BendSearch.com: Banks & Credit Unions

Why a Credit Union? "Not for profit, not for charity, but for service" Good old-fashioned service has not gone out of style. Fifty years ago when the credit union was started it was an important part of the credit union philosophy and remains the cornerstone of our credit union today. A credit union is a member-owned and directed financial cooperative organized to provide products and services for its membership. Credit unions are non-profit cooperatives. This means that any excess funds collected are returned to the membership in the form of lower interest rates on loans, higher dividends on savings, or expanded services to the membership. Credit unions began in Europe in 1849 in a small village in Southern Germany. Workers, farmers and trades people pooled their resources (savings) and loaned money to each other on a fair and equal basis. They used the money to purchase homes, farms, cattle, and seed. This eliminated the control the powerful moneylenders of that day had over these people. In 1934 the United States Federal Government passed the Federal Credit Union Act. The Act of 1934 allows federal credit unions to serve groups limited geographical or membership groups, called common bonds. During the depression, when many financial institutions closed their doors, not a single credit union failed. Members have never lost a penny from a federal credit union since the ACT of 1934. Make the smart financial move! Becoming a member of SOFCU is one of the best financial moves you can make! By joining our financial cooperative you'll gain access to low loan rates, higher paying savings, and a wide range of convenient financial services at little or no cost. You'll also be treated to friendly, helpful assistance you won't find anywhere else. Unlike a bank, your not-for-profit credit union is concerned only with the financial well being of members. In fact, our members are all equal owners in the credit union. This means every decision we make, every service we offer, is for their benefit. We invite you to discover the credit union difference.