The Unitus Difference

Unitus Community Credit Union Banks
Locally owned, not-for-profit financial cooperative. Unitus is owned by the members who save and borrow with us. Unitus makes decisions based on what is best for our members. Each member is an equal owner of the credit union. For-profit institution. Generates profits for stockholders. Decisions are based on what will generate more profit for the stockholders. Bank customers who don’t own stock are not considered owners.
After expenses are paid and reserves are met, earnings are returned to our members in the form of lower interest on loans, higher interest on savings, and lower fees. Profits are paid to the bank’s stockholders, not their customers.
Each Unitus member has one vote in the election of the board of directors regardless of how much money they have on deposit with the credit union.  Only stockholders are allowed to vote for the bank’s board of directors, and level of voting control is based on the amount of stock owned.
Unitus’ Board of Directors is comprised of dedicated, non-paid volunteers, many of which have been members of the credit union for 30+ years. A bank’s board of directors are paid and may not represent the local community.
Deposits are federally insured up to $250,000 by the National Credit Union Administration, a U.S. government agency. Deposits are federally insured up to $250,000 by the FDIC, a U.S. government agency.

Taxation
Credit unions do pay taxes - payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which states:

"Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for- profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means."

Community Involvement
Credit unions are committed to the communities they serve. A large part of that vision includes working with organizations that positively shape education and health and human services, primarily but not exclusively with children. It's important our members know that one of Unitus' core values is to give back to the communities we serve, both socially and economically.

We’ve been serving our families, friends and neighbors in the greater Portland area for nearly 75 years and we hope you’ll join our credit union.

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