Philosophy, History & Mission
What is a Credit Union?
A credit union is a not-for-profit financial cooperative run for the benefit of its members. Credit unions are member owned. The earnings of a credit union, after expenses and reserves, are returned to members in the form of high dividends on savings, low cost loans and low cost services.
Susquehanna Valley Federal Credit Union's all-volunteer Board of Directors is elected by the membership at the annual meeting every April. The Board, in turn, makes policy decisions for the operation of the Credit Union.
Susquehanna Valley Federal Credit Union, originally named West Shore Teachers Federal Credit Union, was established in July of 1967 by a group of educators from West Shore School District. The Credit Union operated from the home of the treasurer and founder, Fred Bollen, for its first 12 years. During these years, we grew to 1,500 members and $1.2 million in assets.
During the period from 1979 to 1987 we served our members from several leased locations and continued to grow. Two smaller credit unions were merged with us and we added a number of new groups, primarily school districts. By the end of this eight-year period, we had grown to $14 million in assets and 4,000 members.
In 1987 we purchased and occupied our own building on Slate Hill Road. From 1987 until 2001 our Credit Union thrived from this location. We continued to grow, adding members and services. We were so successful that we outgrew the building.
In December of 2001 we moved to our current location at 3850 Hartzdale Drive. This is a building that was specifically designed to meet the needs of our members. With this new facility we are able to continue to expand our services to become a full-service financial institution to the membership which consists of more than 80 different employee groups and more than 6,500 members. Our assets are now in excess of $56 million.
The Mission Statement of SVFCU
To provide quality financial services for our membership at competitive prices while at the same time working to ensure the safety and soundness of the credit union through effective management of its resources.