Welcome to ElectricFed FCU

In the early 1960’s, several members of IBEW Local #332 discussed how a credit union could be an added benefit of union membership. As a not-for-profit cooperative, a credit union could offer competitive financial products and services. And it would be run for the sole benefit of its members/owners.

Because of these benefits, a group of 10 electricians formed the credit union. It held its first official meeting in 1962.

The early days were difficult. The first meetings were held in a private home. Sometimes loans were hard to obtain due to a shortage of funds.

Increasing numbers saw the value of the credit union, leading to continued growth. The credit union moved into a small, shared office. A permanent staff was added. Then, to be closer to members and potential members, it relocated into the union office building, where it remains today.

Building on those early years, the credit union has continued its many successes. Membership has grown substantially from the original 10! As the world has changed and advanced, so has the credit union. It now offers a full range of products and services. Many are offered free to members, such as financial counseling.

But Electric Federal Credit Union has not lost sight of its original purpose: serving the financial needs of members of IBEW Local #332 and their families exclusively with a personal connection that cannot be found elsewhere.

Our members own the credit union. They elect a Board of Directors, committed volunteers, who approve and oversee all policies. Another group of dedicated volunteers, the Supervisory Committee, is appointed by the Board and reviews all operations in detail.

Yes, Electric Federal Credit Union has and will continue to evolve to meet its members’ needs. But it will always act in the best interest of you, its members/owners!