Cornerstone Financial Credit Union was founded in 1955, by a group of visionary educators in Davidson County with a philosophy of people helping people with low-cost financial services. Today, our membership base of more than 45,000 is a diverse group of individuals comprising all walks of life. Credit unions originated as a way for individuals to pool their money and make loans to each other. The first credit unions appeared in the United States in the early 1900’s and grew up as cooperatives of people with some type of common bond, most often a specific workplace. In 1935, when credit unions were helping Americans through the Great Depression, the treasurer of a Midwestern credit union said that credit unions were “not for profit, not for charity, but for service” and that philosophy holds true today. By “joining” a credit union, you become a member. As a member, you are not a customer, you are an owner. That really makes all the difference. Credit unions are member-owned and operated, for the benefit of members. Banks and other financial institutions are owned by a select group of shareholders and those shareholders – not necessarily customers – are major beneficiaries of profits earned. Credit unions are non-profit organizations because all earnings go back to members in the form of lower loan rates, higher deposit rates, and lower fees. At Cornerstone, it’s not only about offering the most competitive rates possible, it’s about providing exceptional service in the form of sound, financial counseling from caring advisers. We’re all in this together for the benefit of each other – still true to our original philosophy of people helping people.
