Editor, The News:

Following the collapse of Wall Street in the 1930s, credit unions were formed to provide affordable financial services to working Americans.

Nearly 75 years later, credit unions are still providing these services.

Pennsylvania credit unions are backed by the full faith and credit of the U.S. government by the National Credit Union Administration. The National Credit Union Share Insurance Fund, similar to the FDIC, insures deposits up to at least $100,000.

As not-for-profit cooperatives, credit unions exist to serve their members and are well capitalized at nearly 12 percent. Credit unions have always made prudent lending decisions in making loans, avoiding subprime and risky loans.

Furthermore, credit unions will continue to provide a safe haven for consumers seeking to deposit money or to make loans for personal use, cars and mortgages.

There are no stockholders or outside investors in credit unions, nor are they listed on Wall Street. Credit unions are democratically controlled, so owners and decision makers are the members, or depositors. Deposits are locally held and loans are made only to those within the credit union’s membership.

GNC Community Federal Credit Union was formed in 1936 to serve employees and families of Johnson Bronze. Throughout the years, we have expanded our membership to enable more community residents to take advantage of the products and services offered. We currently serve individuals who live, work and worship in the Lawrence County area.

GNC Community serves more than 12,000 members with $43 million dollars in assets, and has 14 employees.

GNC Community is governed by a volunteer board of directors, all of whom are members of the credit union. In addition to outside auditors, the credit union also has a supervisory committee that provides important oversight to all the activities of the credit union.

Dianna L. Cecchini

chief executive/manager

GNC Community

Federal Credit Union