When I arrived at LFCU in 1989 as CFO, the Credit Union had roughly 100,000 members. When I left briefly in 1993, LFCU had roughly 100,000 members; and when I returned to LFCU in 2001 as CEO, we still had roughly 100,000 members. In fact, from the late 1980s until 2010, the credit union’s total member population remained relatively constant, at about 100,000.
Although chances are good that you’ve stepped foot inside a credit union or two, you may not know a whole lot about them. Credit unions — which are nonprofit, member-owned financial institutions that typically offer better interest rates and fewer fees than national banks — have a rich and complex history.