Question 1

What is Martin County Cooperative Credit Union?

Accepted Answer

Martin County Cooperative Credit Union is a state-chartered, community-focused credit union serving members in Loogootee, Indiana, and the surrounding Martin County area. With approximately $24.6 million in assets and 1,193 members, this locally-owned financial cooperative provides personalized banking services to individuals and businesses in south-central Indiana.

The credit union emphasizes building strong relationships with its members while prioritizing financial stability and community well-being. Operating as a member-owned cooperative, Martin County Cooperative returns value to its members through competitive rates and personalized service.

Question 2

When was Martin County Cooperative Credit Union founded?

Accepted Answer

Martin County Cooperative Credit Union was founded in 1948, emerging in the post-World War II era when many rural communities established cooperative financial institutions to serve their local populations.

The credit union was created to provide accessible financial services to residents of Martin County who may have had limited banking options. For over 75 years, the institution has maintained its commitment to serving the financial needs of its local community, evolving from its modest beginnings to serve approximately 1,200 members with a potential membership base of around 5,000 eligible individuals.

Question 3

Where is Martin County Cooperative Credit Union headquartered?

Accepted Answer

Martin County Cooperative Credit Union is headquartered at 201 Mill Street in Loogootee, Indiana 47553. Loogootee is a small city in Martin County in the south-central part of the state, located approximately 30 miles east of Vincennes and about 90 miles southwest of Indianapolis.

The credit union maintains its operations at this single location, employing a small team of four full-time staff members who provide direct, personalized service to members.

Question 4

Where does Martin County Cooperative Credit Union operate?

Accepted Answer

Martin County Cooperative Credit Union primarily serves members in Loogootee and Martin County, Indiana. As a state-chartered natural person credit union, it has specific membership eligibility requirements tied to the local community.

The credit union's field of membership is geographically focused on Martin County and the surrounding area. With a potential membership base of approximately 5,000 individuals, the credit union serves those who live, work, worship, or conduct regular business within its designated service area.

Question 5

What services does Martin County Cooperative Credit Union offer?

Accepted Answer

Martin County Cooperative Credit Union provides a range of essential financial services tailored to meet the needs of its local membership, including:

Deposit Accounts: Share savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts to help members save and manage their daily finances.

Loan Products: Auto loans, personal loans, home equity loans, and share-secured loans. The credit union maintains a strong loan portfolio of approximately $18.9 million, demonstrating active lending to its membership.

Member Services: Account access and member support through personalized service at its branch location. Members can contact the credit union directly at 812-295-3484 for assistance.

While the credit union does not maintain a website or extensive digital banking platforms, it focuses on providing hands-on, personalized financial guidance through its local branch.

Question 6

What makes Martin County Cooperative Credit Union unique?

Accepted Answer

Martin County Cooperative Credit Union stands out for its strong local roots and personalized service approach in a small-town Indiana community. Several distinctive characteristics include:

Community Focus: Operating continuously since 1948, the credit union has served generations of Martin County families, building deep relationships within the community over more than 75 years.

Financial Stability: The credit union maintains a robust net worth ratio of 15.37%, well above the national average of approximately 14.29%, indicating strong capitalization and financial health. This "Well Capitalized" status provides security for members' deposits.

Personal Service: With just four full-time employees serving approximately 1,200 members, the credit union offers a highly personalized banking experience where staff know members by name and understand their individual financial situations.

Low Texas Ratio: At 4.98%, the credit union's Texas Ratio is below the national average of 5.63%, indicating effective loan quality management and lower credit risk.

Question 7

What type of financial institution is Martin County Cooperative Credit Union?

Accepted Answer

Martin County Cooperative Credit Union is a state-chartered credit union regulated by the Indiana Department of Financial Institutions and insured by the National Credit Union Administration (NCUA). Its charter number is 67762.

As a state-chartered natural person credit union, it operates under Indiana state laws governing credit union operations. Unlike federal credit unions chartered by the NCUA, state-chartered credit unions follow their state's specific regulations while still maintaining federal deposit insurance.

Cooperative Structure: Like all credit unions, Martin County Cooperative operates on a not-for-profit, member-owned cooperative model. Each member is an owner with voting rights, and the credit union exists to serve members' financial needs rather than generate profits for outside shareholders. This structure allows the credit union to offer competitive rates and focus on member service rather than maximizing returns for external investors.

Membership Requirements: As a natural person credit union, membership is limited to individuals (not businesses or organizations) who meet specific eligibility criteria related to living, working, or conducting business in the credit union's designated geographic service area in Martin County, Indiana.

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About Martin County Cooperative Credit Union in the United States