Our Family Social Credit Union began on June 26, 1950.  The credit union currently has 476 active members and has had 671 members over its lifetime.  Every credit union lists, in its application for a charter, its field of membership, which is a listing of the criteria for membership in that credit union.  The field of membership for OFSCU includes all descendants of Lucy and Manley Williams and all those who marry any descendants.  So, to this day, every one of the 671 members of OFSCU is a cousin, either born into the family or married into the family.

The credit union was originally formed with the intent to pool money to assist family members in times of financial need.  Approximately 30 cousins living in Omaha in June of 1950 joined together to make their first share deposits after receiving their official charter from the state of Nebraska.  As of June 30, 2008, the total shares in of all members in OFSCU are $400,281.20.  These shares have served the goals of our founding members well, as we have used that money to grant over 2000 loans to cousins in our 58 years of existence.  We are well past the $2,000,000.00 mark in total money loaned out.  As of the closing of our books on June 30, 2008, we had total assets of $448,361.60, with the exciting goal of one-half million dollars now clearly in sight.

Since many parents enroll their children in the credit union soon after birth, we have a young membership overall, with roughly one-third of our members being under the age of sixteen.  As our shares, loan, and assets totals would indicate, we are a fairly small operation in the big picture of credit unions.  However, we have provided a very large and rewarding service to our members over the years, as any of them would attest.

LOCATION

The home office of OFSCU has always been in the Omaha area, as this is where the credit union began and where more members live than in any other single metropolitan area.  However, the family has spread out across the nation, and we now have cousin members in more than twenty states.  As all elected officials of the credit union are cousins, OFSCU truly believes in keeping this credit union business all in the family.

Rather than providing a list here of all the states in which our cousins currently live, we challenge you to check out our OFSCU Trivia section to see how many states you can name!!!

GOVERNANCE

Our Family Social Credit Union is truly controlled by its shareholders.  The credit unions Annual Meeting, to which all members are invited, is held in Omaha in even-numbered years.  In odd-numbered years, it is held in the Williams Family Reunion city, wherever that might be, on the first night of the Reunion.  At these Annual Meetings, the members elect fellow members to the Board of Directors and to the Credit Committee. 

There are seven members on the Board of Directors, each elected to three-year terms on a staggered basis.  This staggered-term format is designed to provide for both continuity and experience on the Board at all times.  The Board then meets immediately after the Annual Meeting adjourns to elect its own officers, including a President, Vice-President, Secretary, Communications Secretary, and Treasurer/Manager.  If an independent Manager is hired who is not an elected Board member, then the Manager and Treasurer work closely together to conduct the daily operations of the credit union.  The Board meets once every month, with additional special meetings called as needed.

The Credit Committee consists of three members also elected to three-year, staggered terms, with one elected at each Annual Meeting.  One member is then elected by that committee to serve as the Chair for the year.  The Credit Committees primary function is to consider all loan applications and vote to approve or to disapprove these applications based on a set of established criteria.  These members are invited to attend all monthly Board meetings, and, to their credit, often do.

The Supervisory Committee is appointed by the Board each year following the Annual Meeting.  The committee is made up of three or more volunteers who serve a one-year term and meet quarterly to conduct our internal Supervisory Audits of all our books.  In addition to these four internal audits, the credit union also undergoes a yearly external examination by the Banking Department of the State of Nebraska, and the credit union augments its internal audits by employing the services of an outside accounting firm once each year.  These procedures provide ample checks and balances to assure members of the smooth and efficient operations of the credit union.