Financial Plus Credit Union Information

Financial Plus Credit Union is a financial cooperative, owned and operated by its members. This is what distinguishes the Credit Union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to other members. Sometimes you will hear your Credit Union referred to as non-profit. Credit Unions earn profits, but that money, after operating expenses and reserve requirements are met, is returned to you in higher dividends on savings, lower fees or no fees, and reduced loan rates. The difference is that the Credit Union was organized to help members, not for the specific purpose of making money. FPCU is governed by a Board of Directors that establishes and reviews policy. The Board consists of Credit Union members who are elected by the membership and who volunteer their time, in contrast to those in the banking industry who are paid for their services. Every member of Financial Plus has one vote, regardless of how much he or she has on deposit. There is no select group of shareholders that profits more than anyone else. ALL members profit - individually and collectively. Financial Plus Credit Union was founded in May of 1951 by Charles Munks, President of Local Union 19, Federation of Glass, Ceramic, and Steel Workers of North America. The Credit Union originally served union employees of Libbey Owens Ford Glass Company and was named Glass Workers Credit Union. It operated in a small area in the Local 19 office building. Over the years, the charter was changed to a community charter, and Glass Workers Credit Union was renamed Financial Plus Credit Union in 1988. Today, Financial Plus is over a $102 million dollar financial institution with three offices and over 18,000 members.