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Southbridge Credit Union (SCU)

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Southbridge Credit Union (SCU)

Overview:

A credit union is a not-for-profit, membership-owned financial institution. Known for its strong consumer-orientation, a credit union is organized to serve a community, a company or a municipality. The State-chartered Southbridge Credit Union, incorporated in 1938, is a community credit union (you may become a member, any time) with both Federal and private deposit insurance. We operate under the supervision of the Massachusetts Banking Commissioner. Participating institutions in the credit union movement, as it is often termed, pay competitive rates of interest on savings and loan products.

A credit union divides income between dividends to members and reserves to build capital, which strengthens it in its members' behalf. Unlike a bank, a credit union does not sell stock or borrow from the Federal Reserve Bank in order to raise funds. It operates as a not-for-profit cooperative, with a democratic structure, and member ownership and control. Those founding principles of American credit unions, which stretch back well into the 19th century, remain today. A copy of our current Statement of Condition is available at any of our offices or by telephone or mail request.

   * Membership in the Southbridge Credit Union is available to persons, businesses and organizations that are either residing, working or operating within our sphere of operation. This is the Massachusetts counties of Worcester, Bristol, Franklin, Hampshire, Norfolk, Hampden and Middlesex, and within a 25-miles radius of our Main Branch, in Southbridge, which borders Connecticut.
   * We're known for our strong member orientation.
   * We pay competitive rates of interest on savings and loan products.
   * We divide income between dividends to members and reserves to build capital, which strengthens the Southbridge Credit Union in its members' behalf.
   * Deposits are insured in full by the federal National Credit Union Administration and the private Massachusetts Share Insurance Corporation.
   * Our Southbridge High School branch serves school system employees and students while functioning as a teaching facility.

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