|Credit unions have members, not customers. Everyone with an account
has a share of ownership in the credit union. Therefore, you are actually
an owner of your credit union and not just another account number.
||Banks have owners, usually a group of investors. Banks exist to make
a profit for their owners.
|Credit unions are democratically controlled. We are run by a volunteer
board of directors elected from the membership – people like you. Every
member has a vote in how the credit union is operated. Every member is invited
to the Annual Meeting.
||Banks are run by their investors, who have the sole voice in how things
|Credit unions are not-for-profit organizations. After expenses are paid
and reserves set aside, all money surpluses are returned to the members
in the form of higher dividends on deposits and lower loan interest rates.
Credit union members average higher savings year after year thanks, in part,
to lower rates on loans and higher yields on deposit accounts.
||At banks, only investors see a share of the profits.
|Credit unions serve only certain groups of members, such as those working
for a particular employer or living in the same neighborhood. This specialization
allows credit unions to focus on the needs of a certain special group of
||Anyone may open an account at any bank. Customers sometimes become lost
in the shuffle or "just another number."
|For over 40 years, 1st Financial has provided members with
a lifetime of dependable financial products and services. No matter what
stage of life you are in, our purpose is to help you achieve your financial
goals. Whether you are a first time home buyer or seeking a comfortable
retirement plan, your credit union is your best source for achieving your