OTIS Federal Credit Union was founded in April of 1954 by eleven mill workers who wanted to make a difference in the lives of local people. 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 area. The Credit Union is located at 170 Main Street in Jay, Maine.
Definition of a cooperative:
“A cooperative is a business voluntarily owned and controlled by its member patrons and operated for them and by them on a not-for-profit or cost basis. It is owned by the people who use it. Cooperatives are organized and incorporated to engage in economic activities with certain ideas of democracy, social consciousness and human relations included. A cooperative provides services and benefits for its members in proportion to the use they make of their organization, rather than earning profits for the shareholders as investors.”