Citco Federal Credit Union exists to provide a convenient and competitive source of financial services for its member-owners that is consistent with prudent financial management.
Citco Federal Credit Union was established in 1954 as the Sheridan Public Employees Federal Credit Union; charter number 9644. The Sheridan Public Employees Federal Credit Union served:
- the employees of the City of Sheridan,
- the employees of the County of Sheridan,
- the employees of the Public School System,
- employees of the credit union
- the immediate family members of other credit union members
- and organizations of credit union members.
In the years that followed several other entities were added to the field of membership:
- Sheridan College
- Holy Name School
- Westview Health Care Center
- Thunder Child Treatment Center
- T & C Liquors
- Sheridan YMCA
- Members of the Friends of the Library
- Fidelity Exploration and Production Co.
- In 2013, Citco FCU obtained a Community Charter for Johnson and Sheridan Counties in Wyoming. This includes any person that lives, works, attends church or school in Johnson or Sheridan County, Wyoming.
In 1987 the credit union changed to its current name of Citco Federal Credit Union. In March 2005, Citco moved to its current location at 502 N. Main St. in Sheridan, Wyoming.
History of Credit Unions and NCUA
From their early origins, credit unions were unique depository institutions created, not for profit, but to serve members as credit cooperatives. The earliest financial cooperatives date back to the beginning of the 19th century in England. However, in the mid-1800’s Germany was the home of the first credit unions as we know them today;
- Democratically governed;
- Each member has one vote;
- Member-elected Board of Directors;
- Volunteer based.
The financial upswing of the U.S. economy is the 1920’s, made credit unions increasingly popular in this country. People had more money to save and were able to afford products such as automobiles and washing machines. However, they needed a source of inexpensive credit. Because commercial banks and savings institutions were not generally interested in providing consumer credit, credit unions began to grow.
In 1934, President Roosevelt signed the Federal Credit Union Act, authorizing the establishment of federally charted credit unions in all states. The purpose of the federal law was “to make more available to people of small means credit for provident purposes through a national system of cooperative credit…”
Credit unions grew steadily in the 1940’s and 1950’s, and by 1960 credit union membership amounted to more than 6 million people at over 10,000 federal credit unions.
In 1970, the National Credit Union Administration was created to charter and supervise federal credit unions and the National Credit Union Share Insurance Fund (NCUSIF) was organized to insure credit union deposits. In the independent credit union spirit, the NCUSIF was created without tax dollars and capitalized solely by credit unions.
The 1970’s brought major changes in the products offered by financial institutions and credit unions found that they, too, needed to expand their services. In 1977, legislation brought expanded services to credit union members, including share certificates and mortgage lending. In 1979, a three-member Board replaced the NCUA administrator. In the same year, Congress created the Central Liquidity Facility, the credit union lender of last resort. The 1970s were years of tremendous growth in credit unions. The number of credit union members more than doubled and assets in credit unions tripled to over $65 billion.