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
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.
UMass Five College Federal Credit Union