What is Red River Community Credit Union?
Your Community Credit Union.
A Full Service Financial Institution.
A NOT FOR PROFIT cooperative, established only for the purpose of serving members' financial needs. Most financial institutions are operated to make a profit for their stockholders or owners, but a credit union distributes its profit back to its members. Members' savings form a pool of money from which loans are made to other members. Borrowers are charged a reasonable rate of interest on their loans, as a form of rental on the money they are using. This interest provides income to cover operational expenses and build required reserves. After expenses are paid and reserve commitments are met, remaining funds are distributed to members, usually in the form of dividends on savings.
Red River Community Credit Union was originally chartered in November 1957, to serve military or civilian personnel of the U.S. Government who were assigned to or worked at Altus Air Force Base, Altus, Oklahoma. This charter has been amended numerous times, to serve different types of organizations and communities.
Red River has a community chartered membership and is available to anyone who lives, works, worships, attends church or shops in Comanche, Greer, Harmon, Jackson, Kiowa & Tillman counties in Oklahoma and Wilbarger county in Vernon, Texas, along with members of their families.
The Board of Directors is composed of unpaid volunteers who meet at least monthly to represent the membership in decision making. The board has complete control of the credit union within guidelines set by regulatory agencies. The board acts on interest rates, declares dividends on savings, sets general policies, and hires management to carry out policy.
Red River Community Credit Union
YOUR "Community" Credit Union
