A credit Union is a legal entity organized under state or federal law, by and for people who work for a common employer. They agree to save their money in a facility they own and operate, a credit union, and to make their collective savings available for cost loans to all members.

Credit Unions are democratic institutions with members electing credit union directors to represent them. Membership is open to everyone in the group. A credit Union is different than other financial institutions for its primary purpose for existence is to serve its members.