Credit Union Membership Benefit

Since 1996, the FIC has offered membership in a credit union as a benefit of FIC membership. This benefit was originally provided by Sunrise Credit Union (SCU), the only credit union in the US headquartered in an intentional community. That service is now provided by Norbel Credit Union following the merger of SCU and Norbel at the end of 2008.

Like many others, Sunrise was hard hit by the challenging economic times, and suffered from the loss of important income from a key asset. SCU struggled to meet the strict government regulations for credit union operations and in a meeting in November 2008, the SCU Board weighed its options and chose to merge with Norbel Credit Union rather than try to seek additional capital. Norbel is a much larger credit union—with $111 million in net assets, compared with SCU’s $4 million—and is also based in the northern Front Range of Colorado, with branches in Broomfield, Fort Collins, Greeley, Longmont, and Loveland.

Impact on Current Shareholders and Intentional Communities

In what was seen as a friendly move by both parties, all SCU accounts have been passed along to Norbel, and there was no loss to any SCU shareholder as a consequence of the merger. While the Sunrise Credit Union name will disappear and none of the SCU Board has moved over to the Norbel Board, Bill Becker, SCU’s chief administrator, is now working for Norbel. He hopes that his considerable experience working with intentional communities will make it possible for Norbel to continue that unique portion of SCU’s mission. While Norbel is open to this, it is not an area in which they have had prior experience and it remains to be seen how this will unfold. Fortunately, FIC members—both individuals and groups—will continue to have the privilege of automatic eligibility to join Norbel—just as they had with Sunrise.

Bill is optimistic that Norbel’s greater size and healthier position will translate into greater opportunities for intentional communities seeking financial assistance, and he encourages all groups to give Norbel a chance to meets their needs.