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More than 4.5 million consumers are member-owners of and receive all or part of their financial services from Florida’s credit unions. Currently, there are 198 credit unions (as of 06/2007) in Florida with assets of $37.9 billion. Because there are no outside stockholders, earnings are returned to members in the form of dividends on savings, lower loan rates or additional services.
Credit unions are not-for-profit financial cooperatives, serving members who share something in common: employment, association membership, or residence in a particular geographic area. As not for profit cooperatives, credit unions offer attractive savings and loan rates, and low or no fees. Surveys consistently rank credit unions first among financial institutions in consumer satisfaction and trust.
Credit unions are democratically owned and controlled institutions, based on "people helping people" principles. Credit union boards of directors are elected by members; each member has an equal vote, regardless of how much he or she has on deposit. Only members may serve as directors, and directors serve without remuneration. Finally, credit unions have no outside stockholders, so after reserves are set aside, earnings are returned to members in the form of dividends on savings, lower loan rates or additional services, allowing Florida credit unions to give back more than $575 million in dividends to their members in 2006.
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