Washington County residents approved into credit union

parkersburg – The National Credit Union Administration has added Washington County into the membership field of One Community Federal Credit Union of Parkersburg.

One Community now can accept members who live, work, worship or attend school in Wood or Washington counties.

“One Community is excited about this membership expansion into Washington County which first required the federal regulator’s approval,” said Randall W. Brooks, chief executive officer of the credit union. “The Mid-Ohio Valley community will now have more options when borrowing money and investing in savings. Financial services can frequently be offered at better rates and with lower fees.”

Credit unions are not-for-profit financial cooperatives owned by its members. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders.

Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.

Credit unions provided $16,279,378 in direct benefits to the 380,314 members in West Virginia during the 12 months ending in March, the administration said.

One Community Federal Credit Union’s main office is at 531 Fifth St., Parkersburg. One Community was granted a federal charter in 1958 to serve the employees of the Bureau of the Public Debt in Parkersburg.

The Credit Union was approved for a community charter in 2002 to serve Wood County. The credit union has $69 million in assets and 7,106 members. Savings deposits at One Community are insured by the administration for up to $250,000.