Mesquite Credit Union is a member-owned financial cooperative that operates under the principle of putting the needs and interests of its members first.
Here are some key aspects of the credit union's history and values:
Ownership
Mesquite Credit Union is owned by its members. Unlike banks that are owned by stockholders, the credit union is governed by a board of directors elected by its members. Each member has an equal vote, regardless of their financial contributions to the credit union.
Volunteer Board of Directors
The board of directors, who oversee the credit union's operations, are volunteers who serve without compensation. This ensures that decisions are made in the best interest of the members.
Member Benefits
As a member of Mesquite Credit Union, you can expect to receive benefits such as higher dividends on savings, lower loan rates, and lower-cost services. After reserves are set aside, earnings are returned to the members, promoting the financial well-being of the entire membership.
Safety and Soundness
Credit unions, including Mesquite Credit Union, have a strong focus on safety and soundness. They primarily provide consumer loans, residential real estate loans, and savings and checking services. Credit unions maintain healthy capital levels and are subject to regulatory oversight to ensure their financial stability.
Regulation and Supervision
Mesquite Credit Union operates under the laws of the State of Texas and is subject to regulatory oversight by the Texas Credit Union Department. State-chartered credit unions are regulated by their respective state credit union departments, while the National Credit Union Administration (NCUA) oversees federal credit unions and administers the National Credit Union Share Insurance Fund (NCUSIF) to protect members' deposits.
If you have any questions or would like more information about Mesquite Credit Union, you can contact them at (972) 285-8951.