STORY BY BENJAMIN LERNER
PHOTOGRAPHY COURTESY HFCU
HFCU - Worksite Wellness
Heritage Family Credit Union makes a positive impact on the lives of its members through its Worksite Wellness program and its numerous community service initiatives
When several dozen workers at the General Electric plant in Ludlow , Vermont first came together in 1956 to form the Ludlow-Rutland General Electric Credit Union , they set a chain of events in motion that would lead to the eventual blossoming of one of Vermont ’ s most celebrated cooperative financial institutions . After years of being denied loans by local banks , they boldly banded together and pooled their resources . By doing so , the General Electric workers were able to build a closely-knit fiscal network that enabled them to lend and borrow money to one another with greater ease and lower interest rates . As membership continued to grow , the Ludlow-Rutland General Electric Credit Union expanded its reach to welcome nearly 250 additional select employee groups . In the early 2000s , a collective decision was made to allow all local residents to become members regardless of their organizational affiliation .
It was at this point that the name of the organization was changed to Heritage Family Credit Union ( HFCU ).
According to HFCU ’ s Senior VP of Consumer Lending & Development , Carrie Allen , one of the primary factors that sets credit unions apart from other for-profit financial institutions is the fact that each member owns a part of the organization . “ Credit unions are cooperative financial institutions ,” notes Allen . “ The main difference between credit unions and other for-profit financial institutions is that we ’ re owned by our members . Similar to other cooperative businesses , each one of our members owns one share in the credit union . Members deposit their money into the credit union , and we earn interest on income and loans as well . We then use that money to reinvest in products and services in order to be able to lend out more money to other members . That way , the credit union is able to grow and improve the scope of its services with every new member .”
Today , HFCU operates branches in nine communities in Vermont and one branch across the state border in New Hampshire . Although HFCU has grown considerably over the past several decades , they have stayed true to their roots by continuing to prioritize the individual needs of their members above short-term gains and corporate profits . By doing so , they have made a profound impact on the lives of countless Vermonters and provided them with services and financial resources that make it easy for them to secure a stable and fiscally sound future for themselves . Rooted in their core business philosophy of “ Families prospering through cooperation ,” HFCU ’ s tireless commitment to community betterment is manifested through several of its flagship initiatives .
50 VERMONT MAGAZINE