A credit union is a not-for-profit cooperative, owned by the people who save and borrow there, who are called members, not customers. A credit union is organized around a common bond, such as a place of employment, or a community. A volunteer Board of Directors, elected by the membership manages the credit union by making the policies, and setting the loan interest rates and dividend rates. The Board of Directors is responsible for appointing a Supervisory Committee, also volunteers, for the purpose of auditing the credit union’s records, and making sure the credit union is run properly. All board and committee members are elected and appointed from the credit union’s membership.
Each member’s savings are insured up to $100,000.00 by the National Credit Union Administration, a U.S. Government Agency.
South Berkeley Federal Credit Union was originally chartered in 1961 as CGM Federal Credit Union to serve the employees and their immediate family members of the Corning Glass Works plant in Martinsburg, WV. With the closing of the plant in March, 2002, the credit union applied for and received approval for a name change with the National Credit Union Administration. In addition to our current members, we plan to add employees and immediate family members of other businesses in the South Berkeley County area to our field of membership. If your employer does not currently have a credit union available to it’s employees, please contact us, we’d love to talk with them.
South Berkeley Federal Credit Union is a great place to save and borrow. We believe in friendly, personal service, and the credit union motto of “people helping people”.