The mission of Edinburg Teachers Credit Union is to be the best financial institution in the Rio Grande Valley. Unlike a bank, there are no outside stockholders whose purpose is to maximize the value of its stock. Instead of using earnings to reward outside stockholders, like banks do, Edinburg Teachers Credit Union uses earnings to reward members with benefits including higher deposit rates and lower loan rates
History of Credit Unions Globally
The Credit Union concept originated in 1849 when the mayor of a small German village wanted to help his people recover from the physical and financial devastation caused by the Napoleonic Wars. His plan was for people to pool their small but regular savings and provide low interest loans to those in need. This plan was successful and the idea quickly spread across Europe.
The first Credit Union in the United States was established in Manchester, New Hampshire in 1909. Like the original, this Credit Union was based on the principles of pooled savings and low interest loans. Today, there are thousands of Credit Unions in the United States. Foremost among the many contributing factors for the fast growth and popularity of Credit Unions is the quality service Credit Unions provide to their members.