OTIS Federal Credit Union founded April 1954, by eleven local mill workers who wanted to make a difference in local families’ lives. During this time in America, it was very hard for the average family to get a loan for anything. The eleven founders all gave an initial deposit of $5. each, this was the start of OTIS Federal Credit Union. OTIS FCU continues to provide quality financial products and service to its over 10,000 members, with almost $150 million in assets. The Credit Union employs 25 people from the local communities.
In April 1954, a group of people associated themselves as OTIS FCU under the provision of the Federal Credit Union Act. Those charter members devoted their effort and time because they believed in the credit union philosophy of a “cooperative*” financial institution with member ownership and service orientation. Our Board and Staff are committed to satisfying the needs of our members/owners by offering a wide range of quality products and services.
*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.”