Commonwealth Credit Union is a state chartered

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

headquartered in

Frankfort, Kentucky Frankfort is the capital city of the Commonwealth of Kentucky, United States, and the seat of Franklin County. It is a home rule-class city; the population was 28,602 at the 2020 census. Located along the Kentucky River, Frankfort is the pri ...

. Commonwealth is regulated under the authority of the

National Credit Union Administration The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal ...

(NCUA) of the U.S. federal government. Commonwealth is the second-largest credit union in Kentucky and had $1.27 billion in assets, 103,513 members, and 15 branches as of 2019. 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, credit unions' equivalent to the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cre ...

(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 research university in Louisville, Kentucky. It is part of the Kentucky state university system. When founded in 1798, it was the first city-owned public university in the United States and one of ...

. In 2017, Commonwealth became the official credit union of

Rupp Arena Rupp Arena at Central Bank Center is an list of indoor arenas, arena located in downtown Lexington, Kentucky, Lexington, Kentucky, United States. Since its opening in 1976, it has been the centerpiece of Central Bank Center (formerly Lexington Ce ...

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