UBI Federal Credit Union History
United Business & Industry Federal Credit Union was founded in 1951 as Trumbull Electric Employees Federal Credit Union. In the 1960’s the name was changed to GE Assemblies & Devices Employees Federal Credit Union, reflecting the membership base during this period. In 1985, the Federal Regulators approved a charter change to permit the credit union to serve companies of The Plainville and Berlin Chamber of Commerce, as well as municipal employees in these communities. In 1997, the credit union changed its name to United Business & Industry Federal Credit Union and, in 1998, moved to its current location on Woodford Avenue. Through mergers with other credit unions, and growth within the Plainville and Bristol communities, the credit union has grown to serve over 300 companies.
In 2005 the National Credit Union Administration approved our new “Community” charter expansion. This expansion opens credit union membership to individuals who live, work, worship or attend school in Hartford County, Connecticut including all businesses.
UBI Federal Credit Union stands out as a remarkable alternative to traditional financial institutions in Hartford County. Offering a full range of services—including savings and checking accounts, various loan options (including student loans), credit and debit cards, and more—UBI goes beyond banking. They are dedicated to strengthening the community through generous contributions of volunteer time and financial support.
Membership to UBI Federal Credit Union is open to individuals who live, work and worship or attend school in Hartford County, Connecticut, including all businesses!
At UBI Federal Credit Union, there’s no membership fee. Members are simply required to make a minimum deposit of $25 into a regular share account. (If you're new to credit unions, a share account is a savings account).
Philosophy
Today, UBI continues to look out for our members’ interests and provide a level of service that is not generally available at other financial institutions. Whether it’s providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed its doors, or simply offering a better deal on a used car loan, UBI offers a wide range of additional services to meet your financial needs.
In 1935, when credit unions were helping Americans through the Great Depression, it was said that credit unions were "not for profit, not for charity, but for service," and that philosophy still holds true at UBI today.
Seven Cooperative Principles of Credit Unions
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Voluntary Membership
Credit unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political or religious discrimination. - Democratic Member Control
Cooperatives are democratic organizations owned and controlled by their members, one member one vote, with equal opportunity for participation in setting policies and making decisions.
- Members’ Economic Participation
Members are the owners. As such they contribute to, and democratically control, the capital of the cooperative. This benefits members in proportion to the transactions with the cooperative rather than on the capital invested. - Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If the cooperative enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the member and maintains the cooperative autonomy.
- Education, Training and Information
Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of the cooperative. - Cooperation Among Cooperatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, state, regional, national, and international structures - Concern for Community
While focusing on member needs, cooperatives work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.
