Yes, over 40 years ago in June of 1970 a few HSU employees formed the credit union.  The Charter members were:

Alex Freedman     Dr. Manuel Ramirez
Frank Steelman     Dr. Mary Stephenson
Dr. Emory Wesley     Hillquit Lynch
Guy Hays     Dr. Ward Ankrum

This handful of committed co-workers saw the need for helping one another, worked hard and began to grow as a credit union.  The credit union worked to expand it’s membership by incorporating two groups who work hand in hand with HSU, the Aramark Food Services and Dawson Education Coop employees.  Other workgroups have also requested membership opportunities for their employees, Arkadelphia Human Development Center and the Courage House.  Family members of these groups are welcomed to join.  The expansion to these groups have allowed the “people helping people” philosophy to reach many in our community.  Thanks to these members and all who have continued the credit union movement we are nearly 1300 members strong and assets of almost $10 million.

Credit unions are built on several principles; once a member always a member, not for profit but service, and we borrow our friends money they have on deposit, to name a few.  Each member is part owner in this financial cooperative.

To continue with the same principles, we hope to expand membership by making sure all are aware of and have the opportunity to join the credit union, constantly searching for the best services to provide members, improve technology and hope to relocate to a more accessible location.  So let’s get the word out.

What is a Credit Union?

The idea for credit unions was based on the simple principle that ordinary people could pool their money and make loans to each other.  Credit unions are financial cooperatives, owned by the people who save and borrow there.  Once you deposit money in a credit union, you become a member.  Credit unions normally serve groups that share something in common such as where they work, live, or go to church.

The Credit Union Timeline

Credit Unions evolved in early 19th century Europe: *  First financial cooperative organized in England in 1844 *  In 1909, the first credit union was organized in New Hampshire, USA *  The Federal Credit Union Act was passed by Congress in 1934 to facilitate the organization of credit unions across America. *  The Henderson State University Federal Credit Union was formed over 30 years ago

Not For Profit but For Service

The credit union shares the wealth with members by giving the earnings right back to members in the form of affordable loans, competitive rates on savings, and other added services.