East Coast Credit Union
East Coast Credit Union is a nonprofit, cooperative financial institution, that works for the membership’s best interests, not for the interest of a few stockholders. Profits from loans and investments are returned to members in the form of higher dividends on savings, lower interest rates on loans, and expanded or improved services. The credit union is owned by its members and governed by a member-elected board of directors.
The first credit union and the credit unions of today still have the same underlying principle: pooling members’ money together to provide a safe place to save and borrow at reasonable rates. Keeping with the same pooling philosophy, credit unions today have been able to remain successful by uniting to share the costs of data processing, employee education and regulatory expenses. This unity has allowed individual credit unions to increase their product lines and remain a competitive, less expensive alternative to traditional banking.