La Loma Federal Credit Union is a cooperative, owned and operated by its members. This is what distinguishes the Credit Union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.
LLFCU is governed by a Board of Directors that establishes and reviews policy. The Directors are Credit Union members who are elected by the Membership and serve without pay. Every member has one vote, regardless of how much he or she had on deposit. At the Credit Union, there is no select group of shareholders that profits more than anyone else. All Members profit -- individually and collectively.
LLFCU has over $60 million in assets and Its mission is to provide quality and fairly-priced financial services for the Community.
LLFCU is a federally-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. The NCUA insures each member savings account up to $250,000.
On June 2, 1955, seven employees of the college of Medical Evangelists (known today as Loma Linda University Medical Center) started La Loma Employees Federal Credit Union, a federally chartered credit union. The original charter listed Loma Linda and Los Angeles as their membership territories. However, October 1, 1957 the charter was amended deleting Los Angeles from their territory. The original field of membership listed employees of the College of Medical Evangelists, employees of the credit union, and immediate family members. The founders wanted to provide a service to the employees who worked for the Seventh Day Adventist educational medical university, located in the small rural community of Loma Linda.
The Seventh Day Adventists haven’t always owned Loma Linda University Medical Center. Originally in the 1880’s, the facility was first a hotel resort and then later, a health spa resort. Both of these business endeavors failed. In 1905, the Seventh Day Adventist Church purchased Loma Linda Sanitarium. Four years later, 1909, the College of Medical Evangelists was established with a School of Medicine and a School of Nursing. Loma Linda Hospital opened in 1913. Later years the medical facilities expanded and included a School of Dentistry, School of Allied Health Professionals, School of Public Health, Graduate School, and a university campus in the La Sierra area of Riverside.
In 1961, the College of Medical Evangelists became Loma Linda University. On August 24, 1964, our charter amendment reflected this name change by listing employees of Loma Linda University and adding employees, faculty and staff of Loma Linda Academy and Elementary School, employees of the credit union and immediate family members. Additional charter amendments in 1967,1971,1975,1980,1984,1995 and 1996 reflect the progress and growth of the university and medical center. Our fields of membership changes reflect these charter amendments as additional SDA teaching facilities and medical businesses followed due to the growth and expansion of the medical center. The growth of the Medical Center caused the Hospital and University to diversify and their administrations were separated. The common bond has remained the same, in that; they are owned or affiliated with the General Conference of Seventh Day Adventists.
A recent charter amendment, February 1999, changed the name of our credit union from La Loma Employees Federal Credit Union to La Loma Federal Credit Union.