Racine Municipal Employees Credit Union

The Racine Municipal Employees Credit Union is a nonprofit financial cooperative organization based in Racine, Wisconsin. Established in 1953, it serves the financial needs of municipal employees within the area.

History

The credit union was founded to provide affordable financial services to employees of the municipal sector in Racine. Since its inception, it has grown to become a significant financial institution for its members.

Operations

As of recent data, the Racine Municipal Employees Credit Union has one branch and serves approximately 1,857 members. It operates on the principle of member ownership, where members pool their resources to provide loans, credit, and other financial services at competitive rates.

Financials

In 2023, the credit union reported total revenues of approximately $968,156. These financial resources are utilized to offer a range of financial products and services tailored to the needs of its membership.

Governance and Structure

Like most credit unions, the Racine Municipal Employees Credit Union is governed by a board of directors elected by its members. This structure ensures that decision-making is member-focused, aiming to maximize benefits and services for the community it serves.

Purpose and Impact

The primary purpose of the Racine Municipal Employees Credit Union is to improve the financial well-being of its members through cooperative banking principles. By offering personalized financial services, it plays a vital role in supporting the local economy and community development.