|
The first meeting of the incorporators for the Bristol Municipal Employees Federal Credit Union was held on February 16th, 1959, at 4:30 P.M., for the purposes of electing a Credit Committee, Board of Directors, a Supervisory Committee, and for the transaction of other such business.
The following were appointed to the First Board of Directors. August Hein, Timothy H. Donavan, Celia T. Critchley, and John Miller.
Membership totaled 48. Assets were a mere $ 86.82. Five loans were boldly granted for $ 575.00 in the month of April, 1959. In December of 1963, we grew to 288 members. Assets were $ 121,000.00 and Loans totaled $ 87, 714.08.
The earliest meetings were held at the Bristol City Hall. We later moved and operated out of an office inside Central Headquarters’ of the Fire Department. In early March of 1979, the Credit Union moved to its present location on North Main Street.
As of December 31st,
2010, the Credit Union had assets of $
10,118,800.00. We have membership totaling
1536. Our loan portfolio was $
2,408,039.00 and since we started operations, we have loaned out over $
64,186,106.00.
To be eligible for membership, you must work for the City of Bristol. Any employee group, including Board of Education personnel, is eligible for membership. Once you become a member your relatives can also join. Relatives include: Spouse, Children, Mother, Father, Step-mother, Step-father, Step-children, Grandparents, Aunts, Uncles, Cousins, Nieces, and Nephews. Once they become members, their families are then eligible to join. Once you become a member, you can stay a member for life. Not to bad for a $5.00 membership fee.
What is different about Credit Unions is the minute you join you immediately become an owner. We are a not-for-profit Cooperative owned by all its members. Credit Unions pride themselves on personal service and generally have rates better than banks. Although we cannot offer all the services the banks can, Credit Unions are catching up.
All you deposits are insured up to $
250,000.00 by the National Credit Union Share Deposit Insurance Fund. It is operated by the National Credit Union Association a government agency. Profits are returned to the members in the form of lower loan rates and dividends. To obtain a dividend you must keep at least $ 50.00 in your share or club accounts.
Some of the services the Credit Union offers are checking accounts, savings accounts, Christmas Clubs, Vacation Clubs, Certificates of Deposits and numerous types of loans.
We offer 100% financing on vehicles loans.
To become eligible for a loan, new City Employees must complete their probationary period. Those periods are controlled be each employee group through its contract with the City. All other applicants must have proof of employment. They must be employed for at least six-months and have completed their company’s probationary period. The Credit Union reserves the right to check with an employer to confirm employment.
All loans must be approved by the Loan Committee, and in some cases the Board of Directors. They reserve the right to make changes as they deem necessary and evaluate
Individual applications. |
