Option 1 Credit Union was formed on October 1, 2006 by the joining of Bell Com Credit Union in Grand Rapids, Michigan and Financial Health Credit Union in Lansing, Michigan. Option 1 is now amongst the most wide-ranging credit unions in Michigan, serving 35,000 members from Livingston County to the West Michigan lakeshore.

The credit union has always been a not for profit organization, owned and governed by members who are committed to cooperatively helping each other improve their financial well-being. We believe strongly in the credit union philosophy of people helping people and we constantly monitor the marketplace to make sure that our members get competitive loan and share rates and pay lower fees than they would elsewhere.

Our members have access to a wide variety of high-quality financial products, backed up by the personal service that credit unions are famous for. With the electronic services that we offer, it is possible for a member to bank exclusively with Option 1, yet never set foot inside one of our offices.

Our motto has always been, “Proud of our past... prepared for our future,” and while we like to reflect on our progress, we never turn back. We are always looking for new and progressive ways to meet the financial needs of our members.

What is a Credit Union?

There are approximately 13,500 member-owned cooperative financial institutions, known as credit unions, in the U.S. Their roots go back to 1849 when the first credit union was established in Western Europe. A credit union is usually formed around a common bond, generally employment. Its main purpose is to give member owners a place to save and borrow. Members put their money into a variety of savings and investment accounts. This money is then loaned to members who pay interest. After operating expenses and reserve requirements are met, the remaining income is returned to the members as dividends and other financial services. Member-owned credit unions are not for profit; they exist only to serve their membership. As a result, credit unions are able to pay high dividends on savings and charge low interest rates on loans.

Membership is Ownership

Option 1 Credit Union is a cooperative, owned and operated by its members. This is what distinguishes the Credit Union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is loaned to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.

Option 1 is governed by a Board of Directors that establishes and reviews policy. 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. At the Credit Union, there is no select group of shareholders that profits more than anyone else. All Members profit — individually and collectively.

Option 1 Credit Union is a full service financial institution and is a state-chartered credit union, organized under strict regulatory laws that are monitored and enforced by M.F.I.B. and the National Credit Union Administration (NCUA), an agency of the U.S. Government. The NCUA insures each member account for $100,000.