Soo Co-op Credit Union was originated by a handful of employees of the North West Leather Company, known as the Ole Tannery, in 1950. When the tannery closed, the employees reorganized their credit union into the Soo Co-op Credit Union on November 17, 1958, sponsored by the Soo Cooperative Company. Soo Co-op Credit Union’s field of membership remained that way until 2015. With the closing of the Soo Cooperative Company, Soo Co-op Credit Union once again reorganized. Membership is open to anyone who lives, owns real estate, works, worships, or is educated in the State of Michigan and their immediate relatives.
Credit Union Difference
A credit union is a member-owned, not-for-profit financial institution that provides members with a place to save money, get reasonable rates on loans, and receive a level of service not available at other financial institutions. They serve groups with a common feature, such as employee groups, geographical communities, or religious backgrounds.
Credit Unions operate under the philosophy, "not for profit, not for charity, but for service," and cooperate with each other instead of competing. Through this collaborative spirit, credit unions can serve their members most effectively and strengthen the movement by working together through local, state, regional, national, and international structures. It is under this principle that the concept of shared branching was born.
Plus, credit unions are democratically controlled. Members meet once a year to elect a volunteer board of directors from the membership to oversee the credit union's operations.
Soo Co-op Credit Union is operated by professional management under the direction of a volunteer board of directors. And in keeping with the democratic tradition of credit unions, individual members still get a say in how Soo Co-op Credit Union is run.