Cooperative Financial Institution

A cooperative financial institution, like a credit union, is a financial organization owned and operated by its members, who share a common bond such as employment, community, or industry. Because it is member-owned, profits are often returned to members through lower rates, better services, or dividends. These institutions focus on serving members’ financial needs rather than maximizing profits, offering services like savings accounts, loans, and other financial products. Their goal is to support the financial well-being of their members and community, emphasizing mutual benefits over shareholder profit.