About HSU FCU
June of 1970 a few HSU employees formed the credit union. The Charter members were:
Alex Freedman Dr. Manuel Ramirez
Frank Steelman Dr. Mary Stephenson
Dr. Emory Wesley Hillquit Lynch
Guy Hays Dr. Ward Ankrun
This handful of committed co-workers saw the need for helping one another, worked hard and began to grow as a credit union. The credit union worked to expand it's membership by incormporating two groups who work hand in hand with HSU, the Aramark Food Services and Dawson Education Coop employees. Thanks to these members and all who have continued the credit union movement we are nearly 600 members strong and assets of almost $4 million.
Credit unions are built on several principles; once a member always a member, not for profit but service, and we borrow our friends money they have on deposit, to name a few. Each member is part owner in this financial cooperative.
To continue with the same principles, we hope to expand membership by making sure all HSU, Aramark and Dawson Coop employees are aware of and have the opportunity to join the credit union, constantly searching for the best services to provide members, improve technology and hope to relocate to a more accessible location. So let's get the word out.
What is a Credit Union?
The idea for credit unions was based on the simple principle that ordinary people could pool their money and make loans to each other. Credit unions are financial cooperatives, owned by the people who save and borrow there. Once you deposit money in a credit union, you become a member. Credit unions normally serve groups that share something in common such as where they work, live, or go to church.
The Credit Union Timeline
Credit Unions evolved in early 19th century Europe:
* First financial cooperative organized in England in 1844
* In 1909, the first credit union was organized in New Hampshire, USA
* The Federal Credit Union Act was passed by Congress in 1934 to facilitate the organization of credit unions across America.
* The Henderson State University Federal Credit Union was formed over 30 years ago
Not For Profit
The credit union shares the wealth with members by giving the earnings right back to members in the form of affordable loans, competitive rates on savings, and other added services.