History & Mission
Altra Federal Credit Union's Mission Statement
To create member loyalty by providing products, services and guidance that enable our members, staff and communities to prosper.
How is Altra different from Banks and other Financials?
As a member, it’s important for you to understand Altra’s cooperative structure, principles and purpose, because those are key reasons why we are safe, sound and solvent today.
While many of our members refer to us as “their bank,” we’re not a bank. We offer the same products and services as a bank, but our structure is different. Altra is a not-for-profit financial cooperative and each member owns one ‘share’ of the Credit Union; no member has more influence than another.
During the Great Depression, Credit Unions introduced themselves to America using the slogan “Not for profit, not for charity, but for service.” That principle still applies today because we exist to serve you. Management decisions are based on what’s best for our membership – not what will generate the most profit.
Like all cooperatives, we follow seven basic guiding principles:
- Voluntary Membership
- Democratic Member Control
- Member Participation
- Autonomy & Independence
- Education, Training, and Information
- Cooperation among Cooperatives
- Concern for Community
You, as a member-owner, reap the benefits of membership and strengthen the Credit Union through your participation. Member participation helps determine the products, services, rates and fees we offer. As an owner, it’s in your best interest to use as many of your Credit Union's services as possible.
Participation can also mean inviting friends and family to join the Credit Union. If you’ve been satisfied with our products and services, please tell others who may be looking for a locally managed, safe and sound financial.
Altra Federal Credit Union was State-chartered in 1931 as Trane Employees Credit Union, sponsored by 33 Trane employees, including Reuben Trane. Assets in 1931 totaled $179.00. Today Altra serves members in all 50 states and around the globe with a full range of financial services.