What is a credit union and how is it different from Other Financial Institutions(OFIs)

A credit union is a not for profit financial cooperative,owned and operated by its members. Sound complicated? Actually, it's not. Unlike other financial institutions (OFI), credit unions have no stockholders; instead, they are owned by their member depositors. When you join a credit union, you become an owner. After necessary reserve and capital levels are achieved, profits made by credit unions are returned to the member/owners through lower rates on loans, higher rates on deposits, and no or low fee services. In contrast, at an OFI, rates and fees are driven by stockholders who consider their ownership an investment and place more emphasis on profits, not service.

Another distinct difference between a credit union and an OFI is in the leadership of the organization, the board of directors. At a credit union, the board of directors is elected by the membership of the credit union from within the membership of the credit union. Upon joining a credit union, you become eligible to vote for the board members who are serving you. You also become eligible to run for the board of directors yourself. Have you ever been granted these opportunities at an OFI? We should make you aware, however, that if you run and get elected to the board of a credit union, you may to consider your salary -zero. That' right! Unlike board members at an OFI, credit union board and committee members volunteer their time. Why? Because being members themselves, they care about the organization and the membership. They simply have the members' best interests in mind. 

If you would like additional information on credit union, especially those within Pennsylvania, please visit the website of the Pa. Credit Union Associaton at www.pcua.org.

Who is the Soldiers & Sailors Memorial Hospital Emlpoyees

Federal Credit Union  

The S&SMH Employees Federal Credit Union was originally chartered in August 1974. The first 10 subscibers were, Lois Ann O'Rourke, Dorothy L. Walbridge, Rosemary Mckissick, Sandra Schlicher, Elizabeth H. Jones, Merle D. Fice, Curtis D. Mosher, Charles I. Bates Jr. , Paul D. Zedack, and Jeffrey B. Osgood. Elected to the first Board Of Directors were, Paul Zedack, Jeffrey Osgood, Gary Stedge, Claudine Wilcox, and Elizabeth Jones.

Our original charter was approved to serve the employees and family members and volunteers of the Soldiers & Sailors Memorial Hospital, Service Maser Industries Inc. and Custom Food Management System. During the following years the Green Home, Broad Acres were added on to our membership.

Our Credit Union now serves all of Laurel Health System, Broad Acres and in September of 1999 we were approved to become a multi-group credit union by adding Truck-Lite Co. Inc. We currently have over 1300 members with assets exceeding $3 million.