The Northern Chautauqua Federal Credit Union’s Board of Directors, at its December meeting, announced a 5 percent interest refund on all non-delinquent loan accounts. In addition, the board declared a 2 percent dividend for the fourth quarter. These items are examples of “profit sharing,” which is one of the benefits of credit union membership.

These profit sharing features set credit unions apart from the general banking industry, as they are member owned, not shareholder owned. The interest refund and dividends paid to members for the year totaled $10,994.37. The Northern Chautauqua Federal Credit Union is proud of the fact than an interest refund has been granted 47 times in its 50 year history. It is one of the few area credit unions which continue this practice.

The credit union, which was established in 1970, has as its membership base the employees, board members and families of the Silver Creek and Forestville school districts. Currently, it has 611 members with assess of over $3.6 million. With the small membership, members are greeted by name and are treated as owners. Its manager and CFO Edward Gallivan, and board of directors are dedicated to the idea of affordable loans, high dividends, low interest loans and the greatest possible return to the members. The credit union has been able to accomplish this by keeping to the original principals of the credit union movement, which is a member owned savings and loan operation.

The Northern Chautauqua Federal Credit Union will have the 50th annual dinner meeting and membership appreciation at the Silver Creek Fireman’s Association on Jackson St in Silver Creek on February 29. At this meeting members will honor Richard Zets, President of the Board who will be retiring, along with any other business that comes before the board. After the official business, trivia will be played led by Carolyn Laurenzi-Timmerman and the music duo “Bad Habit Acoustic Version” will entertain.