That is the case with Commonwealth Credit Union, a community-chartered credit union headquartered in Frankfort, Kentucky.
Commonwealth Credit Union opened their doors in 1951 with $2,700 in assets and 122 members. Today the assets have grown to more than $1 billion, and Commonwealth Credit Union serves over 100,000 members, also referred to as owners.
Addressing needs of members
One of the reasons Commonwealth Credit Union has grown so much is their responsiveness to their members. When a change is made in how things are done, that change is often driven by the needs of the community. So after hearing feedback from their members, the credit union decided to offer business accounts. A credit union representative said:
“Our members know we have them covered, from their first steps to their retirement dream home. We pride ourselves on being the best for all the firsts, including your first checking account, first car, and first home. We’re always looking for ways to better the lives of our members at every stage of life. Commonwealth Credit Union is expanding in membership, expanding in the number of locations, and we’re thrilled to add business accounts to our credit union family.”
Why business accounts?
Adding business accounts is all about bettering lives. Commonwealth Credit Union’s commitment doesn’t just end with their members. “This philosophy has to carry through to our communities and small businesses. It’s important to see them thrive, since small businesses are the heart and soul of our communities.”
In the past, Commonwealth’s charter required members to contribute to the Kentucky Retirement System. This changed in 2016 when the institution became a community-chartered credit union, serving individuals in the KIPDA and Bluegrass Development Districts. Anyone who lives, works, worships, attends school, or volunteers in one of these communities is eligible for membership.
Are you a business owner and want more information about what Commonwealth Credit Union offers? You can click here to learn more about their Small Business Accounts for businesses with lower sales volume, Commonwealth Business Accounts for businesses with high-volume needs, or Community Business Accounts for not-for-profits, groups and associations.
Also on this page, you can fill out a Business Account Appointment form to set up a time to meet with a business account specialist to further assist you.