Question 1

What is ELCO Credit Union?

Accepted Answer

ELCO Credit Union is a small, community-focused federal credit union headquartered in Elberton, Georgia. With approximately 673 members and over $5.1 million in total assets, ELCO serves the local community in Elbert County. The credit union operates in the heart of Georgia's granite industry, serving members in an area known as the "Granite Capital of the World."

As a federally chartered credit union, ELCO provides traditional banking services with a focus on member satisfaction and community involvement. The credit union has been designated as a low-income credit union by the NCUA, reflecting its commitment to serving underserved communities.

Question 2

When was ELCO Credit Union founded?

Accepted Answer

[Information not publicly available]

While specific founding details are not readily accessible, ELCO Credit Union has been serving the Elberton community as a federal credit union under NCUA Charter Number 22083. The credit union's name "ELCO" may reflect ties to local employers or community organizations in Elbert County.

Question 3

Where is ELCO Credit Union headquartered?

Accepted Answer

ELCO Credit Union is headquartered in Elberton, Georgia. The credit union's mailing address is PO Box 6129, Elberton, GA 30635.

Elberton serves as the county seat of Elbert County and is located in northeastern Georgia's Piedmont region, approximately 33 miles east of Athens and 110 miles east of Atlanta.

Question 4

Where does ELCO Credit Union operate?

Accepted Answer

ELCO Credit Union primarily serves members in Elberton and the surrounding Elbert County area. Elberton is known as the "Granite Capital of the World" and has been a center of the granite monument and memorial industry since the late 1800s.

The community is characterized by its granite industry heritage, with over 150 manufacturing plants and 45 quarries producing monuments shipped worldwide. As a federal credit union, ELCO operates under specific field of membership requirements that typically include individuals who live, work, worship, or attend school within the defined service area.

Question 5

What services does ELCO Credit Union offer?

Accepted Answer

ELCO Credit Union offers core financial services to meet the needs of its members, including:

Savings and Share Accounts: Traditional savings accounts that provide members with a safe place to build their financial foundation.

Lending Services: The credit union maintains a strong loan-to-share ratio of 87.5%, indicating active lending to members. Total loans exceed $3.5 million, supporting member needs for personal loans, auto loans, and other consumer lending products.

Deposit Services: Members benefit from approximately $4 million in total deposits, earning competitive returns on their savings.

Note that ELCO Credit Union does not currently maintain a public website, with services primarily delivered through in-person member interactions at their Elberton location.

Question 6

What makes ELCO Credit Union unique?

Accepted Answer

ELCO Credit Union distinguishes itself through several characteristics:

Community Focus: As a small credit union with 673 members, ELCO provides personalized service and maintains strong connections with the local Elberton community.

Low-Income Designation: ELCO has been designated as a low-income credit union by the NCUA, demonstrating its commitment to serving economically underserved populations and providing access to financial services for all community members.

Strong Financial Performance: The credit union maintains a healthy net worth ratio of 19.65% and a return on average assets of 1.55%, indicating sound financial management and stability.

Consistent Growth: ELCO has achieved steady growth with total assets increasing 7.0% over the past four quarters, total loans growing 10.8%, and deposits expanding 6.7%.

Granite Industry Roots: Operating in Elberton, the "Granite Capital of the World," ELCO serves a unique community built around the historic granite industry that has shaped the region's economy for over a century.

Question 7

What type of financial institution is ELCO Credit Union?

Accepted Answer

ELCO Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). Federal credit unions are member-owned, not-for-profit financial cooperatives that exist to serve their members rather than generate profits for shareholders.

Cooperative Structure: Members are both customers and owners, with each member having equal voting rights regardless of account size.

Federal Insurance: All deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States government.

Membership Requirements: As with all credit unions, membership is limited to individuals who meet specific eligibility criteria, typically based on living, working, worshiping, or attending school within the credit union's defined field of membership in the Elberton and Elbert County area.

Member-Focused Philosophy: As a cooperative, any earnings are returned to members through competitive rates on loans and savings, lower fees, and enhanced services rather than paid to external shareholders.

ELCO Credit Union

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About ELCO Credit Union in the United States