CPM Federal Credit Union Revenue and Competitors

CPM Federal is a financial cooperative institution owned by its members. CPM Federal and other institutions like it were established for the purpose of encouraging thrift and creating a source of credit at a fair, reasonable cost. Credit unions provide an opportunity for members to use and control their own money in order to improve their economic and social conditions. Because members are owners and there is no separate group of stockholders to whom profits must be paid, a lower cost on financial services can be maintained. Also, by collectively pooling their resources, members can make low cost loans available to each other for varied purposes. CPM Federal can serve ONLY "its" members. It does not serve the general public. CPM Federal was chartered in 1955 to serve the employees of Westvaco Corporation and its wholly-owned subsidiaries. Since its original charter, CPM Federal has expanded its field of membership to include employee groups of select organizations. The primary employee for an approved company is eligible for membership. Relatives in the immediate family or persons living in the same household of a primary person eligible for membership also are eligible for membership irrespective of where they live. CPM Federal is now on the forefront of the cooperative movement with over $177 million in assets and over 49,000 members. CPM Federal is a full-service financial institution. CPM Federal has a strong commitment to the protection of your deposits. Accounts are insured by the NCUA, a federal agency, for up to $250,000 for traditional deposit accounts and $250,000.00 for IRA accounts.