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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 in our chartered communities.
Persons who live, work (or regularly conduct business in), worship, or attend school in and businesses and other legal entities located in Lawrence and Scioto Counties, Ohio; Cabell or Wayne Counties, West Virginia; Boyd or Greenup Counties, Kentucky. Spouses of deceased members; employees of this credit union; volunteers in the community; members of their immediate family or household; and organizations of such persons.
Credit unions differ from other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in a one-person-one-vote system regardless of their amount invested. Credit unions see themselves as different from mainstream financial institutions, with a mission to be “community-oriented” and “serve people, not profit”.
Credit unions offer many of the same financial services as other financial institutions, but often using a different terminology; common services include share accounts (savings accounts), share draft accounts (checking accounts), credit cards, share term certificates (certificates of deposit), and online banking.
Normally, only a member of a credit union may deposit or borrow money. Surveys of members at credit unions have consistently shown a significantly higher member satisfaction rate with the quality of service at credit unions. Credit unions have historically claimed to provide superior member service and to be committed to helping members improve their financial situation.
WE ARE OPEN TO YOU!
Residents of Scioto and Lawrence County in Ohio, Boyd and Greenup County in Kentucky, and Cabell and Wayne in West Virginia are automatically eligible to become a member of the credit union.
In addition, you may qualify through family relationships, employment, association membership, religious affiliation, or attendance at a local university or by volunteering in any of these areas. Contact your closest branch office to determine how you may be eligible to take advantage of all of our services.
IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents
Desco’s Board of Directors is comprised of nine members. They are responsible to oversee and direct the corporate activities. Board Members are elected at our Annual Meeting and serve staggered three-year terms as volunteers. Many of our Board members have long-term relationships with the credit union as members and have held various positions on the Board and/or Supervisory Committee.
Richard Bussa, Chairman
52 Years of service
George O’Neal, Vice Chairman
42 Years of service
George Lawson, Secretary
30 Years of service
Max Behrer, Treasurer
24 Years of service
40 Years of service
28 Years of service
D. R. Gossett
17 Years of service
9 Years of service
Desco’s Supervisory Committee’s primary responsibility is to assure that the credit union operates in accordance with the rules and regulations set forth by the National Credit Union Administration (NCUA) and other regulators, that internal controls are established and effectively maintained, and that the Board of Directors’ plans, policies and procedures are properly administered. The committee helps to protect the interests of Desco members by ensuring that the credit union operates in a safe and sound manner. Supervisory Committee members are appointed by the Board.
9 Years of service
6 Years of service