What is a credit union and how is it different from Other Financial Institutions (OFIs)?

A credit union is a non-profit financial corportation, owned and operated by its members. Sound complicated? Actually, it's not. Unlike other financial insititutions (OFIs), credit unions have no stockholders; instead, they are owned by their member depositors. When you join a credit union, you become an owner. After necessary reserve and capital levels are achieved, profits made by credit unions are returned to the member/owners through lower rates on loans, higher dividends on deposits and lower service fees. In contrast, at an OFI, rates and fees are driven by stockholders, who consider their ownership an investment and place more emphasis on profits, not service.

Another distinct difference between a credit union and OFIs is in the leadership of the organization, the Board of Directors. At a credit union, the Board of Directors is elected by the membership of the credit union from eligible members themselves. Upon joining a credit union, you become eligible to vote for the Board members, who are serving you. You also become eligible to run for the Board of Directors yourself. Have you ever been granted these oppportunities at OFIs? We should make you aware, however, that if you run and get elected to the Board of a credit union, you may want to consider your salary - zero. That's right. Unlike Board members at OFIs, credit union board and committee members volunteer their time. Why? Because being members themselves, they care about the organization and the membership. They simply have the members' best interests in mind.

Who is the KRATON Belpre Federal Credit Union?

The KRATON Belpre Federal Credit Union was originally chartered in June 1970 as the Shell Chemical Federal Credit Union. Our orginal charter was approved to serve the employees and family members of the Shell Chemical Plant.

Shell Chemical Company sold one division to Huntsman Chemical in March of 1983. The Credit Union expanded the field of membership to include Huntsman Chemical. In November of 1999 Huntsman Chemical sold to Nova Chemical.

Shell Chemical sold to KRATON Polymers in March 2001. The Credit Union received approval from NCUA to change the name of Shell Belpre Federal Credit Union to KRATON Belpre Federal Credit Union in March 2001. Our field of membership includes the employees and family members of KRATON Polymers and Jacobson, Armark, Washington Group.

We currently have over 800 members with assets exceeding over $4 million.

BOARD MEMBERS

Cheeryl Hall, President

Paul Mureiko,  VP

Nancy Wilcoz, Treasurer

Terry Welch,  Secretary

Mike Mazurkiewicz, Board Member

Sheila Decker, Board Member

Jill Flanagan, Board Member