OUR MISSION

Perry Point Federal Credit Union is a not-for-profit member-owned financial institution. Our goal is to provide the best possible financial services to our members at competitive rates while maintaining the Credit Union's long term financial stability.

OUR HISTORY

Our credit union’s history dates all the way back to 1936. On June 16th of that year, 24 employees of the Veterans Administration Facility, Perry Point, Maryland, decided to take control of their financial future. They signed a charter to form a credit union to serve their fellow employees and their families. Each one opened a share savings account with a deposit of $5.00. Mr. Leslie Roberts served the credit union as a volunteer treasurer in the beginning. Business was conducted in the firehouse. Our official name was the Veterans Administration Facility Perry Point Federal Credit Union.

When Miss Frances Jackson (one of our charter members) returned from a tour of duty in the WACS in 1946, she helped Mr. Roberts as a volunteer. The credit union office was on the second floor of the Community House (a building condemned in 1993). Business was conducted on Tuesday evenings. In 1959 the name was shortened to Perry Point Federal Credit Union.

Sometime later the credit union moved to the Post Office. Shortly afterward, business was conducted daily. An assistant was hired for Miss Jackson who was still serving in a voluntary position. In 1978 the name was changed to Perry Point V. A. Hospital Federal Credit Union.

The next move was to Building 80. In 1987 the credit union moved to 1085 Third Street (a converted house in the village). In 1993 the credit union built a modern office building on the corner of Avenue D and Fifth Street. The new facility featured a spacious lobby with four teller windows and a drive-up window. At that time, the credit union had nearly 2,800 members being served by a paid staff of six employees. Assets had grown to over $11 million. In June 1995, the name was again changed to Perry Point Federal Credit Union.

In 1996 we received approval to begin serving all employees of the V.A. Maryland Health Care System. The following year we opened a full service branch office in the Baltimore V.A. Medical Center. Within a year, the full-time staff of three at the branch had signed up nearly 650 members with over $370,000 in deposits and $600,000 in loans.

In 2002, the board of directors voted to eliminate the volunteer credit committee that had been meeting once a week. Full time loan officers now process all of our loan applications and they are usually able to give decisions the same day the application is received. In December 2003, the board made the difficult decision to close the branch office in Baltimore at the end of March 2004. After nearly seven years of operation, the income generated through the branch was still not sufficient to cover its operating expenses. Today we serve over 3,400 members with about $17 million in assets.

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OUR BOARD OF DIRECTORS

The credit union is governed by a volunteer board of directors who are elected by the members at our annual meeting. The board of directors meets at least monthly to:

• determine the services that will be offered by the credit union to its members
• set the dividend rates that will be paid on savings and certificates of deposit
• set the interest rates that will be charged on loans
• approve the fees that will be charged for services
• approve major expenditures for furniture and equipment
• approve an annual operating budget
• approve policies and procedures
• hire a manager to oversee the daily operations
• monitor the credit union’s operations to ensure safety and soundness

  Currently serving on the board of directors are:

  Brenda Woodruff , President
  Karen Hansrote, Vice President
  Harriett Wilson, Secretary
  Philip Randalls, Treasurer                                                                              James Barton, Director
  Barbara Guinther, Director
  Marsha Hatch, Director
  John Kilby, Director                                                                                                  Carol Witmer, Director

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OUR SUPERVISORY COMMITTEE

The board of directors appoints a volunteer supervisory committee to serve as watchdogs to ensure the credit union is operated in a safe and sound manner. They monitor the credit union’s operations for compliance with federal and state regulations as well as policies and procedures adopted by the board of directors. The supervisory committee hires an independent third party to perform an annual audit of the credit union’s records.

Currently serving on the supervisory committee are:

Sarah Colenda
Gail Grace

Margaret McLean

Deborah Rosenkrans (in training)

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OUR FULL-TIME STAFF

The daily operations of the credit union are handled by our friendly, knowledgeable staff of professionals with nearly 100 years of combined experience working in financial institutions.

The following employees are available to serve you:

Philip A. Randalls, CEO & Treasurer

Brenda L. Rasnake, Ass't. Manager & Loan Officer

Beverly A. Caldwell, Collector & Loan Officer

Karen Dunman, Head Teller

Connie Thayer, Teller

Kelly Kampes, Accountant

Jennifer Istvan, Teller

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