What is a Credit Union?

A credit union is a non-profit financial cooperative and are owned by their member depositors.  When an individual joins a credit union, he/she becomes an owner.  After necessary reserve and capital levels are achieved, profits made by the credit union are returned to the member/owners through lower rates on loans, higher rates on deposits, and/or no or low fee services.

The Board of Directors is elected by the membership of the credit union from within the membership of the credit union.  Upon joining a credit union, an individual is eligible to vote for the board members who are serving them.  An individual also becomes eligible to run for a position on the Board of Directors or Credit Committee.  Please make note that if you run and get elected to the Board of Directors or Credit Committee, you may want to consider the salary -- zero.  Unlike board members from other financial institutions, credit union board and committee members volunteer their time.  Why?  Because being members themselves, they care about the organization and the membership. 

If you would like additional information on credit unions, especially those within Indiana, please visit the website of the Indiana Credit Union League at www.icul.org.

Our History!

I & M (Tanners Creek) Employees Federal Credit Union became a chartered federal credit union in 1953.  It serves employess of the I & M (Tanners Creek) Power Plant (now known as American Electric Power - Tanners Creek Plant) and member of their families.  The credit union has continued to grow and flourish which has developed our asset value of over $3 million.  We have 615 members and offer competitive savings and loan rates.  The field of membership shall be limited to:  employees and retirees of American Electric Power based at the Tanners Creek Plant in Lawrenceburg, Indiana; employees of this credit union; and members of their immediate families of such persons.