February 22, 2011, Alexandria, Va. – National Credit Union Administration Board Member Michael E. Fryzel recently visited Whiting Refinery Federal Credit Union in Whiting, Indiana.
Fryzel utilized his time at Whiting Refinery to tour the institution and meet with its Manager, Carol Graziani. Whiting Refinery FCU is one of a small group of credit unions chartered in the mid-1930s that still remains in business today.
“As a small credit union with over 75 years of service, Whiting Refinery has been consistent in meeting the needs of its members,” Fryzel stated. “Small credit unions have invariably been of great importance to the credit union industry since it took root in the 1800s providing needed financial services to small groups of individuals.”
“Whiting Refinery exemplifies the reason why credit unions began and they have held true to the philosophy of people helping people,” commented Fryzel.
Founded in 1935 to serve employees of Standard Oil, Whiting Refinery now serves employees of BP Amoco and employees of the Whiting-Robertsdale Chamber of Commerce of Whiting. Located in quaint downtown Whiting the credit union is able to take advantage of the grass roots of personal members service.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.