The Credit Union was chartered on March 6, 1975 by a small group of employees of Western Kraft Paper Mill in Campti, LA. They became members of the new WKE Red River Federal Credit Union. In 2002, the name was changed to what it is still called today, Red River Mill Employees Federal Credit Union.
Red River Mill Employees Federal Credit Union exists to serve its members. We are challenged to be your premier credit union, pioneering and partnering in innovation, expertise and leadership to keep the credit union philosophy alive in Louisiana.
What is a credit union?
A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by the people who use its services - credit union members. Credit unions are for everyone, but not everyone can belong to a given credit union. Members of credit unions share a common bond, such as being employed at the same workplace, belonging to the same church or fraternal organization, or living in the same area. Some credit unions serve several employee groups.
Credit unions exist solely to serve their members. While banks and other financial institutions must make a profit for their shareholders, credit unions return their profits to members in the form of dividends on savings, low rates on loans, and new or improved services. In addition, the not-for-profit status of credit unions enables them to operate at a lower cost than many for-profit institutions, which helps them to offer competitive loan and savings rates to you, the member.
Are credit unions regulated?
Credit unions, like other financial institutions, are closely regulated. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration (NCUA), an agency of the federal government, insures deposits of credit union members for up to $250,000.