The credit union was organized in 1942 so that the community of Cottonwood could save together and use the savings to provide fellow credit union members with low-cost loans, when needed. After expanding our charter to cover low income areas and people without adequate access to credit union services, we now serve all of Idaho and Lewis Counties. A credit union is not for profit, not for charity, but for service. This is where credit unions differ from all other savings and borrowing organizations. Members pool their savings in share accounts and are the owners of the credit union. These funds are loaned back to members to facilitate their financial needs. Profits from the credit union are paid back to the members in the form of dividends and services. In addition, a certain amount of funds are kept in reserve to meet reserve requirements. Credit unions are run under the policies set by the Board of Directors. Members elect the board members at annual meetings. Board and committee members are elected for staggered 2-year terms.The Supervisory Committee is involved in internal controls and adherence to policies set by the Board of Directors. All of these positions are uncompensated, voluntary positions. Cottonwood Community Federal Credit Union offers membership to persons who live, regularly work, attend school, worship, or volunteer in Idaho or Lewis Counties. In addition, organizations of those persons and their direct family members are offered membership.