VSECU has become the first credit union in Vermont approved to serve anyone who lives or works anywhere in the state. The decision came from the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
Steven Post, chief executive of VSECU, commented that, “our long-term vision has been to make VSECU a true alternative to for-profit banks and to be available to all Vermonters.” We now have that opportunity, he said.
“This development is especially significant as consumers try to make sense of the bailouts, investment decisions and shortcomings in the country’s banking system. The acquisition and merging of regional and state banks also has left Vermonters with less consumer choice and the loss of local control and servicing,” Post said.
“We like being a local credit union, we like working with a Vermont regulator and we like being inclusive,” Post said.
“Competition is always good and there is plenty of room for different banking models to co-exist,” he said. “I believe that our model can bring affordability and better value to Vermonters.”
VSECU operates as a not-for-profit, democratic cooperative that works for the benefit of its members, not just shareholders. It offers a full range of financial services for individuals and small businesses.
Chartered in 1947, VSECU has experienced steady growth in membership and now has over 40,000 members. Prior to this decision VSECU served residents of seven counties and state employees statewide.
VSECU worked with other state-chartered credit unions through the Association of Vermont Credit Unions and BISHCA to modernize the credit union statute. The Vermont legislature passed H.149 in May 2006, paving the way for greater competition among all financial institutions in Vermont and greater choice for consumers.