The Benefits of a Local Credit Union
MMCCU is proud to be a local credit union based in Marshfield, Wisconsin. As a financial cooperative, MMCCU is owned by our nearly 4,000 members. Our Bylaws as required by Wisconsin Statute define the responsibilities and duties of the Board of Directors. A nine-member board of directors is selected by the membership to represent their best interests and oversee the operations of the credit union. They serve voluntarily and without compensation. The board is responsible for hiring a President/CEO to run the credit union. As part of that responsibility, the President/CEO hires individuals to fill out the rest of the staff to meet the needs of the membership.
Local decisions made by local people is a benefit to the community and we are proud to be locally-governed. Our board of directors and our staff live in Marshfield or our surrounding communities, so we understand the pulse of the area and can make decisions that are best for our members. When changes happen in Marshfield, we feel the impact these changes have on our members.
Additionally, as MMCCU is closed-chartered and members must work in healthcare (or be related to a person in the healthcare industry), Directors come from within and understand the needs of other members as well as the healthcare industry. Also, working here typically means living in the Marshfield area and we all feel that supporting our community is important.
Our board members work at area health care providers and understand how changes in healthcare have impacted Central Wisconsin, so when we meet and discuss strategy for the future, we have a better understanding of how our decisions impact our neighbors, friends, or family members who rely on the credit union.
Sometimes, financial institutions who are headquartered outside of the communities they serve fail to understand the needs of the communities they serve and there appears to be a disconnect between leadership and the customer base. For many credit unions, including MMCCU, we take pride in promoting and supporting our local communities.
MMCCU does not have any plans to change ownership in the near future. While consolidation in the financial services sector has been occurring for decades and has increased since 2009 (The Great Recession) the MMCCU Board of Directors has remained committed to keeping our independent control rather than being acquired by a larger institution with a headquarters located elsewhere.
The focus is to be dedicated to our members and their needs (serving a niche versus trying to serve everyone). In Wisconsin the number of credit unions has declined from a high of 781 in the mid-sixties to 122 currently! Twenty years ago (1999) there were 350 Wisconsin credit unions and in 2009 there were 236. We were charted in 1965 – so right at the peak. Ultimately, it comes down to staying relevant to the members and we believe we are.
The Marshfield community plays a vital role for healthcare in Northern and Central Wisconsin, and we want to continue providing financial products and services to those who work in healthcare in our area.