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Newport Site Employees Federal Credit Union, one of
the oldest Credit Unions in Delaware, was founded at the Newport Plant in June,
1937.
In those days, the country was still in the grip of the Great
Depression. Wages were low, jobs hard to find, and credit difficult to obtain.
Millions were struggling for solvency, and groping for new ways to financial
security.
At Newport, a small group of employees, deeply impressed with
the Credit Union philosophy and the movement's growing success elsewhere,
decided that a Credit Union was needed. Application for a federal charter was
submitted on May 27, 1937 and approved on June 7, 1939.
Ten employees
signed the charter, each putting up $5.00 for an initial share. The new Credit
Union, therefore, began its activity with a capital of $50.00. In the following
62 years, the assets increased to over 10 million dollars and the membership
rose to more than 1400.
The secret of personal financial security is
promotion of one's thrift habits and wise use of one's credit.
We feel
the privileges and opportunities we offer are unequaled by other financial
institutions. Our service is extended liberally with dignity and desire for
true helpfulness.
Our purpose is to give members low-cost loans,
encourage savings and provide other financial services. Unlike a bank, or
finance company, we are not out to make a profit. After we pay our operating
expenses and set aside required reserves, our income is returned to the members
in dividends or other benefits.
Your Credit Union is member-owned and
controlled, being managed through a Board of Directors elected by the
members.
Audits are conducted annually by the Credit Union Supervisory
Committee. In addition, at least once a year, an unannounced independent audit
is performed.
INDEPENDENT ORGANIZATION
The Newport Site
Employees Federal Credit Union is not a part of DuPont or Ciba Specialty
Chemicals Inc, but it does have their full approval and cooperation.
It
is an independent organization owned and operated by and for its
members.
UNITY AND STRENGTH
Newport is an active member of
the Delaware Credit Union League. The League's mission is to promote the unity
and cooperation of credit unions, develop and present educational programs, and
provide special services required by the member credit unions.
Through
membership in the League, Newport is affiliated with the Credit Union National
Association and World Council of Credit Unions. It has also figured prominently
in the many achievements of these organizations in advancing the Credit Union
movement.
Your Credit Union is an active member in the "Association of
DuPont Credit Unions" (ADCU).Organization |
