Norfolk Community Federal Credit Union celebrates 70 years
Since Aug. 13, 1953, Norfolk Community Federal Credit Union has been putting people before profit.
Credit unions are cooperative, not-for-profit financial institutions organized to promote thrift and provide credit to its members. They provide some of the same services as other financial institutions but with an added personal touch.
“We believe in the credit union philosophy of ‘people helping people’,” says NCFCU CEO Susan Kenney, who joined the organization in 1994. “We want our members to live life on their own terms with our help if they feel it necessary. We are prepared to guide our members through every stage of life.”
“We pool our money for the benefit of all,” says Kenney. “All profits made by the credit union are returned to the members in some way; this could be offering lower loan rates, fee reductions, or better rates on savings. What this means to the member is they are the investor in the credit union and they, as members, reap the rewards.”
Some of NCFCU’s most popular services include 0% Mass Save loans, mortgages, low rate new and used auto loans, savings products, insurance and more. For members ages 14 to 24, they offer free checking accounts with a debit card that grants access free of charge to more than 30,000 ATMs all over the country.
The credit union was chartered in 1953 and has remained in town for 70 years. Today, our field of membership includes Norfolk, Franklin, Wrentham, Bellingham, Millis, Medway, Foxborough, Medfield, Plainville, and Walpole.
Kenney says that all members, regardless of their financial or social position, have an equal voice in matters that affect the credit union.
Credit unions like NCFCU are member-owned and controlled through the election of a Board of Directors drawn from their membership. Each year, a credit union will hold an Annual Meeting to elect a Board of Directors and to report to the membership the status of the credit union. The Board of Directors are volunteers whose responsibility is to guide the credit union, to ensure the credit union is operated on a sound financial basis, and to chart a course for implementing new services that are requested and needed by the membership.
“Democratic control makes the credit union a part of the communities it serves rather than an engine of profit seeking markets where it can reap maximum revenue,” says Kenney. “Individual credit union members who determine the future of the credit union have no better use of the capital that the institution controls than to continue their credit union’s mission of service to the community.
“The stockholders who own the bank are always on the lookout for a way to make the bank more profitable, including merging or selling out of a market. Credit unions are the most successful and widespread of cooperative businesses in the United States.”
For more information about Norfolk County Federal Credit Union, visit www.norfolk communityfcu.org.
Susan Kenney, NCFCU /CEO
In 1909, Massachusetts Bank Commissioner Pierre Jay and wealthy Boston merchant Edward A. Filene, son of William Filene, founder of Filene’s department store, joined forces to enact the Massachusetts Credit Union Act, the first general statute for establishing credit unions in the United States. For his efforts, Filene earned the moniker “Father of U.S. Credit Unions,” according to https://ncua.gov/about/historical-timeline
NCFCU is active in the community
Norfolk County Federal Credit Union has participated in Norfolk Community Day for over 18 years. They sponsor Little League baseball teams, softball teams, and various school teams in their field of membership. They sponsor the Norfolk Public Library, Norfolk Police and Fire, Norfolk Field of Flags, Federated Church of Norfolk, Norfolk Community League, Norfolk Lions Club, Mass Coalition for the Homeless, Mass Miss Amazing, as well as a giving tree for the Santa Foundation in Franklin.
“Through the years our credit union has grown and continues to grow. We work to strengthen and support our communities and the credit union philosophy.”PAID ADVERTISEMENT