Canaan Credit Union is a financial institution owned by its members. We are a financial cooperative, consisting of a group of individuals who banded together to create their own bank for the mutual belief of everyone in the group. “It is your self-help route to financial independence”. It is where members are owners and not just customers.
Credit unions have built-in profit margins and profits are not distributed solely to an elite group of shareholders. All revenues generated by the credit union are used to cover basic administrative expenses; the remainder is distributed back to the members in the form of reduced fees, higher savings rates, and lower loan rates.
Canaan Credit Union is state-chartered by the Illinois Department of Financial and Professional Regulation (IDFPR), and federally insured by the National Credit Union Administration (NCUA).