Our Credit Union
What is a Credit Union?
Credit unions are not-for-profit financial cooperatives, owned by their members, not a handful of stockholders. This not-for-profit status allows us to offer competitive loan rates, excellent dividends and low-cost services.
The idea of a credit union was born in 1849 during the depth of a depression. The mayor of a small German village saw that many of his townspeople were without adequate food, shelter or clothing. He convinced those villagers who were able to pool their resources and make low-cost loans to those who were less fortunate. The concept worked so well that it spread to North America (Canada) in the late 1880s and to the United States in 1909 (New Hampshire). As of December 31, 2004, there are over 9,014 credit unions nationwide, with around 83.6 million members and holdings of more than $647 billion in assets!
