What is Affinity First Federal Credit Union?
Affinity First Federal Credit Union is a cooperative financial institution that is owned and operated by its members. The scope of activities of Affinity First is defined in its bylaws and is governed by the Federal Credit Union Act.
History of Affinity First Federal Credit Union
Affinity First Federal Credit Union was organized and chartered by seven Trinity Hospital employees on April 23, 1959 as Triniservice Federal Credit Union. Its purpose was to promote thrift among its members by affording them an opportunity to accumulate their savings and to create an additional benefit for Trinity employees. To become a member, you had to be in the field of membership, fill out an application and deposit $5.00 for one share in the Credit Union plus a 25-cent membership fee.
Affinity First was operated out of a small office on the fifth floor of the hospital and was run strictly by volunteers made up of a Board of Directors, Credit Committee, Supervisory Committee and a Marketing Committee. The Board of Directors and Credit Committee were elected by the membership at the annual meeting to serve three-year terms. Other commitee members are appointed by the board.
Initially the services offered were savings, life insurance for $2,000 and low cost loans. All work was done by volunteers until the early 1970's when a treasurer was paid $50.00 a month. In May of 1977 a part-time manager was hired. This person was also part-time financial aid coordinator for Trinity's School of Nursing.
Many services were added late in 1977 when Affinity First (Triniservice) had a full-time staff. Records were converted to a weekly batch data processing system in Iowa and free travelers checks were added. In January of 1978, the first budget and policy manual were adopted. In 1979, Affinity First (Triniservice) reached 1 million in assets. In 1981 the par value of shares was increased from $5.00 to $30.00 and the membership fee was dropped.
On November 6, 2004, Triniservice Federal Credit Union's name was changed to Affinity First Federal Credit Union. The field of membership was expanded to include the counties of Mountrail, McLean, McHenry, Renville, Bottineau and Ward.
The success is attributed to its dedication to the philosophy of "People Helping People". Affinity First is a financial institution that prides itself on knowing its members and serving their needs.