At our Annual Meeting on March 19, we celebrated 66 years of serving our members. We opened our doors in 1942 – October to be exact. Our birthday celebration is always a bit belated, but that doesn’t diminish the significance of our humble beginnings. Back then, a handful of members came together to insure that their fellow employees in the school district had a source for loans should they need to borrow. As a result of that insightfulness, thousands of people over the years have had a little better go of it.
To this very day, lending money remains one of the major charges of St. Louis Community Credit Union. In the spirit of the cooperative credit union movement, we take member deposits and return it to our creditworthy members in the form of loans. We would rather make a good loan than any other type of investment. Currently, we have over $86 million in loans to our members, but more opportunities exist. Many members use other sources for their loans. We sure wish those loans were with us.
A member loan has always been our best investment. Why? A loan has a better net yield resultant in more return to all members. “Return” is a synonymous word with lower rates on loans to everyone, higher deposit rates, lower fees, more locations, etc. You get the idea…the more members that choose the credit union for their loan, the better off we all are. That’s the way co-ops work…“an all for one, one for all concept.”
There is no credit crisis at SLCCU. We continue to make loans every day. Others may have shut off the spigot on loans due to being inflicted by mortgage losses, but not us. Just as they did in 1942, loans remain a key component to serving our members. We remain committed to you and your family by increasing your standard of living and bettering your lifestyle. If a loan sounds like it may help you do that, give us a call first. We’d love to take a look and see if we can help.