|
Southfield Office
|
|
Novi Branch |
| 22250 Providence Drive |
|
26850 Providence Parkway
Suite #110
|
| Southfield, MI 48075 |
|
Novi, MI 48374 |
| (248) 996-6070 |
|
(248) 662-0383 |
| Fax: (248) 849-5391 |
|
Fax: (248) 662-0385 |
"People helping People" is more than just a slogan-it's the way credit
unions operate each and every day. Around the world, and here in Michigan, credit unions
focus on improving the quality of life for their members, their families, and the
community.
Not For Profit, Not For Charity, But For Service
It's true, credit unions are financial institutions like banks and savings and loans,
but they operate much differently. Credit Unions are financial cooperatives,
owned by the people who use the credit union--the members. Since the
focus is on service (not profit), members benefit with lower rates on loans,
higher rates on savings, and often pay fewer fees and service charges
on the same services offered by other financial institutions.
One Member - One Vote
Credit unions are democratic organizations. Members in good standing have the
privilege of running for and electing volunteers to serve on the board of directors who
set the course for the credit union. Every member has an equal voice and vote, no
matter how much money they have on deposit. Elected officials serve their credit union
as unpaid volunteers.
Our Cooperative History
The credit union idea originated in 1847 in Bavaria, Germany. The Mayor of the small
town, Friedrich Raiffeisen, was so appalled at the poverty of farmers and workers that
he organized a cooperative savings institution allowing them to pool their money and
make loans to each other. The popular idea spread across Europe and in 1900, the
first credit union was organized in Canada.
The first U.S. credit union opened its doors in Manchester, New Hampshire in 1909.
The Caissse Populaire St. Marie still operates today as the St. Mary's Bank, but don't
let the name fool you-it is a credit union. With support and a $1 million donation from
Boston Merchant, Edward Filene, credit unions spread throughout the nation. With the
passage of the Federal Credit Union Act in 1934, credit unions could be organized
anywhere in the United States. During the depression, while other financial institutions
were closing their doors, credit unions demonstrated that ordinary people could
organize and provide for their own financial security. Cooperative effort was,
and still is, the key to credit union success.
A Solid Global System
Today, there are credit unions in 80 countries around the world. Their logo is
representative of the international credit union movement. A center circle represents
the individual credit union member who is served by their credit union (a second circle
and so on), which belongs to a chapter, which is a member of a state league. Leagues
in the USA belong to CUNA, the Credit Union National Association. CUNA is
one of seven confederations and free standing leagues that belong to WOCCU,
the World Council of Credit Unions, which is represented by a sixth and final circle.
All of the circles are connected and the primary objective of every credit union
organization is to provide cooperative, financial services to benefit the member.
Positive Growth for the Future
By working together, the credit union movement continues to grow in both numbers
and assets. More than 70 million people belong to more than 12,000 credit unions in the
United States with assets totaling more than $300 billion. In Michigan,
three out of four people belong to a credit union and locally, more than half
the Lansing population belong to one (or more) of the 18 credit unions serving
the community.
Serving Members and the Community
In addition to offering financial services, credit unions also support their communities.
Page last updated June 23, 2008
