Question 1

What is Remington Employees Credit Union?

Accepted Answer

Remington Employees Credit Union is a federal credit union serving the employees and families of Remington Arms, America's oldest gun maker, located in Ilion, New York. With charter number 2008 and approximately 3,675 members, this credit union manages over $57.6 million in assets. As a member-owned financial cooperative, Remington Employees Credit Union provides personalized banking services to those connected to the historic Remington Arms manufacturing facility and community.

The credit union operates with a focus on serving the financial needs of workers at one of the nation's most storied manufacturing operations, which has been producing firearms in Ilion since 1816.

Question 2

When was Remington Employees Credit Union founded?

Accepted Answer

While the exact founding date is not publicly documented, Remington Employees Credit Union received its federal charter (number 2008) from the National Credit Union Administration to serve employees of Remington Arms Company. The credit union was established to provide a safe, member-owned financial institution where Remington employees could save and borrow at fair rates.

The credit union's formation aligns with the broader credit union movement in the United States, which sought to provide working-class Americans with access to affordable financial services through cooperative, not-for-profit institutions.

Question 3

Where is Remington Employees Credit Union headquartered?

Accepted Answer

Remington Employees Credit Union is headquartered at 39 Central Plaza in Ilion, New York. The credit union maintains a mailing address at PO Box 388, Ilion, NY 13357.

Ilion is located in the Mohawk Valley region of central New York, approximately 55 miles east of Syracuse and 80 miles west of Albany.

Question 4

Where does Remington Employees Credit Union operate?

Accepted Answer

Remington Employees Credit Union primarily serves the Ilion, New York area and the surrounding Mohawk Valley region. As an employee-based federal credit union, membership is typically restricted to employees of Remington Arms Company, their family members, and other individuals who meet the credit union's field of membership requirements.

The credit union operates within NCUA Region 1, which covers the northeastern United States. Given its connection to Remington Arms, the credit union's service area centers on the historic manufacturing community of Ilion.

Question 5

What services does Remington Employees Credit Union offer?

Accepted Answer

Remington Employees Credit Union provides a comprehensive range of financial services to its members, including:

Deposit Accounts: Share savings accounts, checking accounts, and other deposit products that allow members to safely save and manage their funds. The credit union holds approximately $48.9 million in member deposits.

Lending Services: Personal loans, auto loans, and other consumer lending products totaling approximately $22.2 million in outstanding loans to members. The credit union maintains a healthy loan-to-share ratio of 45.4%, indicating balanced lending practices.

Digital Banking: Online banking services accessible through their website at remingtonfcu.com, allowing members to manage accounts, transfer funds, and access financial services remotely.

Member Services: As a not-for-profit cooperative, the credit union focuses on providing personalized service and competitive rates to benefit its member-owners rather than external shareholders.

Question 6

What makes Remington Employees Credit Union unique?

Accepted Answer

Remington Employees Credit Union stands out for its deep historical connection to one of America's most iconic manufacturing companies. Serving employees of Remington Arms, which has operated continuously in Ilion since 1828, the credit union is intertwined with over 200 years of American industrial and firearms manufacturing history.

The credit union demonstrates strong financial health with a return on average assets of 1.33% and a robust net worth ratio of 14.65%, well above regulatory requirements. This financial strength provides stability and security for its members.

As a smaller, community-focused institution, Remington Employees Credit Union maintains a low-income designation, reflecting its commitment to serving working-class families in the Mohawk Valley region. With assets growing at 3.7% over the past year and deposits increasing by 2.8%, the credit union continues to provide stable financial services despite changes in the local manufacturing landscape.

The credit union's close-knit membership of approximately 3,675 members creates a family-like atmosphere where employees and their families can access personalized financial guidance and services tailored to their specific needs.

Question 7

What type of financial institution is Remington Employees Credit Union?

Accepted Answer

Remington Employees Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). As a federal credit union, it operates under federal regulations and its members' deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), backed by the full faith and credit of the United States government.

The credit union operates on a cooperative, not-for-profit basis. This means members are actually owners of the institution, with each member having equal voting rights regardless of account balance. The credit union exists solely to serve its members' financial needs, returning profits through better rates, lower fees, and improved services rather than distributing them to outside investors.

Membership is based on a common bond - employment at Remington Arms Company or family relationships with employees. This occupational charter creates a tight-knit financial community focused on serving the specific needs of workers in the firearms manufacturing industry.

Remington Employees Credit Union

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About Remington Employees Credit Union in the United States