Credit unions are not-for-profit cooperatives owned by their members, governed by unpaid, volunteer boards of directors, elected from and by the membership of the credit union.
With a combined staff of 31 full-time employees and a part-time staff of six at three locations, Hensler stated, “At the County Federal Credit Union, we take pride in the fact that we are loyal and serve the needs of our members in 21 communities throughout central Aroostook County. An investment in the CFCU is truly a local experience.”
The County Federal Credit Union makes available to its members a wide variety of services — retail banking services, including online banking, checking, savings, certificates, personal loans, auto loans and mortgage loans. “We provide services for anything offered within the financial world,” added Hensler.
Hensler also commented that The County Federal Credit Union is a very solid, strong financial establishment. “We have 13,000 combined members,” he said.
With the growing concern of regarding the housing crisis, including the downward slide of institutions such as Freddie Mac and Fannie Mae, Hensler encourages individuals to understand that the credit union does not sell their loans. “The situations in the Midwest and Florida, have absolutely no effect on us. If a mortgage loan originated here, it stays here, we do not sell our mortgages to the secondary market.”
Another banking concern facing citizens is whether or not their savings accounts are safe at their financial institutions. The norm is accounts are insured up to $100,000. Hensler stated that married couples, who have more than that amount are eligible to have as much as $400,000 insured. “If a couple has a joint account containing more than $100,000, separate accounts with another family members (the second family member must have access to the account) may be set up. “This way,” added Hensler, “savings up to $400,000 would be insured.”
For more more information on The County Federal Credit Union, go online at www.countyfcu.org.
