In 1935, the Texas Company started a credit union inside the refinery. On August 1, the Texas Company P.A.W. Employees Federal Credit Union opened for business. Nearly seventy-five years later, Texaco Community Federal Credit Union has over $420 million dollars in its full-service financial institution. It is one of the largest independent, not-for-profit financial institutions in Southeast Texas.
The history of this credit union is a success story of individual hard work and sharing to help many. Texas Company employees R.E. Hardin, H.A. Allgood, G.M Rucker, Joe Corneilison, P.C. Reese, R.C. Benefield, B.F. Dooley Jr. and C.L. Bland signed the certificate to organize an employee's credit union. By the end of the month, the credit union had 57 members and total savings of $247.
The founders of the Texas Company P.A.W. Employee's Federal Credit Union could not have imagined a credit union in Port Arthur, Beaumont, Lumberton, Bridge City and Nederland with over $420 million dollars and nealry 44,000 members. But the credit union was established on "service with star quality," and that service has earned the support of members through the decades. On Sept. 7, 2004, Texaco Community became FivePoint Credit Union. FivePoint is celebrating 75 years of service to our members. Chairman Glenn Johnson leads the all-volunteer Board of Directors. Erik Shaw, President/CEO, leads the staff.
To improve the quality of life for our members and the community.
To help our members build and maintain wealth.
Trust, Commitment, Love and Belief
The Credit Union Advantage
While both credit unions and banks offer similar products and services (checking, credit cards, etc.), that's about the only similarity. Here are the differences:
- Not for profit, not for charity, but for service. Without "profit motive", make decisions based on what's best for members.
- Financial cooperatives. Members pool their savings to provide low-cost loans and low fee services to each other.
- Each member is an equal owner.
- Exist solely to serve their members. A person must be within the credit union's field of membership, as defined by their charter, in order to join.
- Unpaid volunteers from the membership serve on the Board of Directors and guide the credit union.
- As owners, members elect fellow members to serve on the Board of Directors.
- Income is returned to members in the form of better savings rates, lower loan rates, and low or no fees for services.
- Like other not-for-profit institutions, credit unions are exempt from paying federal income tax.
- Deposits are federally insured up to $250,000.00 by NCUA, a government agency.
- Generate profit for stockholders. Make decisions based on what will give stockholders more profit.
- Commercial businesses. Offer services to make a profit.
- People who buy stock in the bank own shares of the business.
- The Board of Directors is paid a salary.
- Only people who own stock can vote for the Board of Directors. The customers who use the bank do not have a say.
- Income is returned to the stockholders in the form of higher dividends on their shares of stock.
- Like other for-profit businesses, banks must pay taxes to the government.
- FDIC, a government agency, federally insures deposits up to $250,000.