KEMBA will be closed on Monday, November 11th to observe Veterans Day. Thank you to all who have served!

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WHAT IS A CREDIT UNION?

A Credit Union is a not-for-profit banking organization designed to provide financial services and loans to its members. Credit Unions are member-owned, and governed by a board of directors. The board is elected by and represents all members. They help to sets policies and rates for share accounts and loans. That’s one of the reasons credit unions are considered to be one of the safest institutions to do business with.

IF YOU’RE NOT IN THE BUSINESS OF PROFIT, WHAT’S THE GOAL?

Credit Unions were established over a century ago by various communities and groups of employees of a company. In KEMBAs case, it was a group of Kroger employees. KEMBA stands for Kroger Employees Mutual Benefits Association. Basically, we provide a way to pool resources in a local banking institution as opposed to larger national organizations that don’t necessarily benefit the local community. Credit Union membership is exclusive to a specific group, or community. Only people within those groups were able to obtain services, just as it is today. That’s also why there is a latent incentive to have policies that are in the interest of the members and investors, like keeping rates low and dividends high.

 

Our mortgage partner, Member First Mortgage, offers many different programs.  We can help find the right program that best fits your situation!

ARE MY DEPOSITS AT KEMBA INSURED?

Yes. Each account is insured up to $250,000 by American Share Insurance, the nation’s largest private deposit insurer.

ASI American Share Insuarance
American Share Insurance Logo

WHOSE BRIGHT IDEA WAS THE CREDIT UNION?

The earliest credit unions trace their roots back to more than 100 years ago. In this country, the first one was the St. Mary’s Cooperative Credit Association, which was in essence a church-run credit union.

 

If you’re a KEMBA member, you’re in good company. It’s estimated that one in three Americans is a member of a credit union.

 

If you have questions or need to speak with us, contact us here.