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The Midwest City Credit Union was originally incorporated
the Midwest City Memorial Hospital Employees Credit Union as a
State Chartered Credit Union. The original membership included
Midwest City Memorial Hospital Employees, Employees of the credit
union, members of the immediate family of such persons, and incorporated
and unincorporated organizations composed for the most part of
the same general group as prescribed herein. On January 1,
1971, the City of Midwest City employees and their families were
added to the membership. On September 21, 1983 the name was
changed to Midwest City Memorial Hospital and Municipal Employees
Credit Union. Finally, on July 19, 1995 the name was changed
to Midwest City Credit Union. At that time the field of membership
was changed to: Employees, medical staff and volunteers who work
in, are paid from or are supervised from the Midwest City Regional
Hospital facility; employees, elected officials and appointees
who work for or are paid by the City of Midwest City; employees
of the credit union; retirees from these groups; family members
related by blood or marriage; and incorporated or unincorporated
organizations composed for the most part of the same general group
as prescibed herein.
The Midwest City Credit Union provides quality services to
assist members in reaching their personal financial goals and loans
by maximizing the return on investments of our members and protect
their assets through proper security and regulating procedures.
A credit union is a cooperative, not-for-profit financial institution
organized to promote thrift and provide credit to its members.
It is member-owned and operated 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.
Most financial institutions are owned by stockholders, who own
a part of the institution and intend to make money from their
investment. A credit union does not operate in that manner. Rather,
each credit union member owns one "share" of the organization.
The user of the 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.
The first credit union cooperatives started in Germany over a century
ago. Today, credit unions are found everywhere in the world.
The credit union movement started in this country in Manchester,
New Hampshire. There, the St. Mary's Cooperative Credit Association,
a church-affiliated credit union, opened its doors in 1909. Today,
one in every three Americans is a credit union member.
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 shares) 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.
Yes. All share accounts are federally insured to at least $100,000.00
and backed by the full faith and credit of the United States
Government by the NCUA, National Credit Union Administration,
a U.S. Government Agency. Please note that effective on October
3, 2008, the Emergency Economic Stabilization Act of 2008 requires
NCUA to immediately increase share insurance protection to $250,000.00
on all types of accounts until December 31, 2009.
A credit union exists to serve a specific group of people, such
as group of employees or the members of a professional or religious
group. This is called a "field of membership." The
field of membership may include where they live, where they work,
or their membership in a social or economic group.
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