The History of America's Credit Unions
Virginia Coop Credit Union is a member-owned financial cooperative offering a wide array of quality and affordable financial products to satisfy our members’ financial needs.
History
Virginia Coop Credit Union was established on July 21, 1937 to promote thrift among its members and to create a source of credit for them at legitimate rates of interest. Eight original members each purchased a $5.00 share in the Credit Union, which is still our share price today. Membership is composed of those who are members and employees of cooperatives located in Virginia, MN, and employees of the Credit Union.
VCCU changed its bylaws in 1997 to include members of Lake Country Power, a member-owned utility. VCCU incorporated Vermillion Financial Services in 1999 to provide our members with financial and insurance services.
The Credit Union is member-owned and holds a membership meeting every spring. The members nominate and vote on for the board of directors, which help direct the credit union in its decision making processes.
The goal of VCCU is to keep our money local. We are one of the few financial institutions in town where loan decisions are made locally. The money deposited by our members goes to help other members finance cars, trucks, motorcycles, home repairs, and other purchases which primarily occur at area businesses.
