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About ST COLMAN & AFFILIATES FCU
BIG enough to serve small enough to care

WHAT IS A CREDIT UNION?

Credit unions are non-profit financial cooperatives serving members who share something in common-employment, association membership, or residence in a particular geographic area. More than 70 million U.S. consumers are member-owners of, and receive all or part of their financial services from, the nation's 12,047 credit unions.

PHILOSOPHY & STRUCTURE

Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members. Each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.



Home About Us Services	About ST COLMAN & AFFILIATES FCU BIG enough to serve small enough to care WHAT IS A CREDIT UNION? Credit unions are non-profit financial cooperatives serving members who share something in common-employment, association membership, or residence in a particular geographic area. More than 70 million U.S. consumers are member-owners of, and receive all or part of their financial services from, the nation's 12,047 credit unions. PHILOSOPHY & STRUCTURE Credit unions are democratically owned and controlled institutions based on 'people helping people' principles. Credit union boards of directors are elected by members. Each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower cost services.

CREDIT UNION HISTORY St Colman's Credit Union started in 1939. It was started to serve the parish of St Colman Church. From this small beginning we have grown to serve many of the surrounding churches as well as all Cleveland Diocese Employees, the employees of Morgan Linen, Koinonia Homes, and several other organizations. OUR FIELD OF MEMBERSHIP INCLUDES MEMBERS OF THE FOLLOWING CHURCHES: ST COLMAN OUR LADY OF MT CARMEL (WEST) ST BONIFACE STS PHILIP & JAMES ST PATRICK (BRIDGE) ST STEPHEN ST VINCENT DePAUL ST MARK ST MALACHI ALL EMPLOYEES OF: BRIDGE FOUNDATION INC CATHOLIC DIOCESE OF CLEVELAND All employees INTERCOLE BOLLING employees... and members of original Yoder CU MORGAN SERVICES All Employees KOINONIA HOMES All Employees SAFETY & SOUNDNESS Credit unions primarily engage in consumer loans and residential real estate lending to their members. Credit union performance is at a historically high level. Currently, credit union capital nationwide is 10.28% and the equity ratio of the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), has operated above 1.25% for 11 consecutive years. BENEFITS OF MEMBERSHIP Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. REGULATION & SUPERVISION St Colman Federal Credit Union was chartered under federal law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. CREDIT UNION MISSION The mission of a credit union is to provide and promote thrift by the use of a variety of financial services which feature particular benefits and advantages over those generally available from other banking sources, with specific intent of helping members gain some particular measure of personal financial success.