The idea for a credit union began when Paul Calhoun was hired in at Port Clinton City Schools and, in looking for a credit union, he found none in the area he was able to join. With the aid of fellow co-workers, they petitioned the National Credit Union Administration (NCUA) to start a credit union. In January 1975, their request was approved for employees of Port Clinton Board of Education, unmarried spouses of persons who died while within the field of membership, persons retired as pensioners or annuitants from the above employment, members of their immediate families and organizations of such persons.
Materion Federal Credit Union (MFCU) is a full service financial cooperative, established in 1970, to serve employees and retirees of Materion and its affiliates. As a credit union, we are not for profit, but for service, financial cooperative, owned by the members and existing for the use of the membership.
MFCU is governed by a Board of Directors that establishes and reviews policies. The Directors are Credit Union members who are elected by the Membership and serve without pay. Every member has one vote, regardless of how much he or she has on deposit.
The operations of MFCU are subject to review and examination by the National Credit Union Administration (NCUA), an agency of the U.S. Government. The NCUA insures each member?s deposit accounts for at least $100,000.