About Tucoemas Federal Credit Union
TUCOEMAS Federal Credit Union has been serving the Tulare County community since it was established in 1948 with only nine original members. Continued growth over the years necessitated a move in 1984 to its 10,000 square foot main branch at 2300 W. Whitendale. In addition to offering typical credit union services, this office also houses the credit union's real estate lending department.
Credit union members may access their accounts from other TUCOEMAS branches as well. Branches are located in Tulare, Porterville, and two in Visalia. From these locations, the credit union provides services to over 31,000 members. These members include individuals who live, work, worship, or attend school in Tulare County.
Since its charter in 1948, the mission of TUCOEMAS Federal Credit Union (TFCU) has been to provide high quality financial services that meet Tulare County member needs. Consistently offering a wide variety of affordable financial services has contributed to the successful growth of the credit union.
About Credit Unions
There are approximately 6,500 member-owned cooperative financial institutions, known as credit unions, in the U.S. Their roots go back to 1849 when the first credit union was established in Western Europe.
A credit union is usually formed around a common bond, generally employment. Its main purpose is to give member owners a place to save and borrow. Members put their money into a variety of savings and investment accounts.
This money is then lent to members who pay interest. After operating expenses and reserve requirements are met, the remaining loan income is returned to the members as dividends and other financial services.
Member-owned credit unions are not for profit; they exist only to serve their membership. As a result, credit unions are generally able to pay higher dividends on savings and charge lower interest rates on loans.