Letters to the Chronicle

Supporters key to credit union's success

October is International Credit Union Month, with International Credit Union Day being celebrated on Thursday, Oct. 17. Over 112 million credit union members around the world will celebrate the unique service their credit unions provide and the many ways their families have benefited from the credit union difference.

The first credit union in the U.S. was formed in 1909. Our credit union, UMass Five College Federal Credit Union, was established in 1967. From a one-room operation on the UMass Amherst campus we have grown to over 24,000 members, serving over 30 employer sponsor groups with three branches.

We currently have assets of over $160 million and $116 million in loans outstanding. In 2001 alone, we made more than 80 first mortgages, opened over 250 home equity lines of credit, and made 1,300 car loans for our members.

As a cooperative, every member is an owner with an equal vote in electing the credit union's volunteer board of directors. Because we are not-for-profit, there are no stockholders and earnings are returned to the membership in the form of lower loan rates, better savings rates and invested back into the credit union to expand services members need and want.

From the beginning, member service has always been the foundation of our credit union. We strive to recognize our members as individuals and respond to them accordingly. Exceptional service to all of our members continues to be our goal.

As we celebrate Credit Union Day, we are especially grateful for the support of all of our members and sponsor groups throughout the year. Our continued success and growth is reflective of that support. So we would like to say thank you to all our members and friends who have given us their faith and trust to make your credit union what it is today.

KATHY HUTCHINSON
president,
UMass Five College Federal Credit Union