What is a Credit Union?
A credit union is a cooperative financial institution, owned and controlled by the people (members) who use its services.
All credit unions were originally formed by a group of people with something in common (such as work or living in the same community) who decided they wanted to control their own financial destiny. This handful of people, members, provided the initial capital to start the credit union, pooled their money as savings and made low-cost loans to each other. This is where the idea of credit unions, that is, "people helping people", comes from.
Credit unions are not-for-profit, which simply means that after normal operating expenses are paid and funds are set aside for reserves, any net income that remains is returned to the members as dividends on their savings, reduced interest rates on loans and improved services.
The credit unions board of directors volunteer their time to fulfill the expectations of the membership, ensure quality service and maintain financial safety and soundness.
Credit unions, like other financial institutions, are regulated by government agencies. These agencies are responsible for supervising credit unions and making sure they follow certain rules and operate safely.
Who Can Join
Membership to Southern Star Credit Union available to:
- Dresser / Halliburton merged company, its subsidiaries, joint venture companies and successors there of
- Baker Hughes, Inc. / GE
- M-I LLC. / Smith International Inc.
- Eligible persons who live, work, worship or attend school within a 10 mile radius of the credit union office located at 16035 W Little York Rd, Houston, TX. 77084.
- Family members of all members
Southern Star Credit Union is a state chartered, federally insured financial institution, located in Houston, TX.
We received our charter from the State of Texas on July 9, 1953, offering a limited amount of products and services. Today, with assets over $20 million, we serve over 3,200 members throughout the U.S. with a range of financial services that have a competitive advantage over many other financial institutions.
For over 65 years we have provided our members with good financial products and made them available for the lowest possible cost. We will strive to continue providing our members with the products and services they need to handle the demands of today's hectic life style.
Members of our Board of Directors are fellow credit union members who serve as volunteers and set the long-term direction of the credit union. These volunteers bring decades of experience to the policy making body of the credit union and they ensure that policies are maintained for operational safety.
Your Board of Directors, management and staff remain dedicated to providing the best possible service to our membership and to insure it is provided with courtesy and respect.