CREDIT UNION HISTORY
At Oklahoma Federal Credit Union, we believe in the credit union idea: People should be able to pool their money and make loans to each other. It's an idea that evolved from cooperative activities in the 19th century Europe.
Since that time, the ideas guiding principles have remained the same: 1) Only people who are credit union members could borrow there; 2) Loans are made for "prudent and productive" purposes; 3) A person's desire to repay (character) is considered more important than the ability (income) to repay. Members are, after all, borrowing their own money and that of their friends. These principles still govern most of the world's credit unions.
PHILOSOPHY & STRUCTURE
Credit Unions are demographically owned and controlled institutions based on "People Helping People" principle. Credit Union Boards of Directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without compensation. Credit Unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of higher dividends on savings, lower loan rates and lower costs of services.
Oklahoma Federal Credit Union was founded in March 1951 as Safeway Oklahoma City Federal Employees Credit Union, the past 62 years have seen changes, growth, vision, and steady management from the President/CEO and the Board of Directors. In December of 1951, the credit union had 274 members and assets of $974.00. As of December 31, 2012, the credit union has grown to over 9,600 members and assets that total close to $92,000,000.
In 1981, the Board of Directors decided the credit union needed a permanent location. In March 1982, the ribbon was cut and the doors to our current location were open.
Oklahoma Federal Credit Union will be celebrating 62 years of service in March 2013.
Our Commitment to OKFCU Members
With a strong commitment to its members, Oklahoma Federal Credit Union strives to provide you with the professional financial services you need and the friendly, personal service you want. We are a full-service financial institution and we are always to serve you better.
A professional staff and a volunteer Board of Directors operate Oklahoma Federal Credit Union. Our Board of Directors has a combined 200 years of experience in the financial industry.
Elections for the Board are held each March at the Annual Meeting and members are able to vote for their favorite candidate. These men and women volunteer their time to help shape the future of the credit union.
While a lot has changed in 62 years, our commitment to our members has not. From our humble beginnings, we were founded to give people a place to save and a place to borrow at reasonable cost. The motto of "Not for profit, not for charity, but for service" still rings true today.
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