The Credit Union Difference
Community Credit Union is a financial cooperative solely of
member-owners who share the philosophy of “not for profit,
but for service.”
Unlike some financial institutions, the people on our
volunteer Board of Directors are member-owners, who work in
the best interest of other fellow member-owners.
shareholders to pay, profits are returned to members in
the form of lower loan rates, low or no-fee products and
services, and higher savings rates.
At a bank, the only people who benefit from profits
are the investors.
Members at a
credit union are member-owners because their deposit
represents a share of ownership; however at a bank, the
owners are typically small groups of investors.
Credit union members are united by a common bond of
union is insured by the National Credit Union Administration
(NCUA), a U.S. government agency, for deposits up to
Our Core Values
Service Excellence: We are a member-focused
organization committed to exceeding expectations in
everything we do.
We earn your trust by being responsible, honest, and
We are a caring organization that respects and values
our members, employees, and community.
Financial Stability: We can be relied upon for our
financial strength and security.
What’s New at the Credit Union?
2013 was a
year of growth at the credit union.
The second level at the main office was finished and
additional offices added.
The downstairs also received a facelift.
mobile-friendly website was added making it easier for our
members to find what they are looking for on our website.
union now has Remote Deposit available.
Members can take a photo of their check, send to us,
and we’ll make the deposit for them.
formerly the branch manager of our Roan Mountain Branch,
moved to our 19E location as branch manager. Julie Peterson,
a loan officer, was promoted to branch manager of the Roan
granted the NCUA Low Income Designation.
The designation allows credit unions to apply for
grants to help in their communities.
It also permits the credit union to accept non-member
deposits from other sources.
classes were held at all branches informing members of their
Purpose and Importance of Verifying Your Accounts
of member account verification is to detect errors by
requesting that you, our member, respond if the activity or
balance on your statement is not accurate.
Account verifications are conducted (by the credit
union?) at least once every two years.
Duties of Credit Union Officers, Directors, and Committees
Each year at
the credit union annual meeting the membership elects
directors for a three year term. This is a volunteer
position and no compensation is paid to the directors.
Qualifications for running for the position of director are:
Must be a member in good standing, at least 18 years
of age, been member for a minimum of three years, all
financial obligations must be current and making payments
according to schedule, no record of bankruptcy or
collections, must qualify for surety bond, commit to attend
all meetings, and support the credit union by using the
credit union’s products and services.
Responsibilities of the board of directors include:
safe and sound financial stewardship of the assets of the
the membership with high quality financial services at a
opportunities for the membership to improve their financial
with all applicable laws and regulations
fulfills its role through planning, policies, selection of
the credit union’s CEO, and oversight of management’s
performance. Committee members will fulfill their roles
through completing the requirements of their assigned
functions. The board and officials do not become involved
with the daily operations of the credit union.
Each official must be bondable. Directors and
officials must maintain the highest standards of personal
and professional ethical conduct. Paramount is the
maintenance of member confidentiality, credit union business
confidentiality, and appropriate disclosure of any conflict
Directors and officials are expected to maintain the highest
standards of financial responsibility, especially in
dealings with the credit union.
Directors and officials chart the financial and service
course for the credit union. Therefore, each director is
expected to be involved in the credit union through
strategic or operational planning and goal setting, setting
policy, maintaining a high level of competence in
legislative and regulatory issues, and understanding the
financial needs of the membership.
The board must maintain the integrity of the credit union by
ensuring compliance with all applicable laws and
The board is responsible for maintaining safe and sound
operations over time and for assuring that the credit union
is strategically positioned for future operations. Several
areas of the credit union’s overall operations contribute to
maintenance of continuity. Continuity will be achieved
through strategic and operational planning, maintenance of
adequate capital, sound asset-liability management, sound
risk management, management development and accountability,
and management and board succession planning.
The board will strive to develop sound policies that provide
general direction for key areas. Policies will be
supplemented and implemented by procedures, which are
written by management.