Mission Statement: "Help Members Achieve Financial Success"
Nebraska Energy Federal Credit Union is governed by a nine member Board of Directors. Directors are elected by the members at each annual meeting and volunteer to serve three year terms. The Board is responsible for the general management of the affairs, funds, and records of the credit union. They meet monthly to determine savings dividends, loan interest rates, lending policies, and other business matters.
Elected officers of the Board include the Chair, Vice Chair, Vice Chair & Treasurer, and Vice Chair & Secretary.
The Supervisory Committee consists of three volunteers appointed by the Board. Their numerous responsibilities include designating a CPA firm to conduct quarterly audits, and verification of member accounts.
All volunteers and staff are committed to providing an environment of prompt, professional service regarding member financial needs. It is essential credit union employees and volunteers maintain the confidentiality of the financial affairs and transactions of our members.
BOARD OF DIRECTORS
Aaron Brown - Chairman
Brian Kleveland - Vice Chairman
Ed Wagner -Treasurer
Don Muhle - Secretary
Sharon Brown
David Rich
Neal Suess
Frank Thompson
Gary Westphal
SUPERVISORY COMMITTEE
Jane Cline
Rebecca Behle
Randy Zach
What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
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