Potlatch No. 1 Federal Credit Union - Clarkston, WA

Potlatch No. 1 Federal Credit Union
1301 Highland Ave.
Clarkston, WA 99403
Tel: (509) 751-1348
Fax: (509) 751-1351
Toll Free: 800-843-7128

Mission Statement
Potlatch No. 1 Federal Credit Union is a nonprofit, member owned financial institution. Our purpose is to promote thrift and offer a wide range of financial services at competitive costs, while insuring the financial stability of the credit union.

What is a Credit Union?
A credit union is a cooperative nonprofit organization, organized by people having a common bond of association, i.e., employment, county, etc. The primary purpose of a credit union is to promote thrift. This includes the promotion of systematic savings, financial counseling and guidance in the management of money. All credit unions are nonprofit organizations operating . . . Not for profit! Not for charity! But for SERVICE!

What Does Your Credit Union Offer?
Credit unions are different from all other financial institutions. They are unique because only members may benefit. There are just as many services for members who are financially independent as there are for members who need financial help. Included among the many services Potlatch No.1 Federal Credit Union offers is a plan for convenient, systematic savings and a plan for convenient low cost loans of many different types.

Who Owns & Controls Your Credit Union?
Sole ownership and complete control of your credit union rests directly with the members. Each member has one vote regardless of the number of share dollars they may have.
All assets belong to the members, and net earnings are returned to them through the payment of dividends and the buildup of reserve accounts for the protection of their investments.
Membership meetings are held each year, and control by members is exercised through annual elections of the Board of Directors. The Board of Directors is responsible for the general direction and control of the affairs of the credit union.

Purpose
Since a credit union is different in philosophy and practice than most financial institutions, it is necessary for its membership to have an understanding of its products in order to use its services to the best advantage.

This website has been prepared to help you have a better understanding of your credit union. It contains essential facts about Potlatch No. 1 Federal Credit Union. Read it, keep it, and refer to it frequently for answers. If it does not have answers to your questions, contact your credit union office. Anyone on the office staff will see that your questions are answered.

History of Your Credit Union
Potlatch No. 1 Federal Credit Union received its permit to operate the 29th day of April 1938, from the Director, Credit Union section of the Farm Credit Administration, later to become the Bureau of Federal Credit Unions under Department of Health, Education & Welfare. Finally, in 1970, the Nation Credit Union Administration (NCUA) was created by Congress as an independent agency of the Government. NCUA is the supervisory agency of Federal Credit Unions. It receives no appropriation from Congress. Its expenses are paid from the Charter, Supervision and Examination fees that Federal Credit Unions pay.

The first organizational meeting of your credit union was May 20, 1938, as was the first Board of Directors meeting. There has been a board meeting at least once a month since that time.

Copyright Â© 2007 Potlatch No.1 Federal Credit Union