A credit union is a not-for-profit, tax exempt, financial cooperative organized to provide its members with a place to accumulate savings and a source of loans at reasonable rates. Credit unions are cooperatives. This means credit unions are member-owned. The only means of primary capital for the credit union is member deposits and the retained earnings derived from interest income (loans), non-interest income and investments. Crane Credit Union is a state chartered credit union. The credit union was chartered in 1955 to serve the employees of the Crane Naval Base. The credit union’s initial name reflected those to be served – Crane U.S. Naval Depot Employees Federal Credit Union. Mr. Ajax Arvin, the credit union’s first member, was tasked in 1954 by Captain Eugene Rook, Commanding Officer of Crane Naval Depot, with the creation of this credit union. Mr. Arvin not only organized the chartering process, but also served as its volunteer manager from his work office. Mr. Arvin remained an active member of CFCU attending the annual meetings and participating in member appreciation days until his death in 2011. As the missions at the Crane Base evolved, the name of the base changed. In order to standardize the credit union name, the “U.S. Naval Depot” was dropped and the name changed in 1975 to Crane Employees Federal Credit Union. In anticipation of extended services to groups outside the fences of the Crane Base in nearby communities, the “Employees” was dropped and the name changed in June of 1991 to Crane Federal Credit Union.
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