January 25, 2009
Credit Unions Largely Untouched by 2009 Financial Crisis
Muscle Shoals, ALABAMA—In the wake of the financial crisis, credit unions are starting to look a bit like Clark Kent transforming into Superman, according to economist Nancy Folbre.
Credit unions, largely untouched by the sub-prime mortgage crisis of 2009, grew their membership dramatically last year, more than 11 percent in the third quarter alone. The Credit Union National Association (CUNA) boasts that over 90 million Americans now belong to credit unions.
“Credit unions are not-for-profit and member-owned, so we’re not taking the risks banks have been taking,” said Listerhill Credit Union President Brad Green. “We answer to our members who are our friends, neighbors, even family members. When you see your members on a daily basis, you remember that people are more than money.”
The not-for-profit, cooperative structure of credit unions give members both the right to vote and run for the Board of Directors.
“You get only one vote regardless of how much money you have at the credit union and all of our directors are volunteers and receive no compensation for their service,” explained financial contributor Vera Gibbons on a recent edition of the CBS Early Show. “This process guarantees that your credit union is looking out for your financial interests and not that of a small group of stockholders.”
Locally, residents have the opportunity to observe first-hand how credit unions operate in Listerhill Credit Union’s 58th Annual Meeting on Saturday, Feb. 6 at 10:00am in Listerhill’s main office auditorium in Muscle Shoals.
“The Board of Directors will report on the credit union’s progress in 2009 as well as plans for 2010,” said Kristen Mashburn, Listerhill Marketing Director. “Besides the business, we’ll have a gift for every member who attends, draw for door prizes, and provide refreshments.”
Listerhill Credit Union is a not-for-profit, member-owned financial institution. Founded by Shoals residents over 50 years ago, Listerhill has grown to include more than 60,000 members, $430 million in assets and 16 branches, making it the 7th largest credit union in Alabama. For more information, please visit www.listerhill.com or call 256-383-9204.
