What Is A Credit Union?
A Credit Union is a financial cooperative owned and governed by its member-owners. A credit union is a not-for-profit entity. There are no traditional "stockholders" who receive dividends based on profitability. All "profits" realized by the credit union, are given back to the member-owners, who use the credit unions services, in the form of lower loan rates, higher savings rates and low or no fees for services.
A volunteer Board of Directors, elected from and by the membership at large, governs Credit Unions. Elections are held annually at the mandatory Annual Meeting. Volunteer directors are usually elected to three-year terms.
