A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members.   A credit union is made up of a group of people who share a common bond of employment, residence, or association  It is member-owned and governed by a Board of Directors elected from and by the membership. The Board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.  Through our collective savings, member-owners create a source of low-cost credit for themselves, their families, and fellow members.