What is a credit union?
A credit union is a not-for-profit financial cooperative that is owned and managed by its members, and closely regulated just like any other financial institution. Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means—every member counts. Our members are fiercely loyal for this reason. 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 are governed by a volunteer Board of Directors, all active members who are directly elected by the credit union’s other member-owners.
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: