Before the organizational titans of today’s cooperative system were created, there were tens of thousands of credit unions chartered by ordinary men and women. Who believed in extraordinary possibilities.
A living example of this belief is Rincones Presbyterian Credit union, chartered on January 1, 1960. This founding predates the “origins” of most of today’s credit union leaders.
At yearend 2023, the credit union was $5.2 million in assets with 804 members. It has three employees with an average salary of $32,745. Last year their loan originations increased 15.7% to total $2.3 million, the majority for autos.
Rincones in Spanish means a “small secluded valley,” or literally a nook. Located in Chacon, an unincorporated area of New Mexico with an elevation of 8,166 feet, harsh winters have given the area the name “Little Alaska.”
Their vision and mission are printed on the sign marking their “head office.”
Would credit unions be even more successful if they followed the Trust of these founders?
After all, that is what we print on all of our coins and currency.
Love this! And yes, the insurance, capital requirements, all of the “guard rails’ we have put up over the years has all but destroyed the creation of new financial cooperatives in America. And at a time when 40% of Americans are living paycheck-to-paycheck and payday lenders are flourishing, it’s time to take a long hard look at where we are headed. Back to the beginning….it’s why we exist. A common bond where people can pool their resources to help one another.