in which we work and reside.
Credit Unions are committed to service and have been since their beginnings in 1850. The credit union concept is a simple one: people working together and pooling their savings can create a valuable credit source not otherwise available to them.