A credit union is a not-for-profit financial cooperative which is a group of people in a common situation who through work or community, have shared financial needs and goals. Some are needing to save money to meet a goal and some are needing to borrow money and need some financial help. A credit union is a place where they come together to help one another.
The savers make their money available to the friends, co-workers or other members in our community who have a financial need like an auto loan. Funds are not invested in risky ventures but is invested in members of our community that need help. The borrowers pay back the money with interest which gives a dividend to the savers and pays the expenses that are incurred in keeping track of the transactions, serving the members and setting some aside for rainy days.
Every member has a share in the business and as such has a say in how the operation is run. The Board of directors and committee members are all volunteers from the membership. When we take good care of our members, they put trust in this relationship and and refer their friends and family to the credit union. Loyalty is gained when help is provided when others won’t and the help is provided at a fair price. That trust is rewarded when members continue do their part and pay their loans on time.
This concept represents the principles and common bond upon which Connection Credit Union (formerly Kitsap County Public Employees Credit Union) was founded. We were formed by the employees of the City of Bremerton in 1958 and expanded to include all public employees in Kitsap County and eventually anyone who lives, works, worships or attends school in Kitsap county. Our common bond has expanded over the years but our core principles remain the same. There is a connection to our community and a great example of ‘keeping it local’.