Owensboro Federal Credit Union began in October 1953. It is Owensboro’s first Credit Union, making it the oldest Credit Union in your area. With a desire to help each other in times of need, it was started by the Local Postal Workers in the scale room of the old Post Office and operated out of a cigar box. As of today, Owensboro Federal Credit Union serves over 6,000 members and has 80 Special Employee Groups in the Owensboro and Madisonville areas. When we say Credit Unions are unique in the financial industry, we can back it up!
As all Credit Unions, Owensboro Federal Credit Union was built on TRUST by a passionate group of employees that wanted a better option than what they could receive at a bank for their families and co-workers. By chartering themselves as a Special Employee Group, they could offer this better option to employees of other businesses in Daviess County. Like all Credit Unions, Owensboro Federal Credit Union is a not-for-profit and member owned. Owensboro Federal Credit Union was founded on the Credit Union philosophy of “People Helping People” and still honors that philosophy today.
Did you know your family can share the benefits of your credit union membership? That's right, anyone in your immediate family can be an Owensboro Federal Credit Union member. Share the benefits of membership with your family today.
A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
Credit unions, like other financial institutions, are closely regulated and they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Adminstration, an agency of the federal government, insures deposits of credit union members at more than 12,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $250,000.00.
What makes a credit union different from a bank? Like credit unions, these financial institutions accept deposits and make loans--but unlike credit unions, they are in business to make a profit. Banks are owned by groups of stockholders whose interests include earning a healthy return on their investments.
From the Credit Union National Association, Inc. web site Copyright & copy; 1997 - CUNA & Affiliates