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About Us
Lake State Federal Credit Union is a community based, federally chartered credit union serving Carlton, Pine, Isanti, Kanabec, and Chisago Counties of Minnesota.
Lake State Federal Credit Union is a non-profit financial cooperative organized by a group of people having a common bond (like living in the same community or working for the same company), for the purpose of promoting savings and providing a source of credit.
Credit unions are unique financial institutions because they are:
- Non-profit financial cooperatives organized solely to meet the needs of their members. Cooperatives operate on the principle that every person who utilizes the services of a credit union is part owner of the credit union.
- Governed by its members. The membership of each credit union elects unpaid, volunteer officers and directors who establish the policies under which the credit union operates.
- Based on democratic principles--one person, one vote regardless of how much money or clout a member has.
- Member-owned with earnings returned to members/owners as dividends or kept in reserves to strengthen the organization, not returned to stockholders or investors.
- Credit Union membership eligibility is defined by geography or occupation and evolves along with the needs of its members.
Cooperative Principles of Credit Unions
- Membership is open to everyone in the group served.
- Members are treated equally.
- Credit Unions operate autonomously, making decisions based on member’s best interests.
- Credit Unions are neutral in race, religion and politics.
- A Credit Union is a pool of money saved by the members, under the control of the members, existing for the use of the members.
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