One Credit Union

Overview

One Credit Union is a not-for-profit, state-chartered financial cooperative designated as a 501(c)(14) organization. It operates in Vermont and New Hampshire, offering a range of financial services to its members. As a cooperative, it is member-owned and aims to serve its members' financial needs rather than external shareholders.

History

One Credit Union was formed in 2010 through the merger of United Community Credit Union (established in 1943), Champlain Valley Credit Union (established in 1952), and Bryant Federal Credit Union (established in 1956). Initially, membership was limited to specific professional groups such as stone workers, teachers, and factory workers. However, it has since expanded to a community-based model.

Membership

Membership in One Credit Union is available to individuals who live, work, worship, or attend school in the state of Vermont or in Cheshire, Coos, Grafton, or Sullivan counties in New Hampshire. Immediate family members of existing members and organizations composed primarily of individuals from these eligible areas are also eligible to join.

Services

One Credit Union provides a variety of financial services, including auto loans, mortgages, credit cards, and checking accounts. It emphasizes member-centric service, offering competitive rates and financial tools such as mobile banking and financial calculators. The union's mission is to help members achieve their financial goals through valued financial products and exceptional service.

Financial Structure

As a 501(c)(14) organization, donations to One Credit Union are not tax-deductible. Its revenue is primarily derived from program services, with a significant portion coming from loans and other financial operations. The union's financial structure is designed to return earnings to members in the form of higher savings rates, lower loan rates, and reduced fees.

Governance and Operations

One Credit Union is governed by a board of directors composed of members elected to represent the interests of the broader membership. It operates as a cooperative, meaning it is not driven by shareholder profits but instead focuses on serving its members by delivering competitive financial products and superior service.

[1] https://projects.propublica.org/nonprofits/organizations/36008252 [2] https://www.onecu.org/about/index.html [3] https://www.onecu.org [4] https://ncua.gov/regulation-supervision/legal-opinions/2001/not-profit-and-tax-exempt-status-federal-credit-unions [5] https://www.nj.gov/dobi/division_banking/depositories/cdcus.htm