West Covina Federal Credit Union has been serving members since it's original charter took effect on January 19, 1956. It is owned and operated by, and for the mutual benefit of, its members.

History and Purpose of Credit Unions

The first credit union was established in 1864 by a group of farmers in Germany. The first credit union in the United States was organized in New Hampshire in 1909. By 1990 there were nearly 13,000 federally-insured credit unions in the United States reporting more than 55 million members and total assets of about $198 billion.

A credit union is a not-for-profit, financial cooperative and credit association that provides loans to its members at lower rates of interest than would otherwise be available. In most cases, credit unions are also able to provide higher dividend rates on savings accounts. Credit unions are operated for the mutual benefit of their members.