Commitment and History

Our “stakeholders” are people like you who live, work and play in the areas we serve. They are our neighbors, the fans sitting on the bleachers next to us cheering on a little league baseball game, fellow co-workers, and local employers. They are our members! The difference is what we do with our earnings. We give those back to you through better rates, higher dividends and lower fees. At Peoples FCU, we help you find ways to save better, borrow smarter, and learn a lot so you can keep more of your hard-earned money in your pocket. You get it all at Peoples FCU--better value, great rates, trusted expertise, and EXTRAORDINARY service.

As a member-owned, not-for-profit financial cooperative, Peoples Federal Credit Union is committed to our members. We will uphold our fundamental responsibility to actively serve people within our field of membership, and as appropriate, the communities they live in. We will treat all members with respect and dignity and will offer honest, fair deals to all members at all times. We will deliver a range of low or no 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 nonserved or underserved in our field of membership. And we will continually, in all facets of operations, demonstrate the value of membership in Peoples 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 a member-owned financial cooperative plays in their lives.

Throughout Peoples 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.

This Statement of Commitment to Members is consistent with our credit union principles of “Not for Profit, Not for Charity, But for Service” and our philosophy of “People Helping People”. This statement represents good business practices that ensure the financial strength of our credit union on behalf of our members.

Peoples Federal Credit Union, charter number 16993, was founded in September of 1965 as the U.C. Institute Employees Federal Credit Union. The credit union was chartered to serve the employees of Union Carbide at Institute, West Virginia. The facility, at the time of the charter, employed in excess of 2,500 individuals. This was a peak period for employment at the industrial site. The credit union operated on site and served the employee members and their families.

Union Carbide sold this plant in 1986 to a French chemical producer, Rhone-Poulenc. The credit union amended its charter to include Rhone-Poulenc and later, ARCO chemical, which operates manufacturing units at the facility.

In 1987, the credit union added its first select employee group (SEG); the employees and elected officials of the city of Dunbar. This group had approximately 70 employees.

On April 9, 1987, the name of the credit union was changed by vote of the members attending the annual meeting to Peoples Federal Credit Union. The employee population of the Institute plant was rapidly declining (over 30% attrition) and new groups were brought into the charter to insure that Peoples FCU would remain a viable credit union to serve the financial needs of its members.

In February 2001, Peoples Federal Credit Union converted its charter from a Select Employee Group (SEG) credit union to a Community Charter credit union, allowing anyone who lives, attends school, works or worships in Kanawha or Putnam Counties to be eligible for membership.

Today, Peoples Federal Credit Union is a full service financial institution serving over 10,000 members in various select employee groups, Kanawha, Putnam, and Mason counties. The credit union’s goal is to continue being a technology leader and provide the best service and products to its members.