A Glance at Our Past
Desco Federal Credit Union was originally established in 1963 to serve the employees of Detroit Steel Corporation in Portsmouth, Ohio. With the closing of Detroit Steel, Desco Employees Federal Credit Union's name was changed to Desco Federal Credit Union and its charter was also changed to provide service to all eligible persons who live or work in the communities of Portsmouth, New Boston, Porter Township, and Washington Township, Ohio. Later, the charter was further expanded to include those persons eligible for membership in the former Ironton Lawco Employees Federal Credit Union along with many other select employee groups.

Effective January 1, 2004 Desco merged the former Solky Federal Credit Union in Ashland, Kentucky and was granted a community charter to serve the residents of Boyd County, Kentucky.

What is a Credit Union?
A credit union is a group of people chartered to do business with each other. Members save their money in a common fund and make loans to each other from that fund.

A credit union is not a credit bureau; it is not a labor union; it is not a loan company nor a bank. It is a group of people with a common bond who have joined forces to manage their own money.

The credit union's objectives are to teach and encourage thrift among its members and, through their combined savings, extend to members low cost credit for any worthwhile purpose.

So, as a member, you and the other members actually own the credit union. You, the member, are the only reason for the credit union's existence.

At Desco, our credit union's policies are established by a board of directors that is elected from the membership by the members. The officers and committees operate under the general direction and control of the board. The Board of Directors appoints a Supervisory Committee to audit internal affairs. The credit union also undergoes an annual examination by federal examiners and an annual audit by a firm of Certified Public Accountants. The board and committee members receive no pay for their service.

Desco's officers, directors, and staff constantly review the policies and services of the credit union to insure that they are providing the very best financial services to you, the member.