Our History & Values
These days, more than ever before, people are looking for safe, secure options for their finances.
Credit unions provide superior solutions, including great rates, a wide range of products and
services and attentive, committed staff members who look out for members’ best interests.
There are significant differences – and benefits – to working with a credit union versus a
“traditional” bank. In a bank’s business model, profits are directed to the shareholders. In a credit
union’s cooperative business model, profits are returned to the member/owners in the form of
lower rates on loans, higher rates on savings, or better account fees.
The credit union model holds these seven cooperative business principles:
1. Voluntary Membership
Credit unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political or religious discrimination.
2. Democratic Member Control
Credit unions are democratic organizations owned and controlled by their members, one member one vote, with equal opportunity for participation in setting policies and making decisions.
3. Members’ Economic Participation
Members are the owners. As such they contribute to, and democratically control, the capital of the cooperative. This benefits members in proportion to the transactions with the cooperative rather than on the capital invested.
4. Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If the credit union enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the member and maintains the cooperative
5. Education, Training and Information
Credit unions provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of the cooperative.
6. Cooperation among Cooperatives
Credit unions serve their members most effectively and strengthen the cooperative movement by working together through local, state, regional, national, and international structures.
7. Concern for Community
While focusing on member needs, credit unions work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.
These seven principles are founded in the philosophy of cooperation and its central values of equality, equity and mutual self-help.