History

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NET Federal Credit Union
Investing in Northeastern Pennsylvania Since 1941 

Like so many great American success stories, NET Federal Credit Union’s story begins with a small group of concerned citizens, a modest amount of start-up funds, and a dream of a better future for their families, friends and neighbors.

In 1941, a group of concerned citizens wanted to create a stable, safe place for the working people of Scranton to save and invest their hard earned money. Pooling their assets of $650, Arthur L. Coslett, William G. Hopkins, L.G. Wenzel, C. Sherwood Derby, Mark A. Patterson, Thomas Williams, Agon Hoffman and Thomas J. Sluco, formed the Scranton Belco Federal Credit Union, which would eventually become NET Federal Credit Union.

Chartered by the Farm Credit Administration on December 13, 1941, the philosophy of the Scranton Belco Federal Credit Union was “to make available to people of small means credit for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.” Membership was open to employees of the Scranton subdistrict of The Bell Telephone Company of Pennsylvania, and credit union employees, their immediate families and organizations.

In 1969, credit unions were moved from the jurisdiction of The Farm Credit Administration to the National Credit Union Association (NCUA). Four years later, the credit union’s Board of Directors petitioned NCUA to change the name to North-Eastern Telephone (NET) Federal Credit Union. The certification of resolution was signed by President Floyd Shaw and Secretary Frances M. McKinley.

Today, NET Federal Credit Union is a not-for-profit organization that remains true to the mission of its founders by focusing on conservative financial practices, and staying committed to providing a stable, safe place for people in the greater Scranton community to save and invest their hard earned money. Proud to serve Northeastern Pennsylvania for more than 70 years, NET Federal Credit Union’s Board of Directors look forward to the next 70 years.

NET Federal Credit Union is federally insured through the NCUA in a manner equal in every respect to the federal insurance provided to banks. Deposits with NET Federal Credit Union have share insurance protection up to $250,000. Retirement accounts such as IRA’s are separately insured up to $250,000.

Members enjoy the peace of mind of knowing their credit union is here to stay because NET Federal Credit Union is invested in their communities.

Board Members

Paul Franceschelli – Chairman
Lori Doherty – Vice Chairman
Donald Bailey
Karen Clifford – Secretary
Jack Tigue – Treasurer