What Is A Credit Union?

Credit unions are not-for-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:

Country Federal Credit Union is a federally charted credit union operating under the rules and regulations set forth by NCUA (National Credit Union Association) and a variety of other federal and state laws.

The Credit Union Was founded August 12, 1967 in and for all residents of and persons who work in Baker county, Florida; employees of this credit union and organizations of such persons, Expanded in 1996 to include Baldwin, Maxville, and surrounding (six mile radius of Baldwin) area with a branch office located in Baldwin and also a Branch located in Glen St. Mary.

The purpose of the credit union is to encourage savings among its members and from these funds provide a source of credit at reasonable rates of interest.

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.

REGULATION & SUPERVISION
Country 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. 

State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund, NCUSIF, which covers all federal credit unions, and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.
 

Holiday Schedule 2008:

New Year's Day	January 1
Martin Luther King, Jr. Day	January 21
President's Day	February 18
Memorial Day	May 26
Independence Day	July 4
Labor Day	September 1
Columbus Day	October 13
Veterans Day	November 11
Thanksgiving Day	November 27
Christmas Day	December 25
New Year's Day (2009)	January 1

Credit Union Mission:

Whereas, Country Federal Credit Union is a member owned not-for-profit cooperative financial institution formed to permit those in the field of membership specified in it's charter to pool their savings, lend money to one another, and exclusively own the organization where these members will save, borrow or obtain related financial services. Country Federal Credit Union members are united by a common bond and democratically operate the credit union under federal regulations.

LEGISLATIVE UPDATE
When legislation or bankers' lawsuits attack any credit union, it's an attack on all credit unions. Your Credit Union proudly protects members' right to join and participate in their not-for-profit financial cooperative.

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.
 

Meet Our Staff:

W. Brian Yarbrough President/CEO	AnitaW. Crews Executive Vice President/COO