Founded in 1938, our original charter was to serve the financial needs of employees of the Social Security Administration. Today we are one of the largest credit unions in the state of Maryland and provide financial services to meet the needs of more than 35,000 members, with $350 million in assets, representing our core common sponsor groups and select employee groups, as well as anyone who lives, works, worships or attends school in the City of Baltimore.
Credit unions are not-for-profit financial service cooperatives, operating under the direction of a volunteer Board of Directors, which offer a wide variety of personal financial services exclusively to their members. Credit union members have a "common bond" affiliation such as place of employment, community or organization. And unlike other types of financial institutions that must generate a profit for outside stockholders, credit unions are member-owned, and excess earnings are returned to members in the form of:
- competitive dividend rates paid on savings and investment accounts,
- competitive interest rates on loans, and
- the addition of new and enhanced products and services.
Credit unions continue to grow in financial strength. Their insurance fund, the NCUSIF (National Credit Union Share Insurance Fund) is the strongest of the Federal deposit insurance funds. Established by Congress in 1970, this fund is managed by the National Credit Union Administration (NCUA), and insures members'' deposits for up to $250,000. IRAs are insured individually to an aggregate of $250,000.