MECU's History
On January 27, 1939, MECU was organized as a financial cooperative and chartered under the laws of the State of Illinois. The ten incorporators deposited $5 each to start the credit union with a total of $50 capital. By the end of the year, there were 474 credit union members and assets totaled $14,765. The new credit union offered its members a regular share (savings) account, a source for loans, and was one of 657 credit unions in Illinois.
MECU serves nationwide employees, retirees, and contract employees of Motorola, Inc. (and its subsidiaries), and anyone related to these individuals or related to current MECU members by blood or marriage (including foster, adopted, and step family members). Same sex and domestic partners are also eligible (contact us for eligibility requirements). The credit union is not a subsidiary or operating division of Motorola, Inc. It is an independent credit union chartered under the laws of the State of Illinois. Today, MECU has more than $681 million in assets and services nearly 39,000 members.
Philosophy
Unlike banks, which are owned by shareholders, and whose purpose is to generate a financial return to those shareholders, credit unions exist to provide value to their member-owners exclusively. Credit unions are cooperative financial institutions, allowing savers and borrowers to help each other so everyone benefits. Like all cooperatives, credit unions are not-for-profit and are owned by their members.
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