About Us
The Somerset Federal Credit Union is a member-based, not-for-profit financial cooperative that is owned and controlled by members. Service-driven rather than profit-driven, our goal is to provide a safe, convenient place for members to save money and borrow at reasonable rates. As a cooperative, we strive to keep fees and loan rates as low as possible. What's more, money earned after expenses and reserves is returned to members as dividends.Credit unions are chartered to serve particular groups of people. In our case, membership is open to anyone who lives or works in Bristol County. Each member becomes part of the credit union family and an owner who has one vote at the annual meeting.
History
Inspired by financial cooperatives popular in 19th century Europe, credit unions caught on in America in the early 1900s. Somerset Federal Credit Union's birth took place in 1936 at Panneton's Drug Store. The community of farmers and working people came together and founded Somerset's first financial institution, the "Somerset Community Credit Union." Since banks of the day would lend only to property owners, the new credit union expanded access by loaning money to people based on their good character and proof of steady employment.Later renamed, the "Somerset Federal Credit Union," was one of the first credit unions in Massachusetts to own and operate its own building--at 1275 County Street.
Financial stability
Somerset Federal Credit Union is strong, safe and growing. Since our founding in 1936, we have served the best interests of our members. By providing a safe haven for savings and a reliable source for borrowing, we have helped our members live their lives through good times and bad.We have weathered numerous financial storms over the years – and thrived. Our members enjoy a fundamentally solid financial foundation built on sound, principled lending practices, healthy capital reserves (regulators have ranked us in the 92nd percentile among all credit unions), and federal deposit insurance. Our ongoing commitment to basics and commonsense has provided peace of mind for generations.
