For Immediate Release
October 4, 2017
OTIS Federal Credit Union Holding Member Testimonial Contest in Honor of International Credit Union Day 2017
JAY, MAINE – In honor of International Credit Union Day 2017’s theme, “Dreams Thrive Here”, OTIS Federal Credit Union is holding a member testimonial contest. Tell OTIS about how the Credit Union helped you to achieve one of your dreams, and win a $100 or $50 savings account deposit! Maybe working with OTIS made it possible for you to purchase your first car, to rebuild your credit, to make major home improvements, to take the vacation of a lifetime, to plan your perfect wedding, or to secure a happy and comfortable retirement; whatever your story is, OTIS wants to hear it (or see it—image and video submissions are also welcome). Submissions will be featured on the OTIS website, its social media channels, and in other promotional materials in order to “spread the good word” and let everyone know what makes credit unions unique and indispensable assets to their communities. The winners (first and second place) will be announced on October 19, International Credit Union Day. To enter, visit www.otisfcu.coop/member-testimonial-contest/, or stop by OTIS FCU to pick up a paper entry form. Please direct all questions to Sarah Hayes, Marketing Director, at SarahH@otisfcu.coop.
All OTIS members, as well as the general public, are welcome to join the OTIS team for treats and festivities at their office on International Credit Union Day to celebrate a worldwide movement that’s made helping people its number-one priority for more than 160 years.
Please direct all media inquiries to Sarah Hayes at (207) 320-4985 or email SarahH@otisfcu.coop
About International Credit Union Day
In 1924, Roy Bergengren, one of the architects of the credit union movement, reflected on what a credit union can do for people.
“The credit union is, in fact, a bridge,” Bergengren wrote in the inaugural issue of “The Bridge,” the official newsletter of the American credit union movement, which was then in its infancy. “It may be the bridge over which the tenant farmer travels the wide gap that separates him from ownership. It may be the way that opens the great land of opportunity to the wage worker, who finds his savings the ‘open sesame’ to broader possibilities for himself and his family.”
Twenty-four years later, in 1948, credit unions in America, and later around the world, began celebrating the philosophy and achievements of credit unions every year on the third Thursday in October. The theme for International Credit Union Day 2017 is “Dreams Thrive Here,” harkens back to Bergengren’s sentiment, and it’s meant to serve as a reminder of how effective credit unions like OTIS FCU are at helping all people chase and achieve their biggest dreams in life.
This is because, unlike other financial institutions, credit unions are not-for-profit, so their primary purpose isn’t to score record profits in order to cut distant shareholders bigger dividends checks. Rather, the primary purpose of credit unions is—and always has been—to be of service to their members.
This people-first philosophy doesn’t just mean better service, it translates into a better financial deal for consumers. Credit unions, on average, offer higher rates of return on savings accounts, lower rates on loans, and fewer and lower fees than other financial institutions.
OTIS Federal Credit Union was founded in April of 1954 by eleven local mill workers. Pooling their respective deposits of $5 each, they associated themselves as charter members of OTIS under the provision of the Federal Credit Union Act. At a time in America when obtaining a loan was difficult for the average family, the founders of OTIS sought to form a cooperative, independent financial institution operated and controlled solely by its local membership.
Since its inception, OTIS has been committed not only to providing quality financial products and services to its shareholders, but to giving back to the community. Today, OTIS serves more than 10,715 members and holds over $159 million in assets, employing 25 people from Jay and the surrounding communities. The Credit Union is located at 170 Main Street in Jay, Maine. For more information, please visit www.otisfcu.coop or call (207) 897-0900.