A credit union is a cooperative financial institution, owned and controlled by members, the people who use its services. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.

Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at nearly 11,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $250,000.

What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans – but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.

Credit unions aren’t new.  Financial cooperatives originated in Europe in the 1860s.  The credit union movement officially arrived in the U.S. when the first credit union was formed in 1908: St. Mary’s Bank in Manchester, New Hampshire. Today, credit unions serve more than 85 million Americans.  More and more people join credit unions every year and they are pleased with the service.  Credit unions have rated No. 1 in consumer satisfaction at financial institutions for the last 10 years according to the American Banker newspaper's annual satisfaction survey.

Anoka Hennepin Credit Union is a state-chartered credit union.  It was originally chartered as the Anoka Hennepin School District #11 Employees Credit Union in 1963.  After several mergers, the credit union changed its name to Anoka Hennepin Credit Union in 1993 to more accurately reflect its broadened community base. The credit union now serves more than 20,000 members from six locations: Anoka, Champlin, Circle Pines, Coon Rapids, Forest Lake and St. Francis and registers assets of over $150 million.

A nonprofit, SERVICE FIRST financial cooperative, AHCU is owned by its members and governed by a member-elected board of directors.  The institution is dedicated to living up to the credit union movement’s credo: "Not for profit, not for charity, but for service."