Patterson Federal Credit Union has
been a part of Clark County since 1957. Despite its 55 years in business, a lot
of people still are not exactly sure what a credit union is.
A credit union is a financial institution
that operates as a non-profit cooperative. That means its members – people who
use the credit union for checking, saving, or loans – actually own and manage
it. In this way, it differs from a traditional bank which is owned by stockholders
and operated for profit. But like traditional banks, credit unions are closely
regulated and deposits are insured.
The biggest reason many local people
are not familiar with what Patterson Federal Credit Union does lies in its
history. When the credit union opened in 1957, it was established to
specifically serve employees of Reynolds Metals Company in Gum Springs.
Membership was open only to those employees and their families.
For that reason, Patterson operated
from Gum Springs for most of its 55 years. First, it operated from the Gum
Springs Community Building; then moved into its own facility on Hwy 67 South
near the Clark County Industrial Park. When Reynolds closed in 1985, the credit
union’s board of directors voted to open membership to other area businesses.
Membership was still restricted to employees (and their families) of those
specific businesses.
In 2007, Patterson Federal Credit
Union was approved for a community charter. That means that anyone who lives,
works, worships, or attends school in Clark County is now eligible for
membership. The credit union opened its Arkadelphia facility in 2009,
conveniently located on W.P. Malone Drive across from Walmart.
Members of Patterson Federal Credit
Union, as with all credit unions, are known as shareholders because they share
ownership of the institution. Since it
is a non-profit financial co-op, any earnings above the required reserves are
returned to members by low interest rates on loans and competitive dividends on
savings.
Today, joining Patterson Federal
Credit Union is easy. It takes $25 to open a savings account. Once you join,
you are a member for life, even if you move. Patterson includes a full range of
services including checking, savings, certificates of deposit, auto and
recreation loans, and MasterCard debit cards. For more information about
Patterson Federal Credit Union, drop by 124 W.P. Malone Drive or call
(870)246-8005.
