Question 1

What is Akron Credit Union?

Accepted Answer

Akron Credit Union is a small community-focused federal credit union serving the rural town of Akron, Colorado, and the surrounding Washington County area. With approximately 230 members and total assets of $531,000, this credit union represents one of the smallest federally chartered financial cooperatives in Colorado.

The credit union operates as a member-owned financial institution, providing essential banking services to residents of this agricultural community located in northeastern Colorado. As a community charter credit union, it serves the local population in one of Colorado's most productive wheat-growing regions.

Question 2

When was Akron Credit Union founded?

Accepted Answer

[Information not publicly available]

While the specific founding date of Akron Credit Union is not publicly documented, the credit union has been serving the Akron community as part of the broader credit union movement that expanded across rural Colorado throughout the mid-20th century. Many small community credit unions in Colorado's rural counties were established during the 1950s through 1970s to provide financial access to underserved agricultural communities.

Question 3

Where is Akron Credit Union headquartered?

Accepted Answer

Akron Credit Union is headquartered in Akron, Colorado. The credit union's mailing address is PO Box 456, Akron, CO 80720.

Akron serves as the county seat of Washington County, located in the northeastern corner of Colorado along Interstate 76, approximately 140 miles east of Denver. The town sits on the high plains in one of Colorado's premier agricultural regions.

Question 4

Where does Akron Credit Union operate?

Accepted Answer

Akron Credit Union operates as a community credit union serving residents of the Akron area and surrounding Washington County. The credit union's field of membership is designated for community credit unions in rural districts.

Washington County ranks as the 12th largest of Colorado's 64 counties, spanning 2,524 square miles, and is the second-highest wheat-producing county in the state. The county has a small population of approximately 4,800 residents, with most of the land dedicated to farming and ranching operations.

Question 5

What services does Akron Credit Union offer?

Accepted Answer

As a small community credit union, Akron Credit Union offers fundamental financial services to meet the basic banking needs of its members. These typically include:

Savings Products: Share accounts (savings) that allow members to build their financial foundation and maintain ownership in the credit union.

Lending Services: Consumer loans to help members finance vehicles, homes, and other personal needs.

Transaction Accounts: Basic checking and share draft accounts for day-to-day financial management.

Given the credit union's small size and the notation that it does not maintain a website, services are likely delivered through traditional in-person banking at the physical location, emphasizing personal relationships and community-focused service.

Question 6

What makes Akron Credit Union unique?

Accepted Answer

Akron Credit Union's uniqueness lies in its role as a hyper-local financial institution serving one of Colorado's smallest and most rural communities. Several distinctive characteristics include:

Community Scale: With approximately 230 members and just over $500,000 in assets, Akron Credit Union exemplifies the true community credit union model, where every member likely knows the staff personally.

Agricultural Focus: Serving Washington County, the second-largest wheat-producing county in Colorado, the credit union understands the unique financial needs of farming and ranching families.

Rural Accessibility: As one of the few financial institutions serving the Akron area, the credit union provides essential access to financial services in a region where banking options are limited.

Low-Income Designation: The credit union holds a low-income designation from NCUA, recognizing its service to a predominantly low- and moderate-income community and qualifying it for certain regulatory benefits and grant programs.

Personal Banking: Operating without a website and with a small membership base, the credit union offers traditional, relationship-based banking where face-to-face interaction remains the primary service model.

Question 7

What type of financial institution is Akron Credit Union?

Accepted Answer

Akron Credit Union is a federal credit union chartered under the authority of the National Credit Union Administration (NCUA). It operates with charter number 10253 and is regulated by NCUA Region 3.

As a federally chartered credit union, it operates under federal law as a not-for-profit financial cooperative owned by its members. The credit union is structured with a community charter, allowing anyone who lives, works, worships, or attends school in its designated service area to become a member.

Member 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. The cooperative structure means that members are both customers and owners, with voting rights and the opportunity to serve on the volunteer board of directors.

Unlike investor-owned banks, any earnings are returned to members through competitive rates on savings and loans, lower fees, and improved services rather than distributed as profits to outside shareholders.

Akron Credit Union

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About Akron Credit Union in the United States