That motto underlies the principles upon which the credit union movement has grown. From the earliest credit societies to the OSU Federal Credit Union of today, our sole mission has been to provide a place where members can pool their resources for mutual benefit.
Financial cooperatives are different from for-profit institutions such as banks and thrifts.
Here's how our movement began, how it works, and what makes it so unique and rewarding for its members. The credit union that started in a shoe box In 1954, the Oregon State College Federal Credit Union opened for business with an official charter, a board of directors . . . and a shoe box in a desk drawer. The shoe box was managed by our founder, Associate Professor of Agriculture Bob Coyle, who used it to store the records of the new credit union. In those early days, when a member needed to withdraw savings funds or take out a loan, Mr. Coyle went knocking on other members' doors, shoe box in hand, to drum up enough deposits to cover the request. But it was that kind of good, conservative philosophy that allowed OSC Federal Credit Union to grow steadily, year by year, in capital strength, services and field of membership.