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SEG Federal Credit Union is a full service, not-for-profit cooperative dedicated to serving our members. We were originally chartered in 1951 as Laurel NP Employees Federal Credit Union. Our original field of membership was limited to the employees of Northern Pacific Railway Company and their families. In 1971 our name was changed to Laurel BN Federal Credit Union.
In 1985 our name was changed to SEG Federal Credit Union. Since the original field of membership was adopted in 1951, the credit union has expanded to include more than fifty small (select) employee groups throughout the Laurel area. Throughout the many changes within the railroad, the credit union has tried to maintain our close connection with our original membership base but we have also expanded our membership base to promote growth and stability.
Although many changes have taken place since 1951 the credit union's philosophy has never changed. We continue to be not-for-profit, not for charity, but for service.
Employees and their immediate families of the following businesses or groups and persons who live in, are employed in, attend school in, or worship in Carbon and Stillwater Counties are eligible for membership at SEG Federal Credit Union.
SEG Federal Credit Union is a not-for-profit cooperative. As a member of SEG Federal Credit Union you are a member/owner of the credit union. We do not have outside stockholders. Earnings are returned to you in the form of higher dividends, lower loan rates, and lower fees.
We encourage all our members to get involved in the credit union. In July we have our annual meeting. At this meeting we present the financial status of the credit union, and we elect the Board of Directors. The Board of Directors appoints the Supervisory Committee and other special committees (investment, marketing, etc.) This is also a great forum to ask any questions you may have about the operations of the credit union.
The Board of Directors of SEG FCU is composed of five credit union members, each serving a three year term. The basic function of the Board of Directors is to make decisions, advise, serve as trustees and perpetuate the Credit Union. Other Board responsibilities include: guide the credit union, work in the best interests of the members and do all that is "necessary and proper" under the law, appoint members of the Supervisory Committee, Loan Officers, Security Officer and Membership Officer, attend and actively participate in monthly Board meetings, planning sessions, and committees as required.
SEG Credit Union is committed to supporting our community. On an annual basis we have donated to numerous causes, assisted with food drives, provided scholarships and more. The following is a sample of what are proud to be supporting.
The Board of Directors appoints the Supervisory Committee composed of four credit union members for a term of one year. The basic function of the Supervisory Committee is to be the guardian of the best interests of all members. The Committee shall make or cause to be made an annual audit and submit a report of that audit to the Board. The Supervisory Committee must act in an independent manner and investigate and resolve member complaints.
In October of every year we host Credit Union Week. We have giveaways, drawings, and refreshments. This is our way of thanking you, our membership. We hope you can find time in your busy schedules to join us for these and other events offered by the credit union.