What’s the difference between a credit union and a bank?
Credit Unions are member-owned financial institutions that are based on a not-for-profit structure. Banks are typically for-profit corporations that are owned by investors. As a credit union member, you are buying shares of the credit union, making you part owner. The fact that we do not issue stock or pay dividends to outside stockholders allows us to serve our membership base more directly. Credit Union earnings are returned to the members in the form of lower loan rates, higher dividend rates on deposits, and lower fees. As a member/owner, you have the opportunity to vote for the Board of Directors, who are volunteers.
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.
We have been operating in Southwest Colorado since 1958. We offer full financial services (just like the big guys) and we truly get to know our members. We’d love to get to know you!
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, 2017): $54,074,359
- Current Number of Members (as of December 31, 2017): 3,606
- 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 which is 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.Go to main navigation