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Rush-Henrietta Central School District Wheatland-Chili Central School District

CREDIT UNION HISTORY

What is a Credit Union?
A credit union is a financial institution wholly owned and operated by its membership. We do not generate profit for a group of stockholders. As a cooperative, all income from our operations (after expenses) is returned to the membership. It is given back in the form of dividends on deposits, lower loan rates and increased services.

What did Credit Unions originate?
The credit union movement began in Germany in the mid 1800’s with a very simple idea that people could pool their money and make loans to each other. This idea evolved from the early 19th century cooperative activities that were spreading throughout Europe. The idea of cooperatives providing banking services for persons who banded together was transplanted to the United States when Edward A. Filene, the Boston merchant and founder of the “bargain basement” idea, worked to help establish “peoples’ banks” in the Commonwealth of Massachusetts. (An interesting note is that one of the first credit unions is still called St. Mary’s Bank.)

What is the History of Ever $ Green FCU?
Ever $ Green FCU was established on March 3, 1968 with the granting of a Federal Charter by the National Credit Union Administration when a group of teachers in the Rush-Henrietta School District decided they needed the unique services of a credit union. The stated purpose then, as now, was to provide affordable financial services to all of our members. Our name then was the Rush-Henrietta Educators Association Federal Credit Union (RHEA FCU). In the 1980’s we merged with Wheatland Chili and Getinge Castle’s credit unions to form what is now Ever $ Green FCU.

Where is the Credit Union today?
Ever $ Green Federal Credit Union is a non-profit financial organization providing a variety of banking services including savings, checking, certificates of deposit, and loan services at favorable rates and terms for our members. Governed by Federal regulations and a board of seven directors who meet at least once each month, we now have in excess of 1600 members. Now in our 32nd year, our assets are currently over 7 million dollars.



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