Company Background
Mountain America Credit Union is a member-owned, not-for-profit cooperative financial institution with an on-going tradition of partnering with consumers to help meet their financial needs. With more than 328,000* members and $2.8 billion in assets*, it is the second largest credit union in Utah. Nationally, Mountain America ranks 29th** out of more than 8,000 credit unions.
Mountain America traces its origin back to two large credit unions formed to serve the financial interests of Utahns. Established in March 1934 as the Utah Telephone Credit Union (UTELCU), telephone workers from Salt Lake Telephone, Mountain Bell, Western Electric, and AT&T were later joined by several other utility companies, including Mt. Fuel Supply. In May 1984, UTELCU changed its name to Mountain America Credit Union to reflect the diversification of its membership. Later that year, Entra CU and Postal Workers CU-the first credit union established west of the Mississippi-joined Mountain America.
The Utah State Employees Credit Union (USECU), established in April 1952, was the largest credit union merged to form what is now Mountain America. Originally created to serve State Road Commission employees, membership later broadened to include all state employees and various city and county employees. In 1985, USECU changed its name to Utah State Credit Union (USCU) to more accurately describe its membership. On November 14, 1988, USCU united with Mountain America to bring about the second largest credit union in the state.
Mountain America has a long heritage of partnering with members. A shared effort to help each other succeed has built trust and a commitment to make the partnership one that works. Mountain America is committed to helping members enjoy a good lifestyle by providing a positive incentive for them to build a solid foundation and realize their financial dreams. With this in mind, the Credit Union offers its members a full-range of personal financial products and services, money-saving benefits, and timesaving conveniences geared to fit the different lifestyles of all of its members.
Mountain America's strength lies in its large network of branches and ATMs. The Credit Union has 62 locations, from Logan to St. George, Vernal to Tooele, Phoenix, Albuquerque, Mesquite, Las Vegas and Sparks. Mountain America owns several ATMs and belongs to several networks including the CO-OP Network, which allows members to complete surcharge-free transactions in more than 25,000 ATMs throughout the country.
Mountain America's philosophy of offering easy access to high-quality products as a cooperative institution allows members to enjoy traditionally higher dividends on savings and lower rates on loans. "Not for profit, not for charity, but for service" accurately describes the Credit Union's ultimate goal. Organized to serve, member satisfaction is the objective at Mountain America. MACU empowers its employees to make decisions at the frontline. A four-tiered hierarchy ensures that employees make decisions based first on the needs of the membership, then in the interest of the Credit Union, the work team, and lastly, themselves.
In May 2003, Mountain America Credit Union transitioned from a state-chartered credit union to a federally-chartered institution that operates within a closed field of membership. The following people are eligible for Mountain America membership:
- Residents of Salt Lake County, Duchesne County, Wasatch County (in Utah census tract 940300), Uintah County (in Utah census tract 940100 or 940200)
- Family members of existing MACU members***;
- Persons living with or under the same roof as existing Mountain America members;
- Members or volunteers of any of the Credit Union's Affiliated Associations;
- Employees or volunteers of any of the Credit Union's Select Employee Groups.
Some of Utah's leading corporations include: L-3 Communications, Novell, Questar Gas, Salt Lake County employees, Smith's Food and Drug, State of Utah. The general membership deposit is $25 (or 5 "shares") per member, which gives the member one voting right. This deposit is returned when the partnership is terminated.
Mountain America is a federally-chartered credit union, regulated by the National Credit Union Administration (NCUA), an agency of the federal government. Savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
* As of June 2009
** According to Callahan and Associates, June 2008
***Immediate family members include: parents, spouse, surviving spouse, children, siblings, grandparents, grandchildren, step and adoptive relationships.
