Credit Union
Credit Union
1033 East Main
Gas City, IN 46933
PH:(765)677-9943

A credit union is a financial cooperative. What does this mean?
* It means depositors (members) own the institution and are not just customers.
* It means members elect a Board of Directors to govern operations.
* It means, in most cases, Directors are volunteers (receive no pay).
* It means there are no stockholders…only members.
* It means capital comes from retained earnings, not from selling stock.
* It means credit unions do not operate for the purpose of profit, but to serve members.
* It means no insiders are getting rich off the operation of the credit union.
* It means profits are used to pay better than average dividends, offer lower than average loan rates, pay operating expenses and build capital (reserves) for the credit union.
* Credit unions have a defined “field of membership” (eligibility requirements to become a member).

Do all members share equal ownership in the credit union?
* No, ownership is based on dollars on deposit. If the credit union were ever to liquidate, retained earnings (capital) would be distributed according to ownership.
* That being said, each member has only one vote at membership meetings regardless of dollars on deposit.
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