Newport News Municipal Employees Credit Union is a nonprofit, cooperative savings and lending organization. It is owned and controlled by its members. The Credit Union was granted a state charter on September 21, 1950. After 25 years of operation the credit union reached its first $1 million in assets. Since that time we have continued to expand our many services to our members. Our primary goal is providing high quality, professional service to our members. Where service, thrift, and financial stability are proven benefits and where “People Helping People” is more than a slogan, it’s our way of doing business.
What is a credit union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
What’s the difference between a bank and a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
Why should NNMECU be my primary financial institution?
At NNMECU, we think it’s hip to be SQUARE. That is, we believe in Service, QUality, And REspect. We understand that your life gets busy. We strive to give you quality service in a timely manner. Each member is respectfully treated as an individual and our goal is to meet your individual needs.
You’ll notice a difference immediately upon entering one of our offices. Our employees greet our members, quite often by name. We have created a low pressure, family atmosphere where our members feel comfortable chatting with the staff and other members in the lobby.
Speaking of family, we take pride in the fact that we have served and continue to serve generations of families. We’ve watched as our members’ kids have grown up to have kids of their own and carry on a tradition of credit union membership.
So, come join us where you’re a name, not a number.
NNMECU…It’s Where YOU Belong!