LUSO Federal Credit Union opened its doors in 1971 with Charter No. 20600. This member-owned, not-for-profit financial cooperative is dedicated to providing its members with quality financial services and products. LUSO Federal Credit Union is chartered, regulated and insured by the National Credit Union Administration (NCUA).
LUSO Federal Credit Union is in a unique position to serve the financial needs of all people in the community (those who live, work, worship, or attend school) regardless of their economic status:
Persons who live, work, worship, or attend school in, and businesses or other legal entities located throughout Hampden County, Massachusetts.
Members of record of this Credit Union as of October 6, 1998, the date of conversion to community charter.
And also included are spouses of current members or members who have died while within the field of membership of this Credit Union, employees of this Credit Union, members of their immediate families, and organizations of such persons.
The credit union’s mission, which follows, speaks to its commitment:
As a member-owned, not-for-profit financial cooperative, LUSO Federal Credit Union is committed to our members. We will uphold our fundamental responsibility to actively service people within our field of membership, and as appropriate, the communities in which they live. We will treat all members with respect and dignity and we will offer honest, fair deals to all members at all times. We will deliver a range of low cost products and services to the diverse economic and social make-up of our members and potential members. We will look for better ways to reach out to the un-served or under-served in our field of membership, and we will continually, in all facets of operations, demonstrate the value of membership in LUSO Federal Credit Union.
We will monitor and communicate our service to members in a meaningful way so that members, potential members, legislators, regulators, and the community at large will understand and appreciate the unique role that member-owned financial cooperatives play in their lives.
Throughout LUSO Federal Credit Union’s strategic plan, we will put forth every effort to enable our members to become financially self-sufficient and successful. We will place high importance on consumer education and the teaching of financial thrift.
We will strive to offer services designed to improve the economic and social well being of all members from all socioeconomic backgrounds, including our low- and moderate-income members, and return financial value to all those who participate in our member-owned financial cooperative.
We are committed to members and consumer financial education; in addition we are committed to educating members and consumers, alike, about credit union uniqueness, philosophy, and values.
We will endeavor to preserve credit union democratic principles, including demographic representation and volunteer participation in credit union activities.
We recognize the value of demographic diversity in staff as well as in volunteers and will strive to bring people of diverse backgrounds and experiences into leadership and other roles at the Credit Union.
We will work to build and strengthen our unique Credit Union movement by providing financial and in-kind resources to others within the Credit Union and on other appropriate public forums. In addition, we will participate in local, state, and national cooperative activities as appropriate, and will strive to build and strengthen relationships with other sectors of the national cooperative movement.
Through direct financial support or other in-kind contributions to worthwhile local organizations, and by participating in public service activities, we strive to be an active partner in our community. We recognize that practicing good corporate citizenship supports the credit union philosophy of people helping people; furthermore, it will help raise the overall level of social and economic well being of those in our community, help to strengthen ties within the community, and better position us to reach out and service those people in the greatest need of affordable financials services.
This statement represents good business practice that ensures the financial strength of our Credit Union on behalf of our members.
The Credit Union’s core values are solid, fixed, and inviolate. They permeate the strategic planning process, and come through clearly in the Credit Union’s vision and mission statements.
At LUSO Federal Credit Union, we want it clearly understood that we hold certain core values that are not subject to change. These core values are as follows:
- We are a credit union made up of honest people who seek members who are honest people. There is no place in this Credit Union for dishonest dealings with directors, officers, employees, or members.
- This Credit Union is all about quality member service. We exist solely to take care of the financial needs of our members. The needs of our members will be the first consideration in everything we do.
- The board of directors, chief officials and management view the Credit Union’s employees as family. We take care of our members, we take care of our employees, and we take care of our families. We are loyal to and protective of our employees and we expect them to be loyal to and protective of the Credit Union.
- We are a product of our community and a leader within our community. We take the needs of our community seriously. We will never do anything intentionally that goes against the best interests of the community in which we serve. To do otherwise would violate a sacred trust.
It is our mission to:
- Be the premier financial institution in the markets in which we operate.
- Create and deliver quality financial products and services that represent exceptional value to our members.
- Provide a stimulating and challenging work environment that encourages, develops, and rewards excellence.
- Diligently serve our community with integrity and pride.
- Through uncompromising dedication and commitment to the above, achieve consistently superior financial performance that creates value for our members.
LUSO Federal Credit Union is dedicated to providing access to affordable credit and banking services for its members and to promoting greater community economic development within Hampden County.
This credit union offers something for everyone in the community, regardless of where they fall on the economic spectrum. Since inception in 1971, LUSO Federal Credit Union’s range of products and services has grown significantly to include: savings, checking, lending, ATM/debit cards, online bill pay, check cashing, club accounts, and financial education/credit counseling.
LUSO Federal Credit Union is a community credit union where staff knows the names of its members and greet them when they enter the branches. The credit union is committed to charting a course over the next five years that will create greater opportunities to make a difference in the financial lives of members and the community it serves.
LUSO Federal Credit Union’s Strategic Planning Committee created this current plan to chart a sound path for the next five years. The planning group developed strategies for expanding growth and products while keeping in mind the significance of maintaining safe and sound operations and compliance. Several key opportunities for continued development of the credit union stem from the following concepts:
- Developing sound strategies for fostering and accelerating membership growth.
- Identifying steps for establishing new branches throughout the community.
- Implementing strategies for effective and steady loan growth with secured repayment options.
- Maintaining a safe, sound and NCUA-compliant credit union.
WHERE ARE WE NOW
LUSO Federal Credit Union has attained significant milestones since the first members walked through its doors in 1971. The credit union’s rates and products are competitive and include: Savings Accounts, Club Accounts, Checking Accounts, Money Market Accounts, Business Savings and Checking Accounts, Real Estate Loans, Consumer Loans, Commercial Loans, VISA Credit Cards, Certificates of Deposit, Cashier’s Checks, Money Orders, ATM/Debit Cards, On-line Banking and Bill Pay Services.
As of September 2014, the membership totaled 6,587, with a total of over $160 million in deposits and over $180 million in assets at that time.
The oversight for the credit union is through a seven-member Board of Directors who represents the diversity of the membership; there is a Supervisory Committee that monitors compliance and cash activities and the Senior Loan Officer ensures that loans are issued in accordance with credit union policies.
LUSO Federal Credit Union is positioned to broaden its imprint in the community through additional branches in areas of need. The credit union has the board and management capacity to address emerging challenges and new opportunities and is poised to expand its product growth and branch development into areas where individuals are under banked or underserved.