Commonwealth Credit Union
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Commonwealth Credit Union is a state chartered
credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...
headquartered in
Frankfort, Kentucky Frankfort is the List of capitals in the United States, capital city of the U.S. state of Kentucky. It is a list of Kentucky cities, home rule-class city and the county seat, seat of Franklin County, Kentucky, Franklin County in the Upland Sou ...
. Commonwealth is regulated under the authority of the
National Credit Union Administration The National Credit Union Administration (NCUA) is an American government-backed insurer of Credit unions in the United States, credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. deposi ...
(NCUA) of the U.S. federal government. Commonwealth is the second-largest credit union in Kentucky and had $2.2 billion in assets, 119,000 members, and 16 branches as of January 2024. Commonwealth's field of membership extends to anyone residing or working in their 24-county service region. Member deposits are insured up to $250,000 through the
National Credit Union Share Insurance Fund The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970, the Share Insurance Fund is administered by the Nat ...
, credit unions' equivalent to the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...
(FDIC).


History

Commonwealth Credit Union was founded on April 2, 1951, with $2,700 in assets and 122 members. By 1976, membership had grown to nearly 6,000 and its assets to $2.8 million. Commonwealth absorbed the Kentucky Teachers and Associated Employees Credit Union in 1983. Commonwealth hosts an annual charity run that benefits charities in Kentucky as well as an annual "Stuff the Bus" campaign to provide local schools with school supplies. In November 2015, Commonwealth became the preferred credit union partner for the
University of Louisville The University of Louisville (UofL) is a public university, public research university in Louisville, Kentucky, United States. It is part of the Kentucky state university system. Chartered in 1798 as the Jefferson Seminary, it became in the 19t ...
. In 2017, Commonwealth became the official credit union of
Rupp Arena Rupp Arena at Central Bank Center is an arena located in downtown Lexington, Kentucky, United States. Since its opening in 1976, it has been the centerpiece of Central Bank Center (formerly Lexington Center), a convention and shopping facility ...
.


References

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External links


Official website
Credit unions based in Kentucky Companies based in Kentucky Banks established in 1951 1951 establishments in Kentucky