Home »


My Credit Union


1 Texoma Blvd
Fritch, TX 79036

Mailing Address:
PO Box 310
Fritch, TX 79036

(806) 857-3319

(806) 857-3324

Contact Us:
Contact Form

Loan Application:

What is a Credit Union?
The idea for credit unions was based on the imple principle that ordinary people could pool their money and make loans to each other. Credit unions are financial cooperatives, owned by the people who save and borrow there. Once you deposit money in a credit union, you become a member. Credit unions serve groups that share something in common, such as where they work, live, or go to church.

Every member is an owner with an equal vote in the election of the credit union’s volunteer board of directors. Credit unions return earnings to their members in the form of lower rates on loans, higher dividends on savings, and fewer and lower service fees. Many credit unions have expanded their services to include credit cards, debit cards, checking accounts, online services, IRAs, mortgages, and student loans.

As with other financial institutions, credit unions are regulated by state and federal agencies. The funds credit union members deposit are insured by the National Credit Union Administration up to $100,000.


A Brief Credit Union Timeline

While Internations Credit Union Day has been celebrated for the past 52 years, the beginnings of credit unions evolved in early 19th century Europe. We pay tribute to these founders and to the many people today who continue the commitment that sustains and builds today’s cooperative financial institutions.

  • A group of workers and weavers in Rochdale, England, organized the first financial cooperative in 1844.
  • Friedrich Wilhelm Raiffeisen, mayor of Flammersfeld, Germany, created the first credit cooperative in Germany. He conceived of the idea for a credit union to help alleviate the distress of farmers suffering from the famine that had struck his district. Although the credit union was not officially formed until December 1, 1849, credit union people have celebrated the year 1848 since the 1940s.
  • In 1900, a Canadian named Alphonse Desjardins organized a credit union (caisse populaire) in Levis, Quebec. In 1909, Desjardins also organized the first credit union in the United States in New Hampshire.
  • Two Americans were influenced by Desjardins’ efforts – Pierre Jay, the Massachusetts banking commisioner, and Edward A. Filene, a Boston merchant. The two men helped organize pulic hearings on credit union legislation in Massachusetts, leading to passage of the first state credit union act in 1909.
  • In 1921, Filene created the Credit Union National Extension Bureau and hired Massachusetts attorney Roy F. Bergengren to help him. Filene poured more than $1 million of his own money into the project. Bergengren appeared before the state legislators, helping pass laws and initiating voluteer organizers into the “movement.”
  • Congress passed a Federal Credit Union Act in 1934 to facilitate the organization of federal credit unions across the United States. That same year, the Credit Union National Association (CUNA) was formed as a confederation of state associations. By 1935, 39 states had credit union laws, and 3,372 credit unions were serving 641,800 members.
  • In the late 1990s the future of U.S. credit unions was threatened by court actions that would have restricted credint unions’ membership to a narrow common bond. Congress responded with favorable legislation that helped credit unions retain their principles while allowing for future growth. In August 1998, President Clinton signed H.R. 1151, the Credit Union Membership Access Act, into law.



Print Friendly, PDF & Email