Commonwealth Credit Union
Encyclopedia
Commonwealth Credit Union is a state chartered credit union
headquartered in Frankfort, Kentucky
. Commonwealth is regulated under the authority of the National Credit Union Administration
(NCUA) of the U.S. federal government. Commonwealth is the largest credit union in Kentucky and had $834 million in assets, approximately 84,000 members, and 3 branches as of 2008.
Commonwealth's field of membership extends to any participant in a Kentucky Retirement System and their family. Member deposits are insured up to $250,000 through the National Credit Union Share Insurance Fund
, credit unions' equivalent to the Federal Deposit Insurance Corporation
(FDIC).
Commonwealth hosts an annual charity run that benefits charities in Kentucky as well as an annual "Stuff the Bus" campaign to provide local schools with school supplies.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Frankfort, Kentucky
Frankfort, Kentucky
Frankfort is a city in Kentucky that serves as the state capital and the county seat of Franklin County. The population was 27,741 at the 2000 census; by population it is the 5th smallest state capital in the United States...
. Commonwealth is regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) of the U.S. federal government. Commonwealth is the largest credit union in Kentucky and had $834 million in assets, approximately 84,000 members, and 3 branches as of 2008.
Commonwealth's field of membership extends to any participant in a Kentucky Retirement System and their family. Member deposits are insured up to $250,000 through the National Credit Union Share Insurance Fund
National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund is administered by the National Credit Union Administration for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. It was created in 1970 shortly after the creation of...
, credit unions' equivalent to the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC).
History
Commonwealth Credit Union was founded on April 2, 1951 with $2,700 in assets and 122 members. By 1976, membership had grown to nearly 6,000 and its assets to $2.8 million. Commonwealth absorbed the Kentucky Teachers and Associated Employees Credit Union in 1983.Commonwealth hosts an annual charity run that benefits charities in Kentucky as well as an annual "Stuff the Bus" campaign to provide local schools with school supplies.