About COPOCO Community Credit Union
COPOCO Community Credit Union is a credit union, not a bank. What's the difference? The difference is the credit union exists out of an International social purpose of people helping people. Credit unions are not for profit, not for charity, but for service decisions made based on what is best for the credit union members. Also a volunteer board runs a credit union. Every member has a vote in how the credit union is run.
|Members are owners.||Banks are owned by a group of investors|
|Not for profit, not for charity, but for service. Decisions made are based on what is best for the credit union's members.||Exist solely to make a profit for their stockholders. Decisions made based on what will give stockholders more profit.|
|A Volunteer Board runs a credit union. Every member has a vote in how the credit union is run.||Banks are run by the investors. Their customers have no say in how the bank is run.|
|Credit Unions are not-for-profit. This allows us to offer competitive dividends and loan rates.||Banks are for profit. The investors receive any surplus income, it is not passed onto their customers.|
History of COPOCO Credit Union
COPOCO Community Credit Union was chartered on July 15, 1951 as The Bay City Division COnsumers POwer COmpany Federal Credit Union by five employees of the Northeast Division of Consumers Power Company. In 1954, they changed the name to COPOCO Federal Credit Union. In 1965, they became a state chartered credit union and changed the name to COPOCO Credit Union.
Looking at the strengths and security COPOCO Credit Union was able to provide their members, several smaller credit unions began working underneath the umbrella of COPOCO Credit Union and were eventually merged in. The first merger occurred in the mid 1970’s with Bay Farm Bureau Federal Credit Union. In 1984, Bay County Area Credit Union was merged, in 1985 both Bay Electric Federal Credit Union and Bay City Electrical Workers Credit Union merged and in September of 1986, Bay City Postal Federal Credit Union merged into COPOCO Credit Union.
On June 1, 2002, the Credit Union changed the name to COPOCO Community Credit Union. With this new community designation, COPOCO is now able to serve Bay and Arenac Counties, the eastern portion of Gladwin and Midland Counties and the northeast portion of Saginaw County.
January 1, 2010 COPOCO CCU opened a branch at 3262 Cabaret Trail S., Saginaw MI through the credit union merger of Mid Michigan Family Credit Union. Our community charter now includes all of Saginaw County.
To serve our membership more efficiently in the Great Lakes Bay Region, COPOCO CCU built and opened a third branch January 2, 2013. It is located within the heart of the region, at US 10 and Mackinaw Roads;1479 Straits Dr, Bay City MI. This full service branch is equipped with all the necessary amenities to serve you.
Annual Meeting of Membership
The annual meeting of membership is held each year the third Wednesday of February at the Main Branch located at 4265 E Wilder Road, Bay City MI. This meeting is open to all members of COPOCO Community Credit Union.
This is your credit union. You are an owner. You elect the Board Members. They work for you. During the Annual Meeting of Membership, the Nomination Committee will announce the names of the successful candidates for the Board of Directors.
The Board sets direction and controls the affairs of the credit union. Their guidelines are with wishes of the membership, credit union philosophy, and the requirements of laws and regulations. Ultimately the Board is responsible for making sure the credit union:
- Is capably managed by a knowledgeable CEO and an experienced staff
- Operates using sound business practices
- Complies with all applicable laws and regulations
- Is achieving the membership goals stated in the charter
- Fulfills its purpose of making low-cost loans and encouraging thrift
- Provides adequate financial reserves to cover delinquent loans and losses
- Protects against unauthorized or illegal acts through safe operating procedures and the purchase of bond coverage
To carry out its role in meeting these requirements, the Board sets policy, approves programs, hires and evaluates the CEO, and appoints committees.
The professional management, the staff, the committed hard-working Members of the Executive Loan & Supervisory Committees, work hand-in-hand with the Board of Directors to sustain the well deserved reputation we enjoy as a true leader in the credit union industry.
Of course, none of the success we enjoy as an organization would be possible without our Members. To each of you, thank you for your loyal membership and your dedicated support. It is you who have made us the elite financial institution we are.
COPOCO Community Credit Union's Mission Statement
It is the mission of the Board of Directors and staff of COPOCO Community Credit Union to provide excellence in service, helping each member realize their financial goals and dreams.