What is a Credit Union?
A credit union is a financial cooperative that is owned and managed by its members. Like any other financial institution, credit unions are closely regulated. Credit unions exist to help people, not make a profit. Credit unions are governed by a volunteer Board of Directors who are all active members and directly elected by the credit union’s other member-owners.
At SPIRE, our goal is to serve all of our members well, including those of modest means. Every SPIRE member counts and for that reason, our members are fiercely loyal. They know SPIRE will be there for them in bad times, as well as good. This member-centric philosophy is why SPIRE and its employees get involved in community charitable activities and worthwhile causes.
Credit Unions vs. Banks
How is a credit union different than a bank? Both serve the financial needs of individuals and businesses, but there are a number of ways credit unions are different than banks: