Right where you belong!
Your Credit Union
Credit Unions are cooperatives, owned by the members. The Credit Union philosophy is Not for Profit, Not for Charity, But for Service.
Credit Unions today are chartered and regulated under Federal or State Charters. The National Credit Union Administration as well as the Credit Union National Association provide support and guidance to Credit Unions.
By letting people pool their money, they could make loans to each other. Only members can borrow from a credit union. Loans are to be approved for "prudent and productive purposes" and the desire of a member to repay a loan (their character) is more important than their ability to repay the loan (their income).
Current Statistics of Southwest Colorado Federal Credit Union
- Legal Name: Southwest Colorado Federal Credit Union
- Chartered: Federal Charter, September 30, 1958
- Membership Eligibility: Persons who live, work, worship, attend school, or own businesses and other legal entities within Archuleta, Dolores, La Plata, Montezuma and San Juan Counties of Colorado. Once your membership is established, members of your immediate family are also eligible.
- Current Assets (as of December 31, 2011): $35,228,461
- Current Number of Members (as of December 31, 2011): 3,721
- Board of Directors: The Credit Union has a seven (7) person board. All directors are Credit Union members and VOLUNTEER their time and talents. Any Credit Union member is eligible to run for the Board of Directors. Directors are nominated at the Annual Shareholders Meeting held once a year.
- Supervisory Committee: This committee is appointed by the Board of Directors and performs auditing functions. They also monitor that established policies and procedures are being followed. This committee is also a VOLUNTEER position.
- Staff: The Board of Directors hires a staff to perform daily operations of the Credit Union. The staff answers to the Board, Supervisory Committee and the Members.
Financial Statements are posted on site at 15 Bodo Drive, Durango, CO.