Credit union meeting to be held in Freeland
April 8, 2011 · Updated 7:24 AM
Another information meeting about forming an island-wide federal credit union will be next week in Freeland.
The meeting will be at 7 p.m. Wednesday, April 13, at Trinity Lutheran Church’s Grigware Hall, said Duke LeBaron of Bayview.
He and co-organizer Beverly Rose of Freeland hope to establish a Whidbey Island Community Federal Credit Union, a cooperative financial institution for residents of the entire island that would be locally owned and controlled by the people who use it.
They hope to collect 250 survey forms indicating interest in a credit union by April 30 before a charter application is made to the National Credit Union Association.
Rose said that credit unions exist for service, not profit, and so are typically able to offer better rates on loans and a better return on savings than for-profit banks and savings-and-loans.
They also tend to keep money circulating locally, LeBaron said.
At next week’s meeting, Rose will describe her experience setting up a women-only federal credit union 30 years ago in Chicago.
For information, call LeBaron at 321-7489 or Rose at 331-1110, or e-mail email@example.com.