As we enter 2025, many of us are focusing on new goals—especially when it comes to finances. It can be overwhelming to figure out where to start, but one piece of advice has held true for over a century: begin your financial journey with a credit union.
A Brief History of Credit Unions
Credit unions originated because traditional banks were often unwilling to serve working-class individuals, sometimes even refusing to help them outright. To solve this problem, groups of people banded together to pool their resources and lend to each other at fair rates. The first recognized credit union dates back to 1844 in Europe. By 1901, credit unions had spread to Canada, and in 1909 they reached the United States. In 1934, President Franklin D. Roosevelt signed the Federal Credit Union Act, establishing federal charters and regulations that helped ensure consistency, standards, and consumer protection across the country.
The Credit Union Difference
Credit unions are not-for-profit institutions owned by their members. At Pillar Credit Union, for example, when you join, you become a member-owner. Credit unions strive to provide:
- Lower interest rates on loans – Because profits are reinvested in the membership rather than paid out to stockholders.
- Higher dividends on savings – Any profits are shared back with members.
- A personal, community-centered approach – Credit unions are built around the needs of their local communities.
Pillar Credit Union: A 65-Year Legacy
At Pillar Credit Union, our mission is to “strengthen the financial fitness of our members.” We began 65 years ago, formed by the railroad workers of the Erie Lackawanna Railroad who pooled their money in a lunchbox—to help each other in 1960. Over the decades, our field of membership has expanded:
- 1998: Opened membership to all of Marion County, Ohio.
- 2008: Expanded into Morrow County.
- 2018: Added Crawford, Wyandot, Richland, and Hancock Counties.
With this growth came a rebrand from Marion Community Credit Union to Pillar Credit Union, reflecting our commitment to being a pillar of the community. Our structure allows us to loan money to each other being a member-owner vs just a customer at banking institutions, and we return profits by paying higher dividends and supporting local schools, sports, and other community needs.
Services Tailored to Our Community
Our rural communities have unique needs, and we’re proud to tailor our offerings to meet them. For example, we introduced Zogo, a financial literacy app that rewards you with instant e-gift cards for completing quick lessons on finance topics of your choice. We also created a Credit Building Program to help those who are new to credit or who may have encountered past hardships.
As a state regulated institution, Pillar Credit Union is Federally insured by the National Credit Union Administration (NCUA). Much like FDIC insurance at banks, NCUA coverage protects your deposits up to $250,000 and covers IRAs up to $250,000 separately. You can find more details at NCUA.gov.
This year, we challenge you to take micro steps toward improving your financial well-being. Start by joining Pillar Credit Union and downloading the Zogo app. Participate in our “New Year, New Goal” competition, running through March 26, 2025, for your chance to earn more than just e-gift cards!
At Pillar, we have one goal: helping you achieve your financial goals. It all begins with opening a membership savings account. After that, the possibilities are limitless—and we’ll be by your side every step of the way.
Ready to strengthen your financial fitness?
Become a member-owner of Pillar Credit Union today and let us help you take the next steps toward a more secure, confident, and successful financial future. We can’t wait to celebrate your accomplishments in 2025 and beyond!