Credit unions are cooperative financial institutions that are owned and controlled by the members. Credit Unions are operated for the purpose of promoting thrift, providing credit at reasonable rates, and offering other financial services and assistance to the members. Credit unions are unique financial institutions that live up to the expression "not for profit, but for people." Credit unions are comprised of members with a common bond, since member's assets are pooled to provide loans and financial services for one another.
Each year credit union members elect volunteers to serve on the Board of Directors and Supervisory Committees. Board Members serve as representatives for their fellow members. They have a direct say in the overall direction of the credit union. The Supervisory Committee is the auditing body of the credit union. They ensure that the credit union follows security policies, along with reviewing internal controls and researching member complaints.
Credit unions differ from banks in a number of ways: Credit unions are not-for-profit cooperatives and owned by their members; other financial institutions are owned and controlled by outside stockholders. In addition, credit unions are operated by mostly volunteer boards, whereas other financial institutions are controlled by paid boards.
In Europe, the first credit union was started 1844. Then, in 1908, the first credit union in United States was originated. The credit union movement has been growing strong ever since.
At PrimeSource Credit Union we strive to provide our membership with the latest technology and strive to offer the best products and services available. We work to make careful and sound lending and investing decisions to protect our members and their capital. We are a conservatively managed, fiscally sound and independently operated financial institution. You are our most valuable asset. Please feel free to call us if you ever have any questions or concerns.