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A credit union is a not-for-profit, member owned and operated financial institution. After operating expenses and reserves, most credit union earnings are returned to its member/owners in the form of higher dividend (interest) rates on savings and lower rates on loans. Our Board of Directors, Supervisory and Credit Committees, are made up of dedicated, credit union member volunteers you elect at our Annual Meeting (usually held in January).
Freidrich Raiffeisen, the mayor of Flammersfeld, Germany, formed the first credit union in 1848. He conceived the idea for a credit union to help alleviate the distress of farmers suffering from the famine that had struck his district. “Not for profit, not for charity, but for service” remains the credit union movement’s basic philosophy.
Over 89 million people belonging to 36,244 credit unions around the world know that, although the times may change, our principles will not. We continue to look out for your interests and provide the kind of service that is not generally available at other financial institutions. Your membership enables us to mutually succeed in this people-helping-people business; thank you.
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