Credit Union 1

Credit Union 1 may refer to:

See also

Credit Union 1 (Illinois)

Credit Union 1 is a credit union based in Rantoul, Illinois. Its service area spans the Chicago metropolitan area, the northern and central regions of Illinois, the Indianapolis metropolitan area, and the Las Vegas metropolitan area. CU1 serves 87,000 members throughout Illinois and Indiana, and roughly 15,000 members in Nevada.

Credit Union 1 is not federally insured, but insures its share deposits to $250,000 per account through American Share Insurance.

History

Credit Union 1 was established as Chanute Military Credit Union in 1958. The original base of membership was personnel and dependents of Chanute Air Force Base. After plans to close Chanute AFB, the credit union sought out ways to expand its membership base. Chanute MCU changed its name to Credit Union 1 in 1982. Fort Sheridan Credit Union was merged into Credit Union 1, extending the credit union's field of membership to the military reserve and National Guard units in Illinois.

The next expansion Credit Union 1 experienced was changing the field of membership from “occupational” to “associational”. This meant Credit Union 1’s field of membership was no longer restricted to its military affiliation. Since then, Credit Union 1 has continued to encompass more “select employee groups” (SEGs) through mergers and enrollment. The primary SEGs include all State of Illinois employees, all Cook County employees, students and faculty of University of Illinois at Chicago, students and faculty of Eastern Illinois University, Navistar, Tribune Companies, AON Corporation, Elmhurst Memorial Hospital employees, all Mitsubishi Motor Manufacturing of America employees, and a number of other companies and organizations.

Credit Union 1 (Alaska)

Credit Union 1 is a not-for-profit credit union based in Anchorage, Alaska. Its service area spans the entire state, and anyone who lives or works in Alaska is eligible to join. As of December 31, 2014, the credit union had $924M in assets, over 76,000 members, and 14 branches throughout Alaska.

Credit Union 1 is Alaska's second largest financial cooperative and is the only credit union chartered with the State of Alaska. Credit Union 1 is federally insured by the National Credit Union Administration (NCUA), up to $250,000 per account.

History

Credit Union 1 was established as Anchorage Teachers Federal Credit Union in 1952. Its original base of membership was personnel and dependents of the Anchorage Independent School District. The credit union since merged with other Alaskan credit unions such as FedAlaska, Ward Cove, and North Country Credit Union.

The credit union recently opened a branch in the Mountain View neighborhood of Anchorage, which has not had a financial institution for over 20 years. The land for the new branch was purchased from the Anchorage Community Land Trust.

Credit union

A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Many credit unions also provide services intended to support community development or sustainable international development on a local level.

Worldwide, credit union systems vary significantly in terms of total system assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion US dollars and hundreds of thousands of members. Credit unions operate alongside other mutual and/or co-operative organisations engaging in cooperative banking, such as building societies.

Differences from other financial institutions

Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in a one-person-one-vote system regardless of their amount invested. Credit unions see themselves as different from mainstream banks, with a mission to be "community-oriented" and "serve people, not profit".