![]() ![]() How can I become a member of Five County Credit Union? Those eligible for family membership includes spouses, children, siblings, parents, grandparents, and grandchildren of current members. Also, relatives of current members may join Five County. Who is eligible for membership with Five County Credit Union?Īnyone who works, resides, or worships in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, & Waldo County can join. The Board of Directors also establish dividend rates, loan interest rates, and fees. The Board of Directors set policies for the operation of the credit union based on the needs and wishes of the members. You are entitled to elect, and be elected to, the volunteer Board of Directors, which is composed of your fellow members. Five County Credit Union’s current field of membership includes those who live, work, or worship in the counties of Androscoggin, Cumberland, Franklin, Kennebec, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo, Knox.Īs a credit union member, you own your credit union. In June of 2023 our charter was expanded to add four additional counties. In 2007 we merged with Knox County Federal Credit Union, adding Knox to the list as our eighth county. In July, 2001, our name was streamlined to "Five County Credit Union. ![]() In 1993 the credit union converted to a state charter. ![]() Our credit union has seen tremendous growth over the years in membership, assets and personnel. How was Five County Credit Union founded?įive County Credit Union was founded by the employees of Bath Iron Works in 1956 and was then known as the "BIW Employees Federal Credit Union". Around the world, and here at home, credit unions focus on improving the quality of life for their members, their families, and the community. “People helping People” - Is more than just a slogan-it’s the way credit unions operate each and every day. 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. Credit unions are financial cooperatives, owned by the people who use the credit union. 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. What is the biggest difference between a Bank and a Credit Union? The concept of Credit Unions quickly spread throughout Europe, then to North America in 1900 Loans were extended for “productive purposes” based on the character of the borrower. In this first Credit Union members deposited their savings with the credit society to provide working capital with dividends paid on these “share” accounts. The first credit union was formed in 1850 in Germany. A Credit Union is a member owned non-profit financial cooperative. ![]()
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