Our Mission Statement

Parsons Federal Credit Union is committed to providing a broad range of products and services to our valued members, using proven technologies and professional methods, in a reliable, financially sound manner while ensuring the security and privacy of our members' information.

• At every PFCU office you will find a friendly, helpful atmosphere, where financial choices are offered without pressure or obligation.
  
  
• Originally chartered by the federal government on September 16, 1975, today PFCU serves nearly 9,000 members.
  
  
• All member accounts are insured up to $350,000 by a combination of federal NCUSIF and private ASI insurance funds.

Volunteerism...A Credit Union Advantage

All members of PFCU’s Board of Directors are volunteers, elected by the membership. These dedicated volunteers reduce operating costs, helping the Credit Union offer better rates. Directors also set policy and procedures, and are responsible for the credit union's daily operation and long-term goals.

For more information please browse our website or contact Parsons Federal Credit Union.

The History of Credit Unions

From the beginning Credit Unions were unique financial institutions created not for profit, but to serve their members as a credit cooperative. The earliest financial cooperatives date back to the beginning of the 19 th century in England . Credit Unions as we know them today began in the mid 1800's in Germany .

The early German Credit Union was organized as a way to help people who were victims of a crop failure and resulting famine. It was actually a bakery, not a financial institution. Farmers in the area pooled their resources together and were able to sell bread at a much lower cost. The founders took this cooperative notion and addressed the needs of providing credit to the farmers to purchase the supplies they needed to get their farms productive again.

In 1900 the Credit Union concept crossed the Atlantic when a Canadian court reporter organized a Credit Union to provide relief to the working class that were being charged extremely high interest rates by loan sharks.

The first Credit Union was formed in America in 1909 in Manchester , New Hampshire . By the 1920's Credit Unions were becoming increasingly popular. The economy was good and people had more money to save and were able to purchase products such as automobiles and washing machines. People needed a source of inexpensive credit and commercial banks were not interested in providing consumer credit, thus people looked to Credit Unions for their loan needs.

In 1934, President Roosevelt signed the Federal Credit Union act which formed a national system to charter and supervise federal Credit Unions. By 1960 there were more than 10,000 Credit Unions with over 6 million members. In 1970 the National Credit Union Administration (NCUA) became an independent federal agency and the National Credit Union Share Insurance Fund was formed to insure members' deposits. The 1970's also brought about expansion of the services Credit Unions offered including certificate accounts and home mortgages.

Today more than 83 million people are members of the 9,000 federally insured Credit Unions.

For more information on the history of Credits Unions, or to join Parsons Federal Credit Union, call us at 800-765-4527, or locally at 626-440-7000.

This credit union is federally insured by the National Credit Union Administration